Corporate Governance – Day 1 – Travis Davidson

- Definition: “Corporate governance deals with the ways in which suppliers of finance to
corporations assure themselves of getting a return on their investment.” Possibility of
return;
- Complexity of governance issues:
o The Agency Problem: who runs the company (management) / who owns the
company (shareholders)- Expropriation. Solutions: Allign interests through
incentive contracts. Stock options
- Board of Directors: oversight and advisement.
o Succession planning (CEO replacement);
o Auditing financial statements;
o Executive compensation;
o Oversight and discussions of CEO matters and work;
o Audit committee;
o Board elections: annual or staggered elections, slate elections or individual
elections;
o Law demands board independence. Efficient board sizes (between 5-15
recommended)

Introduction to Derivatives – Day 2 – Lee Wakeman

- Definition: Financial contract with a value derived from an underlying commodity;

- Good or bad;
- Forward Contract, Forward Rate Agreements,