I shuddered reading the report last week of the Boeing CEOs testimony to Congress. I heard the old, old story. Emails to superiors from a long-standing employee worried about catastrophic risk. Employee fatigue under management pressure to override safety priorities without delay. Executives and the … Continue readingBoeing – a case study in failed stewardship
In Monday’s Financial Times (13th May) there are two stories which, taken together, demonstrate the current failure of our capital markets and their potential to become a force for good. First the failure (Fingerpointing begins after Uber IPO Misstep). This is illustrated by the telling … Continue readingUber IPO trivia and serious lessons from Volkswagen
Have you read Larry Fink’s 2019 Letter to CEOs? It’s encouraging. And yet… I have a challenge for him. First, the positives. In 1994 Tomorrow’s Company, the think tank of which I was CEO for many years and now remain a trustee, … Continue readingLarry Fink’s 2020 letter to investors gives us more questions than answers
I’m now reading Paul Colliers outstanding book ‘The Future of Capitalism’ (Of which more anon). Tomorrow’s Company would recognise his ideas on the ownership and leadership and stewardship (though he doesn’t use that word) of business as close to our agenda of 24 years. … Continue readingHow to make sense of the desire to ‘Take Back Control’
I am in Madrid to speak at the ICA (Spain’s Institute of Directors) international conference. As the only native Brit speaking I feel uncomfortable talking about good governance when my own country is making such a hash of its decision making. And there is … Continue readingWe need a stronger spirit of stewardship
‘The active (fund) management industry does not add value after fees’ says Stuart Dunbar of Baillie Gifford according to The Financial Times. This is a plea to the industry to get back to the fundamentals of long term investing’. And he adds that, except … Continue readingShort termism: is the message getting through?
Two weeks ago I praised John McDonnell for plans to spread share ownership. Now more details have emerged and I’ve changed my mind. When I was with Labour Business speaking at their conference fringe 2 years ago I recommended a requirement for LARGE LISTED companies … Continue readingLabour’s Employee Ownership Plan: not so inclusive after all
I can’t believe that Premiership Rugby is seriously considering an offer from CVC, a Private Equity firm (CVC Capital eyes £275m bid for Premiership Rugby). Premiership Rugby is a mutual, owned by its 13 member clubs. Presumably these clubs exist to win rugby matches and, … Continue readingRugby is the next sport threatening to sell its birthright
Earlier this week I was asking why the number of listed companies is in decline, and suggesting we need new ways of telling which owners and which forms of ownership are fit for the future. Now along comes Elon Musk in a timely but … Continue readingTesla and listed company status
According to the Economist, in the USA there is a growing trend for listed companies to be taken private. If the listed company is yesterday’s company what is tomorrow’s? Apparently there is $1.1tn in ‘dry powder’ with Private Equity looking for the right investment. … Continue readingIf the listed company is yesterday’s company, what is tomorrow‘s?