NACD Board Leadership Conference NACD Chapter System

Shareholder Activism

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May 17, 2016
Minneapolis, MN



Registration is closed. Please contact Judy Ferril if you have questions.


Shareholder activism is exploding: The number of activists is increasing, and their tactics and strategies are changing. Several hundred new activist hedge funds—on the aggressive end of the activism spectrum—have launched in the past decade, and their assets under management are surging. PwC believes that companies that put themselves in an activist’s shoes will be most able to anticipate, prepare for, and respond to an activist campaign. Terry Ward, partner in PwC's Governance Insights Center, will moderate a discussion of experienced panelists focused on what directors should know—and do in the event of a challenge by activist investors. 


Joining Terry on stage will be John Stout, partner at Fredrikson & Byron, Beth Lilly, Senior Vice President and Portfolio Manager, GAMCO Investors and Tony Brausen, Senior Vice President - Finance at The Mosaic Company.

Location and Time


Minneapolis Club
729 Second Avenue South
Minneapolis, MN 55402

Registration: 7:00 AM

Breakfast: 7:30 AM

Program: 8:00 - 9:30 AM

Speaker Spotlight

Beth Lilly

Beth Lilly

Elizabeth Lilly is a Senior Vice President and Portfolio Manager at GAMCO Investors. GAMCO Investors is an investment management firm with assets under management of over $40 Billion. Beth is a portfolio manager of the $1.0 Billion Teton Westwood Mighty Mites Fund as well as being actively involved in the overall $3 Billion Small Cap Value research effort at GAMCO Investors.

Beth began her career at Goldman Sachs in 1985 in New York. In 1988, Beth joined Fund American Companies in Greenwich CT where she worked as an investment analyst under the tutelage of Jack Byrne and Warren Buffett learning the merits of value investing. In 1993, Beth co-founded the investment firm, Woodland Partners LLC, which focused on small cap stocks. In 2002, Woodland Partners merged into GAMCO Investors. Beth serves on several nonprofit Boards locally in the Minneapolis St. Paul Community and she and her family live in St. Paul, Minnesota.

Beth received a Bachelor of Arts in Economics from Hobart/William Smith College where she graduated with High Honors. She received her CFA designation in 1989.

Terry Ward

Terry Ward

Terry is a partner in PwC's Governance Insights Center, which provides thought leadership, points of view on contemporary governance issues, and training to prominent boards of directors and the governance community. With over 30 years of experience, Terry has served as the lead engagement partner of PwC's largest global clients including a number in the Fortune 500. Terry's career as engagement partner for PwC has spanned a wide variety of industries most focused on medical device and technology companies. Terry has served as the regional leader of PwC's pharmaceutical and life sciences industry group as well as the technology industry group while being part of PwC's San Diego and Minneapolis offices.

Terry has been a featured speaker at conferences and forums. He has been a featured speaker on a variety of topics, including corporate governance, technical accounting topics including revenue recognition and SEC reporting.

Terry is a Certified Public Accountant and a graduate of Saint John's University (Minnesota).

Tony Brausen

Tony Brausen

Anthony T. Brausen joined Mosaic in February 2006 as Vice President – Finance & Chief Accounting Officer. He was promoted to Senior Vice President – Finance in October 2011. Brausen leads Mosaic’s Global Finance and IT Organizations and his responsibilities include financial reporting, accounting, financial planning and analysis, treasury, business unit financial management, information technology, and internal audit.

Prior to joining Mosaic, Brausen served as Vice President and Chief Financial Officer at Tennant Company from 2000 to 2006. He also spent eleven years in several financial leadership roles with International Multifoods Corporation, including Vice President – Treasurer, Assistant Controller and Director of Investor Relations. Prior to joining International Multifoods, he spent eight years with KPMG.

John Stout

John Stout

John represents family-owned, closely-held and publicly-owned businesses in governance, sustainability (ESG) and social responsibility (CSR), financial and international business matters.

John practices in business organization, finance and governance at Fredrikson & Byron P.A., a Minneapolis-based law firm with offices in Iowa, North Dakota, Monterey, Mexico and Shanghai, China. In August 2011 he was appointed to serve a three year term as Chair of the Corporate Governance Committee of the American Bar Association's Business Law Section. In April 2014, he was appointed to the Governing Council of the American Bar Association’s Business Law Section, and the Council’s Planning Committee, and in May 2014 he agreed to serve as a Vice Chair of the Business Law Section's Committee on Corporate Social Responsibility (focusing primarily on business sustainability matters). He advises executives, boards, board committees, and individual directors and officers of for-profit and nonprofit organizations on domestic and international governance, compliance matters, sustainability and corporate social responsibility, risk assessment, indemnification and insurance, internal investigations, board and director evaluations, and the legal implications of business strategies and decisions.

John chairs Fredrikson's Corporate Governance Group and co-chairs the firm's Corporate Sustainability & Social Responsibility and Media & Entertainment Groups. He is also a member of Fredrikson's Securities, Mergers & Acquisitions and International Groups. He has served as an expert witness on governance practices in five litigation/arbitration matters.

John serves as a director of several nonprofit and for-profit corporations, including a large, family-owned business headquartered in Minnesota. Until recently he also served as a member of the Board of Directors and Executive Committee of the Center for International Private Enterprise, Washington, D.C. John is a former Board member of the National Association of Corporate Directors, and Chair Emeritus of NACD's Minnesota Chapter. He has served on several NACD Blue Ribbon Commissions, most recently the Commission on Risk Governance. In 2011, John completed his term as a Trustee of Carleton College. He teaches courses in governance in the Business and Law Schools at the University of St. Thomas in Minneapolis, and frequently writes and speaks on corporate governance matters domestically and internationally.



Thank you to our Chapter Sponsor
for offering this program.

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Question about this Event?

Contact Judy Ferril, Chapter Administrator, phone: 952-378-5171 email: