Guest Post: Bartley J. Madden. After a career in money management and related investment research that included the founding of Callard Madden & Associates, Madden retired as a Managing Director of Credit Suisse/Holt. During his career he developed the CFROI valuation framework which is used today by money management firms worldwide. He is currently an independent researcher and a Senior Fellow at the National Center for Policy Analysis (NCPA). His research focuses on knowledge building and wealth creation as opposite sides of the same coin, and also on the application of systems thinking to public policy. Continue Reading →
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One of my favorite independent thinkers is Lynn Stout. Last year I reviewed her excellent book, The Shareholder Value Myth: How Putting Shareholders First Harms Investors, Corporations, and the Public, which makes the point that “U.S. corporate law does not, and never has, required directors of public corporations to maximize shareholder value.” I ended with the following:
I’d like to hear more from Stout on what should be done to incorporate prosocial needs into corporate governance. Don’t tell me self-selecting directors are blessed with a divine right to rule. Continue Reading →
Friday’s are often a good time for reflection, with people thinking about their dreams and the weekend. Today, let’s think about the transformative power of directors. Before we get to Bartley J. Madden, consider Douglas Y. Park statement in Strategy and Compliance As Competing Imperatives For Corporate Boards:
As long as the business judgment rule gives directors an incentive to focus on compliance and risk oversight issues, that will be their priority. Strategy, an area where directors can add value, will continue to take a back seat. Continue Reading →
Bartley J. Madden’s recent paper, Management’s Knowing Process and the Theory of Constraints, explores the brain’s capability for forming and re-forming neural circuits that constitute our perceptions of the “world out there.” Our “realities” are built up from specific and limited past experiences.
Managers and boards would do well to be more attuned to uncovering erroneous assumptions as an aid to more successfully dissolving internal conflicts, adapting early to changes in the external environment, and securing competitive advantage. Madden discusses the Theory of Constraints (TOC), as a proven Continue Reading →