Moving Corporate Headquarters Offshore: Prudent Fiduciary Action or Long-Term Strategic Misstep?

International Roundtable

August 21, 2014: 6:00 PM - 9:00 PM

In a move to lower corporate tax rates, some U.S. based companies are incorporating offshore by acquiring a foreign entity. These moves are called corporate tax inversions.   


Gleacher Center
450 N. Cityfront Plaza
Chicago, Illinois

Driving Directions:

Driving Directions:


300 East Illinois Street (AMC Theater-River East Self Park Garage)
$8.00 after 3:00 pm on weekdays and all day Saturday and Sunday for a 12-hour period
Garage: Self Park Facility
Payment: Automated; at pay-stations by cash or credit card or upon exit pay by credit card only.
To receive discounted rate: There is a card validator at the first floor security desk of the Gleacher Center. You will only need to insert your parking card in the validator and the new price will be automatically applied. When you leave the lot you will be charged for the lower $8.00 fee.

Detailed Directions:
Garage is located next to PJ Clarks and below the AMC Theater.
a) When traveling east on Illinois cross over Columbus and enter the Garage on the left (north) side of the street
b) If driving west on Grand (north of Theater), you can enter the garage ½ block before Columbus on the left (south) side of the street.

Event Details

In a move to lower corporate tax rates, some U.S. based companies are incorporating offshore by acquiring a foreign entity. These moves, called corporate tax inversions, have been used particularly in the pharmaceutical industry. Despite a 2004 law aimed at discouraging companies from shifting their legal addresses overseas to lower corporate taxes, the pace of re-domiciles abroad has increased since 2012. Walgreens, the venerable U.S. drugstore chain with deep roots in Illinois, has signaled it is considering an inversion play after it acquires Europe's largest pharmacy, Alliance Boots. The company has received both praise and criticism as such a move would enhance shareholder value through a lower tax rate, while at the same time it would still benefit from US government health programs. Join our two equity analyst experts from Morningstar for a provocative discussion on how a company weighs the interests of its various stakeholders when considering a relocation of its official corporate headquarters.


No Charge


Register Online

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Deadline: 8/21/2014


6:00 PM-6:30 PM: networking

6:30 PM-8:00 PM: presentation

8:00 PM-9:00 PM: drinks at The Midway Club, Fifth Floor

Speaker Profiles

Vishnu Lekraj (Speaker)
Senior Equity Analyst, Morningstar, Inc.

Vishnu Lekraj is a senior equity analyst for Morningstar, covering the healthcare services industry. In 2012, Lekraj ranked first in the "Professional Services" industry in the StarMine Analyst Awards, presented by the Financial Times. He joined Morningstar in 2008 after attending business school. Previously, Lekraj worked as a financial analyst at HSBC bank.

Lekraj holds a bachelor's degree in finance from the Warrington College of Business Administration at the University of Florida, where he graduated summa cum laude. He holds a master's degree in business administration from the University of Florida Hough Graduate School of Business. He is also a member of the Beta Gamma Sigma International Honor Society.

David Krempa (Speaker)
Equity Analyst, Morningstar, Inc.

David Krempa, CFA, is an equity analyst for Morningstar, covering specialty pharmaceutical companies and contract research organizations. He joined Morningstar in 2008.

Krempa holds a bachelor's degree in finance from DePaul University. He also holds the Chartered Financial Analyst® designation.


Karl L. Buschmann, '85 

Other Information

Questions/Concerns/Suggestions for Speakers? Contact the Leadership Team
Karl L. Buschmann
847 310 0412

Linda Chow
630 673 3256

Sophia Kholodenko
773 702 0783

Ernie Norrman
847 322 7227

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