Kaj je v ozadju poziva kluba mendžerjev k zamenjavi “vrednosti za delničarje” s paradigmo “vrednosti za deležnike”?

Gre seveda za poskus, da bi menedžerji tudi formalno dobili večjo moč nad odločitvami v podjetjih, ki jih vodijo, čeeprav je efektivna moč v odločanju že zdaj skoraj povsem na njihovi strani. Seveda pa te pobude nikakor ni za zavreči. Je v duhu časa in če bo omogočila, da se tisoče milijard dolarjev likvidnosti podjetij namesto v dividende (institucionalnim) lastnikom in za odkupe lastnih delnic prelije v povečane naložbe, bo eden izmed ciljev dosežen. Večja družbena odgovornost menedžerjev pa je tek na malce daljše proge po desetletjih hlepenja zgolj in izključno po maksimizaciji dobičkov in bo zahtevalo spremembo kodeksov delovanja družb. Toda najprej je treba narediti prvi korak.

For years, the shareholder-primacy model led CEOs to eke out profits through outsourcing or labor-force downsizing, regulatory and tax arbitrage, and stock buybacks that shower cash on shareholders at the expense of investing in their companies’ future. But now, they have finally realized that these strategies are better for institutional investors than they are for the sustainability of firms.

Confronted with the headwinds they themselves generated, American CEOs seem to have concluded that best defense is a good offense. But if they are serious about abandoning the shareholder-primacy model, public statements will not suffice. They must also support legal reforms, particularly the measures needed to hold corporate directors and officers accountable to the principals they serve. That could mean extending board representation to employees and other stakeholders, or it could take the form of special audits, along the lines of those to which public benefit corporations submit.

Vir: Katharina Pistor, Project Syndicate

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