In 1953 the New York Stock Exchange launched “Own Your Share of American Business,” the longest marketing campaign in its history. As Janice Traflet documents in A Nation of Small Shareholders: Marketing Wall Street after World War II (see my review essay), the campaign had two purposes. It would restore profits to retail brokerage, and […]
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 […]
A chance conversation about a recently decided CalSTRS case against Meta sparked a deeper question: what happens when ownership becomes too concentrated? From the top 1% holding nearly a third of U.S. wealth to billionaires quietly accumulating 11% of Hawaiian land, the implications reach far beyond the geography of inequality to economics, corporate governance, fiduciary […]
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.
Musings Missed Musings; not all of mine got mentioned at the Forum. I had the distinct pleasure of being a panelist at the Public Funds Forum 2022 with Maine’s Treasurer Henry Beck and David Wescoe, Executive Director of the Texas Municipal Retirement System. Our topic was Best Practices in Fund Governance. I thought of several […]
Amazon Plays April Fools Joke with shareholders. I am not laughing. Amazon’s preliminary proxy of April 1 fails to include my proposal and others where Amazon filed no-action requests with the SEC. My proposal is aimed at disclosing the Company’s distribution of stock-based incentives throughout the workforce as a first step in addressing wealth inequality. Failing to disclose pending proposals that […]
March 2 2022 Random but Connected Thoughts Severance, the new series on Apple TV where people live completely disconnected lives at work, as if in a Skinner Box. (more…)
ICCR Proxy Resolutions and Voting Guide now includes all proposals filed so far for the 2022 season by Corporate Governance. I could not be more delighted, since this is the group that is most responsible for inspiring my own work! ICCR has published its Guide every year since 1974. The 2022 Guide discusses 436 resolutions filed by […]
Meta Platforms should address inequality by helping to establish an ownership culture where all Americans are shareholders with a voice in corporate activity, especially at corporations where they are employed. Voting in favor of the shareholder proposal outlined below will send a message not only to Mark Zuckerberg but to all those who currently control […]
Clorox 2021 annual meeting is Wednesday, November 17, 2021 at 9:00 A.M. PST, virtually via https://meetnow.global/MNGZAZQ. You will also need your 15-digit control number. Of course, I recommend voting in advance. To enhance corporate governance and long-term value, vote AGAINST Auditor; FOR #5 Increase Diversity of Director Nominees – Include Non-Management Employees on Candidate List. (more…)
Employee ownership is my next focus. Support for proposals in 2020 and 2021 to encourage companies to add workers to the board has been weak. It is time to reassess. My conversations with CalPERS were especially interesting. Directors I interviewed who were elected by the members favored our proposals. Staff, those charged with voting shares […]
Trump celebrates labor day. Many who actually labor cringe at his repulsive words and actions. There are far instances too many to mention. Below are a few that are top of mind. (more…)
Millennial socialists have not been overtly embraced by the SEC, but the Commission’s recent proposals to disempower proxy advisors and shareholders below the level of multi-millionaire’s plays into the hands of those advocating a socialist economy. The Commission’s proposed rules would further concentrate the power of corporate elites and reduce their accountability to “Main Street” […]
The richest 300 people on earth have as much wealth as the poorest 3 billion. This is no accident; those in power write the rules. Together, we have the power to change those rules. Technology and the shift of global power mean that we can now demand our say in decisions that have traditionally been made […]