What is an owner? And, what is an owner of a publicly traded corporation? It’s clear that they are not the same thing. We don’t own a corporation like we own a car or property. Even individual owners of corporate stock don’t really “own” the corporations. We have neither the rights nor responsibilities commonly associated with the term ownership.
Where No One Has Gone Before
Getting worldwide ownership to cooperate on an issue might seem like an effort in herding cats: everyone is going to do their own thing. The thing is, nobody is really doing their own thing. What we have is an uncoordinated body of ownership that blindly follows management.
The Kabuki Theater of Corporate Governance
What we have in our current state of Corporate Governance is Kabuki Theater.
Why Not Me?
As I read in the Crimson “Divest Harvard Plans Weeklong Blockade of Massachusetts Hall,” I had to ask myself: why I am not participating? Why not me?
Shareholder Impact – passive, active or divesting
I’ve gone on record saying that I don’t think divestment is the way to address our reliance on fossil fuels. Someone will buy up those divested stocks and they may not be as conscientious as the people who sold them. I just don’t see how this brings about change.
Serendipitous Week and a Renewed Hope for Stewardship
Since the financial crisis, I’ve made repeated calls for the Great and the Good to step become active and responsible owners (see this piece on the GMIRatings site). Actually, I started on this track before the crisis when I wrote a letter to Harvard – my alma mater –…
Citigroup Shareholders
55% of Citigroup shareholders voted against the proposed pay package for the CEO, Vickram Pandit. Will this impact votes at other companies? More in the video…
Say on Pay
Gretchen Morgenson of the NYT wrote recently (“When Shareholders Make Their Voices Heard,” April 8, 2012) about Say on Pay and indications that, “some companies seem to be listening.” This is heartening news indeed but I still have reservations about Say on Pay because, in the end, precatory proposals…
Attacking Proxy Advisors
Since the passage of Dodd-Frank, in the summer of 2010, there has been a constant drumbeat from representatives of the corporate community, particularly the Business Roundtable and the U.S. Chamber of Commerce, regarding the need for an increased level of regulatory oversight focused on proxy advisory firms.
