SEC.gov | Spotlight on Short and Long-Term Management of Public Companies

July 18, 2019: Roundtable on Short-Term / Long-Term Management of Public Companies, Our Periodic Reporting System and Regulatory Requirements

The SEC’s Division of Corporation Finance will host a roundtable on July 18, 2019 to hear from investors, issuers, and other market participants about the impact of short-termism on our capital markets and whether our reporting system, or other aspects of our regulations, should be modified to address these concerns.

Agenda and Panelists

12:30 p.m. ET | Opening Statements
[+]1:00 p.m. ET | Panel One: Impact of a Short-Term Focus on Our Capital Markets
The panel will explore the causes and impact of a short-term focus on our capital markets, and seek to identify potential market practices and regulatory changes that could encourage long-term thinking and investment.

Panelists
- Timothy Cohen, Co-Head, Equity Division, Fidelity Investments
- Keir D. Gumbs, Deputy Corporate Secretary, Uber Technologies, Inc.
- John A. Hayes, Chairman, President, and Chief Executive Officer, Ball Corporation
- David A. Katz, Partner, Wachtell, Lipton, Rosen & Katz
- F. William McNabb III, Former Chairman and Chief Executive Officer, The Vanguard Group, Inc.
- Mark J. Roe, David Berg Professor of Law, Harvard Law School
- Brian Tomlinson, Research Director, Strategic Investor Initiative, Chief Executives for Corporate Purpose
- Sarah Williamson, Chief Executive Officer, FCLTGlobal
Moderators
- William Hinman, Director, Division of Corporation Finance
- Shelley Parratt, Deputy Director, Division of Corporation Finance
2:30 p.m. ET | Break
[+]2:45 p.m. ET | Panel Two: Our Periodic Reporting System’s Role in Fostering a Long-Term Focus
The second panel will focus on our periodic reporting system and discuss what specific regulatory changes to that system could be implemented to foster a longer-term focus in our periodic reporting system.

Panelists
- Julie Bell Lindsay, Executive Director, The Center for Audit Quality
- Stacey Geer, Executive Vice President, Chief Governance Officer, Deputy General Counsel and Corporate Secretary, Primerica, Inc. (representing the Society for Corporate Governance)
- Nicolas Grabar, Partner, Cleary Gottlieb Steen & Hamilton
- Steven Jacobs, Partner, Ernst & Young
- Jeff Mahoney, General Counsel, Council of Institutional Investors
- Don W. Pontes, Jr., Investment Director - Financial Markets, Sustainable Investments, CalPERS Investment Office
- Rory Sabino, Vice President, Investor Relations, Continental Resources, Inc.
- John Tuttle, Vice Chairman and Chief Commercial Officer, NYSE Group
- John Zecca, Senior Vice President, General Counsel North America and Chief Regulatory Officer, Nasdaq
Moderators
- Kyle Moffatt, Chief Accountant, Division of Corporation Finance
- Luna Bloom, Chief, Office of Rulemaking, Division of Corporation Finance

[O]ur Main Street investors are more than ever focused on long-term results. We also must recognize that our Main Street investors who have entered retirement or have another expense, such as paying for tuition or an unforeseen event, need liquidity.

Chairman Jay Clayton

Public Comments

Use the SEC’s Internet submission form or send an email to rule-comments@sec.gov.

Read comments received

What's New

SEC Staff to Host July 18 Roundtable on Short-Term / Long-Term Management of Public Companies, Our Periodic Reporting System and Regulatory Requirements
July 2, 2019

Statement Announcing SEC Staff Roundtable on Short-Term / Long-Term Management of Public Companies, Our Periodic Reporting System and Regulatory Requirements
May 20, 2019

Other Resources

Comments Received on Request for Comment on Earnings Release and Quarterly Reports

Request for Comment on Earnings Releases and Quarterly Reports, Release No. 33-10588 (Dec. 18, 2018) [83 FR 65601]
December 21, 2018