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Podcast: The Deal
Episode: Activist Investing Today: State Streetâs Vernardis Says Many Companies âSurrenderâ to Activists When They Settle
Description: Some settlements reached between activist hedge funds and corporations represent an âunconditional surrenderâ by the targeted firm rather than a truce. At least thatâs the view of State Street Global Advisers' vice president of the asset stewardship team Philip Vernardis, who spoke with The Deal for its Activist Investing Today podcast about why he thinks companies should do a better job of speaking to their long-term holders (Read: State Street) before reaching agreements that add insurgent-backed director candidates to corporate board. âWith shareholder activism rising in recent yearsâŚ, weâve also have seen companies entering into settlement agreements with activis...