Pour continuer la discussion sur la fin du modèle actionnarial : « Is COVID-19 Killing Shareholder Primacy? » (Forbes, Martin Whitaker).
Extrait :
The “golden age” of stakeholder capitalism?
What coronavirus has done is reset the economy. It has accelerated the need for a new, better operating system that gives more Americans the incentives and, in many cases, the opportunities they need to create broad-based prosperity.
That system is stakeholder capitalism. A system that shares the spoils of victory with those who make it possible. A system that motivates capital to focus on long-term value creation; that promotes disclosure and performance measurement on issues society cares about; that fosters systems thinking and mutual resiliency; and that captures for all time the incredible spirit of community that has characterized corporate America’s response during the crisis itself.
Cynics, of course, will have their say. But those who dismiss the stakeholder approach as either a “publicity stunt” or “window dressing,” or as some sort of backdoor socialist takeover designed to limit market freedoms and redistribute wealth, are either lazy in their thinking or blinded by ideology. We don’t have time for those debates any longer. The jury is not only in, the case is closed and the court has been dismissed.
One by one, over the past few years, we’ve seen stakeholder capitalism gain high-profile champions. The CEOs of the Business Roundtable reversed years of commitment to shareholder primacy to embrace it. The World Economic Forum has put it front and center. The heads of the world’s largest asset management companies, like BlackRock BLK’s Larry Fink and State Street’s Cyrus Taraporevala, have called on CEOs to look past profits at all costs, and the leadership teams of the JUST 100, among others, have answered. Wall Street titans like JUST’s founder and chairman Paul Tudor Jones and Bridgewater founder and chairman Ray Dalio have declared we need to reimagine capitalism. Executive directors of massive pension funds, like the Washington State Investment Board’s Theresa Whitmarsh, have said shareholder primacy destroys long-term value.
In fact, I am hard pressed to come up with any credible defenders of shareholder primacy at this point. Will anyone call for a return to the status quo? I seriously doubt it.
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Ce contenu a été mis à jour le 30 mars 2022 à 5 h 25 min.
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