One Fundamental Corporate Governance Question We Face: Can Corporations Be Managed for the Long Term Unless Their Powerful Electorates Also Act and Think Long Term?

NIETZER&HÄUSLER ist Mitglied in der Business Law Section der American Bar Association, und als solches möchten wir auf einen sehr guten Artikel in The Business Lawyer, Vol.66, Nov. 2010 von Leo E. Strine zum Thema Kurzfrist(Boni)denke des Managements, Notwendigkeit Langfristigen Handelns und Corporate Governance hinweisen. Treffend und auf den Punkt gebracht! Hier der vollständige Artikel: TBL Corporate Governance

Zusammenfassung. This essay poses the question of how corporations can be managed to promote long-term growth if their stockholders do not act and think with the long term in mind. To that end, the essay highlights the underlying facts regarding how short a time most stockholders, including institutional investors, hold their shares, the tension between the institutional investors’ incentive to think short term and the best interests of not only the corporations in which these investors buy stock, but also with the best interests of the institutional investors’ own clients, who are saving to pay for college for their kids and for their own retirement. Although the primary purpose of the essay is to highlight this fundamental and too long ignored tension in current corporate governance, the essay also identifi es some modest moves to better align the incentives of institutional investors with those of the people whose money they manage,in an effort to better focus all those with power within the corporation—i.e., the directors, the managers, and the stockholders—on the creation of durable, long-term wealth through the sale of useful products and services .

The kind of mature, hard thinking required to help boards and managers perform better is not easy to accomplish ...

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