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Tuesday, September 27, 2016
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Tag: Ownership

The Investor Forum and Sports Direct

One of the principal recommendations of the Kay Review of equity markets, which reported in 2012 to Vince Cable, the Secretary of State for...

Modern business, modern markets

Our markets need to adapt to the changed nature of 21st century business if they are to remain relevant in a world in which capitalism has little need of capital.

Stakeholders with the most to lose should control struggling companies

When a corporation is unable to meet valid claims, control passes to the holders of these claims in a legally defined order of priority. But, as finance has grown more complex, these rules have come to look more shaky; they can falter dangerously in modern banking or in the case of a struggling retail business such as BHS.

Is it meaningful to talk about the ownership of companies?

Who owns a company? The answer is that no one does, any more than anyone owns the river Thames, the National Gallery, the streets of London, or the air we breathe. There are many different kinds of claims, contracts and obligations in modern economies, and only occasionally are these well described by the term ownership.

Let’s challenge our fixation on the principle of one share, one...

The Savoy Group and Google both adopted share structures that give individuals disproprtionately greater voting rights than their diverse set of shareholders. It has worked well for these companies and their investors over the long run. Perhaps we should reopen the debate over share structures?

Rail privatisation has delivered improvements through accountability and autonomy

Both the leading candidates for the leadership of Britain’s opposition Labour party have now committed themselves to renationalising the country’s railways. But the state-owned British Rail was one if the most reviled institutions in the UK, and privatisation has delivered many relative benefits.

Drug companies are built in labs, not boardrooms

The history of ICI and the British pharmaceutical industry may provide some pointers to show how shareholders and policymakers should react to Pfizer's bid for Astra Zeneca.

The Co-op’s mistake was to detach responsibility from power

The test of an organisational structure is not how it handles success but how it copes when things go wrong.

Being ethical in business is not as simple as ‘doing the...

Ethics are about what to do when good behaviour and profitable business are not necessarily the same thing.

Why business loves capital markets, even if it doesn’t need capital

One of the paradoxes of modern business is that firms have never had so little need of capital or so much involvement with capital markets.

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