Featured Media Mentions
“You could argue there’s never been a moment in history where a private-company founder has more power,” says Adam Epstein, an adviser on corporate governance to CEOs and their boards.
The Wall Street Journal (CEO deference)
Advocates for small-caps say that thin liquidity hurts the sector. Light trading volumes in a company’s shares can make it harder for the company to raise capital or even to entice top talent with stock-option grants, said Adam Epstein, founder of Third Creek Advisors, which advises small-cap firms.
“It’s a pretty austere challenge for these companies,” he said at the SEC meeting.
"Upstart Exchange Blasts Nasdaq Plan to Boost Small-Stock Trading", The Wall Street Journal, Alexander Osipovich, April 23, 2018
The Wall Street Journal (SEC Meeting)
“When boards fail to effectively oversee ‘tone at the top,’ when companies devolve into win ‘at all cost’ (culture), it’s often because the board is inexperienced or lacks sufficient time to focus thereon,” Epstein said. “In the valley, the problem is rarely (the former). It often has more to do with the fact that investors/directors often are on many boards, and also have day jobs.”
“Zenefits Struggles Show VC’s Are Not Paying Enough Attention,” San Francisco Chronicle, Thomas Lee, February 18, 2016
San Francisco Chronicle (Zenefits)
"The weaknesses you see at Sony and other companies, large and small, can’t be fixed by installing one more fire wall or some new antivirus software. By the time the good guys zig, the bad guys are already zagging.”
“Forget the Gossip, These Are the Lessons of the Sony Hack,” Bloomberg Businessweek, Paul M. Barrett, December 16, 2014
Businessweek (Sony Cyber Breach)
“The 10b5-1 rule created a safe harbor for executives from insider trading. Opportunistic trading is what they are trying to obviate. When you are an insider and you are trading opportunistically, why is filing a little form supposed to make me feel like you are complying.”
“Directors Take Shelter in Trading Plans,” The Wall Street Journal, Susan Pulliam and Rob Barry, April 25, 2013
The Wall Street Journal (10b5 plans)
"The small-cap ecosystem has changed materially since 2008, but unfortunately pre-IPO board composition practices have remained largely the same.”
If small-cap companies, and the professional service providers who advise them, comprehended how an institutional investor *actually* reviews corporate websites, websites would look a lot different than they do. I recently had dinner with some former buy-side colleagues. I asked them: “How many of you, in the last couple of months, have ruled out investing […]
I apparently triggered a hot-button topic – yes, website bios – for small-cap CEOs and investor relations professionals in one of my recent webinars (If You Knew How Institutional Investors Actually Assess Websites, Yours Would Look… A Lot Different). Given the number and range of the questions I received, I thought it would be constructive to summarize […]
According to Activist Insights, 65 percent of shareholder activist campaigns in 2017 were waged against small-cap companies, and a majority of those situations arose due to perceived oversight inadequacies. But it’s not all doom and gloom in small-cap boardrooms – quite the contrary. Scores of small public companies continue to prosper against all odds by doing more […]
According to Nasdaq, 45 percent of its companies have market capitalizations below $300 million. For these micro-cap companies, frequent financing is a fact of life. Given how important financings are to these companies, their officers and directors must be focused on the relevant matters at hand from the beginning of a financing to the end. […]
The Deloitte 2017 Board Diversity Survey (the “Survey”) is fascinating, and should be required reading for anyone interested in corporate oversight. Several months ago I wrote about the fact that thought diversity in America’s boardrooms simply can’t take place until search firms and nominating and governance committee chairs stop limiting their new board member searches to a needlessly shallow […]