Opening Remarks and Relational Investors, Private Equity Investing, and Shareholder Control Agreements

The Ira M. Millstein Memorial Conference was held on April 25, 2025, at Columbia Law School, co-hosted by the Millstein Center for Global Markets and Corporate Ownership and the European Corporate Governance Institute (ECGI).

In the opening remarks of the conference, Dean Daniel Abebe reflected on the legacy of Ira Millstein and emphasized the importance of fostering thoughtful dialogue on corporate governance in a time of external shocks to the political and economic landscape. David Nierenberg delivered a moving tribute to Millstein’s impact on board governance and public service. The first panel, Relational Investors, Private Equity Investing, and Shareholder Control Agreements, moderated by Jeffrey Gordon, featured Gabriel V. Rauterberg, Brian Broughman, Elisabeth de Fontenay, and Elizabeth Cooper. The panel explored how private equity firms, through PIPE (Private Investment in Public Equity) transactions, had begun to play a more active role in public company governance—often acquiring board seats and engaging in long-term, relational oversight. Panelists discussed empirical evidence of market reactions, implications for governance and regulation, and the evolving relationship between public and private capital markets in light of recent legal developments, such as the Mullins decision and changes to Delaware law (Section 122(18)).