No one person controls Microsoft. The board and the shareholders decide whether they want to have me as CEO.
I mean the good thing about Marvel is that they're really good about reading what they call the shareholders - the fans. Because they really are the keepers of what keeps these movies going, you know?
I don't want to give a lecture to this body that's out there. You know, I mean, having had the heart attack, I want to get it back functioning. And as a practical matter, I mean if you were Bear Stearns, and you were a shareholder, you know, you lost 90 to 95 percent of your money. A good many lost their jobs. They lost very cushy lives, many of them.
I think we've got to look at corporate law. Back in the day when I studied it, there were different constituencies that were to be served, and I think there was a real wrong turn about 20 to 25 years ago when the theory began to be promoted that your highest duty - in fact, some would argue, your only duty - is to maximize shareholder return. I just don't buy it. And it wasn't the original underpinnings of the legal theory of corporate law.
I've already written a section in the annual report for next year explaining why I think in one case that the figures on our balance sheet as calculated are wrong. But it's the standard way of doing it. It's holy writ. The SEC wants us to do it that way, and we'll do it that way, and I'll explain why I think it's wrong and shareholders can read it and see whether they agree with my logic or don't.
I don't think the fossil fuel industry will listen, not until we build up a lot of pressure. I do think we can persuade some shareholders that they don't want to be involved in this enterprise.
Shareholder value theory - the destructive idea that companies should be run solely for the benefit of shareholders - has led to financialized businesses that do not invest in the areas that will lead to future growth or the invention of useful new products.
Companies prefer to put money in the pockets of shareholders or to hoard cash rather than to raise wages or invest.
I believe that management should focus on two particular areas. One is Gemba (shop floor) and the other is customer (not the shareholder).
Shareholder value gets lost when things are done illegally, when corporate governance is not adhered to, when cohesive action is not taken.
Our proposal had more than just money. We would increase their staff and keep their headquarters, their brand and their management in place. We made them a comprehensive offer they couldn't refuse. Shareholders simply receive cash, but with the staff and management, we had to show that we could share the same vision. Employees would probably resent us if money were all [we offered].
[Steven] Lerner's plan starts by attacking JP Morgan Chase with demonstrations on Wall Street, protests at the annual shareholder meeting, and then calls for a coordinated mortgage strike.
They [in the New York Times] are really, really bad people. The largest shareholder in the Times is Carlos Slim.
There are two reasons [ business people are not publicly anti-Donald Trump ], one is well-intentioned, which is the classic kind of American notion. We want to be inclusive, we want to have our shareholders, our employees, our customers, whether they are Democrat, Republican, Green or Libertarian, to feel comfortable with how we're doing business. And so that tends to be apolitical. People say, "No, no, I just simply shouldn't get involved in politics."
Stock ownership in the US is very highly concentrated. [Shareholder actions are] something, but it's like the old Communist Party in the USSR, it would be nice to see more protest inside the Communist Party but it's not democracy. It's not going to happen. [Shareholder actions] are a good step, but they're mostly symbolic.
Ultimately, strong branding is not just a promise to our customers,to our partners, to our shareholders and to our communities;it is also a promise to ourselves... in that sense, it is about using a brand as a beacon, as a compass, for determining the right actions, for staying the course, for evolving a culture, for inspiring a company to reach its full potential.
I think there's a lot we could do that maybe would give a little more decision space to CEOs, to shareholders who want to hold for the long term, to investors who want to be part of the long term, that they would maybe have a little more room to withstand the pressure that is otherwise coming down on them.
The market is going to love it. The market always seems to applaud major mergers, even though the vast majority of them don't work out and don't increase shareholder value.
I often say that shareholders should feel very responsible for how responsive corporations are to the public trust.
Great fit and synergism for both companies and excellent outcome for employees, customers and shareholders.
I know different ways of looking at things. I have my stockholders, and I feel a very keen responsibility to the shareholders, but I feel that the main responsibility I have to them is to have the stock appreciate. And you only have it appreciate by reinvesting as much as you can back in the business. And that's what we've done... and that has been my philosophy on running the business.
Dodge v. Ford still stands for the legal principal that managers and directors have a legal duty to put the shareholders' interests above all others and no legal authority to serve any other interests - what has come to be known as "the best interests of the corporation" principal.
It can be argued that the U.S. brokerage and investment banking industry has transformed the modern American stock market into nothing more than a mechanism for transferring wealth from shareholders to management.
The typical entrepreneur is no longer the bold and tireless man of Marshall, or the sly and rapacious Moneybags of Marx, but a mass of inert shareholders, indistinguishable from rentiers, who employ salaried managers to run their concerns.
People invest in companies in order to get a share of the profit that company will make. If the Government increases its share of the profits, potential profits, at the expense of the owners of the company, the shareholders, then that makes investment in that company less attractive.
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