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From angry shareholders to concerned chief executives, almost
everyone knows at a gut level that the present political system is
not working. This book finds the root cause to be poor corporate
governance. In the prequel to this book, The Emperor's Nightingale,
Robert A. G. Monks, one of the world's foremost shareholder
activists, had warned corporations against putting short-profit
ahead of long-term value for all stakeholders. Few listened - and
the result was system-wide trauma that only bold solutions can
heal. In The Emperor's Nightmare, his latest book, Monks reveals
what can happen when corporate leadership abandons the common good
to court and conquer a powerful elite. This insightful, honest, and
direct portrayal of corporate governance and the surrounding
political system will be of immense value to those interested in
corporate governance - particularly shareholder and stakeholder
advocates, and the true corporate leaders who serve them. In the
end, better corporate governance means better democracy. This book
shows the way.
Shareholder control over large corporations is worryingly weak and
the unrestrained hunt for profits is taking a toll on the
environment and society. In "Corpocracy, " corporate lawyer,
venture capitalist, and shareholder activist Robert Monks reveals
how corporations abuse their power and what we the people must do
to rein them in. In a clear and careful analysis, Monks outlines a
plan for reconciling the competing interests of corporations and
society through thoughtful shareholder activism.
Democratic capitalism-the source of America's vast wealth, the
foundation of our entire economic system-is threatened as never
before, not from without but from within. Shareholders today no
longer own, except in the narrowest legal sense, the corporations
they have invested in. Emboldened by the Supreme Court and enabled
by a compliant Congress and compromised regulators, America's CEOs
have staged a corporate coup d'etat. They, not the titular owners
of the businesses, decide where and how company resources will be
deployed, what laws will be evaded in the pursuit of short-term
gain, what offshore havens profits will be stashed in to avoid
taxation, and critically, how lavishly the CEOs themselves will be
compensated. Far too much of American business is being run for the
personal enrichment and glorification of its manager-kings. This
book shows how that happened and unveils, for the first time, a new
study showing that corporations "un-owned" by their
shareholders-corporate "drones"-are far worse corporate citizens
and have significantly lower average shareholder returns than firms
in which owners still exercise authority over management.
Manager-kings, it turns out, are bad both for society and for
business itself.
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