Palo Alto Networks is doing extremely well, according to Morningstar’s PANW Report (view). That may be one of the better reasons—not an argument against—to ask its Board to study whether broader employee ownership could make an already strong company more durable. Morningstar’s September 2 report on Palo Alto Networks (PANW) does not discuss my shareholder […]
This draft outlines ideas for discussion at The Future of Equity: Silicon Valley Employee Ownership Symposium, June 28-30, Palo Alto, CA. The objective is not simply to give employees stock to enable them to save for retirement or to incentivize them to work “harder.” It is to create forms of ownership that increase participation, improve […]
On the 250th anniversary of The Wealth of Nations, this article explores how Adam Smith’s insights on ownership and incentives illuminate capitalism’s next evolution. Expanding employee ownership—without undermining shareholder governance—could reconnect productivity, responsibility, and prosperity in modern corporations. It could also be pivotal in rescuing our political democracy.
In his recent essay, Capitalism at Its Best: America’s Next 250 Years Starts Now, Martin Whittaker, CEO of JUST Capital, offers a thoughtful, historically grounded, and forward-looking call for stakeholder capitalism. He rightly highlights the fraying social contract at the heart of American economic life, identifies the practical aspirations of working people—security, dignity, purpose—and underscores […]
CalPERS investments underperform. CalPERS underperformed for a decade, investment chief says in pitch for more risk. The country’s largest public pension system earned an average of 7.7% per year on its investments over the last 10 years. That’s 1.2% less than a hypothetical peer should have expected to earn in the same time period. To remedy the […]
Now that proxy season is finally winding down, I had a few minutes to take a quick glance at recent research reported on SSRN. Below I am simply including a few citations and abstracts of studies that might be useful for shareholder advocates in the U.S. I’m sure I included some that are strictly academic […]