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The Shareholder-Director Exchange (SDX)

Creating guidelines for effective shareholder-director engagement

SDX logoOver the last two years Tapestry Networks has been asked for guidance on why, how, and when US board directors and investors should engage directly with each other.

Tapestry, Cadwalader, Wickersham & Taft, and Teneo Holdings, together with Broadridge Financial Solutions, brought together leading independent directors and influential long-term institutional investors in a working group called the Shareholder-Director Exchange (SDX™) to answer this question.

SDX Protocol

The SDX Protocol was developed after a comprehensive series of interviews and meetings led by Tapestry Networks. More than 30 directors, institutional investors, and corporate governance thought leaders were interviewed. A group of 17 investors and directors served on the working group that developed the protocol, many of whom were drawn from Tapestry’s corporate governance networks.

The 10-point SDX Protocol provides guidance to public company boards and institutional investors on when direct engagement is appropriate and how to make it valuable and effective.

Please visit the SDX Protocol website to learn more and view recent coverage from CNBC, the Financial Times, the New York Times, and the Wall Street Journal, or read the press release.

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Watch Tapestry principal, Richard Fields, on "Governance Minutes" discussing shareholder-director engagement and the SDX working group.


Tapestry and Cadwalader Host 2nd Annual Shareholder-Director Exchange Symposium

The SDX Working Group hosted the second-annual SDX Symposium on November 16, 2015. The event convened a distinguished group of leaders, including CEOs, directors, and representatives from institutional investors and academic institutions, to engage in a candid discussion on the importance of shareholder-director engagement.  In addition to a panel discussion moderated by Tapestry Principal and SDX Co-Chair Richard Fields, the Symposium featured a conversation hosted by CNBC's David Faber with JPMorgan Chase & Co.’s Chairman and CEO Jamie Dimon.  For more, please see the press release from the event.

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The gap between public company directors and their shareholders has widened dangerously in the past five years - and investors and companies are both suffering as a result.

– James Woolery, Cadwalader, Wickersham & Taft LLP, October 2013, Wall Street Journal

The 10-point SDX Protocol provides invaluable guidance to public company boards and shareholders on when engagement is appropriate, and how to make these engagements more effective and beneficial to both parties.

– Tim Goodman, Hermes Equity Ownership Services

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