Thursday, May 19, 2011
If you are a corporate tool, or an advisor to or auditor of corporate tools, or an investor in corporations, or an academic with an ax to grind, then I respectfully suggest to you that this is the most sensible essay on corporate governance that I have ever read. At some point, when I have more time, I will explain why.
The rest of you, feel free to move along...
I was hoping more of that would be like the section on whether shareholders "own" corporations, where he both disagrees with the activist rhetoric and explains what they're missing. But that was the only section like that; the rest was just "You know all those new criticisms? Eh, I still think the old way was just fine." (ie independent directors aren't worth it, exit from owning the stock is sufficient voice, and shareholder votes are secondary to making more money)