The New Capitalists: How Citizen Investors Are Reshaping the Corporate Agenda - Hardcover

Davis, Stephen; Lukomnik, Jon; Pitt-Watson, David

Hardcover

ISBN 10: 1422101010 ISBN 13: 9781422101018

Publisher: Harvard Business Review Press, 2006

Synopsis

Thanks to the rise of mutual funds and retirement plans, the actual owners of the world’s corporate giants are no longer a few wealthy families. Rather, they’re the huge majority of working people who have their pensions and life savings invested in shares of today’s largest companies. These grassroots owners have ideas about value that differ from those of tycoons or Wall Street traders. And corporate directors and executives are coming under increasing pressure to respond. The New Capitalists provides examples—from GE to Disney to British Petroleum—of enterprises whose shareholders have recently wielded their control in ways unimaginable just several years ago.

Authors Stephen Davis, Jon Lukomnik and David Pitt-Watson describe how civil ownership will profoundly alter our world—including forcing the rise of a new species of corporation. It has already begun demolishing old rules and habits, laying the groundwork for a new “constitution of commerce.” The authors spell out conventional thinking destined for extinction—and fresh strategies companies must implement to survive in the emerging “civil economy.” They also outline how investors, advisors, activists, and policy makers can make their voices heard.

About this title

About the Author

Stephen Davis is president of Davis Global Advisers, Inc., the world’s leading adviser on international corporate governance. Jon Lukomnik is the managing partner of Sinclair Capital LLC and former Deputy Comptroller of New York City, where he managed $80 billion in assets. David Pitt-Watson is former Chief Executive of Hermes Focus Asset Management, Europe’s leading shareholder activist fund manager.

From the Back Cover

“A compelling read and an important book, The New Capitalists exposes weak links in business accountability that drain value from the economy. More importantly, the authors uncover ways that investors, corporations, and others are installing fixes. Ultimately, the authors present an optimistic view of the ability of capitalism to evolve and suggest specific ways we can help to realize that optimistic future.”

—Richard C. Breeden, former Chairman of the U.S. Securities and Exchange Commission

“The New Capitalists provides a pointed, powerful critique of the failings of our corporate and investment systems. No citizen who cares about returning efficiency and sound trusteeship to commerce and finance will want to miss this book.”

—John C. Bogle, founder and former CEO, The Vanguard Group

“Finally, a way people can safeguard their savings. Davis, Lukomnik, and Pitt-Watson present sound evidence that only responsible shareowner activism, driven by citizen investors, can demand the accountability necessary to keep markets free and efficient, thereby serving everybody’s interests. Everyone should read this book.”

—Bill Crist, Past President and Chairman of CalPERS; current Executive Vice President of Governance for Owners USA

“Well-written and engaging, thoroughly researched and provocative, The New Capitalists illuminates the web of intersecting interests now changing the way corporations are governed. This is a keenly crafted guide for corporate leaders who want to manage their businesses not only quarter to quarter, but also generation to generation.”

—Hank McKinnell, Chairman and CEO, Pfizer Inc., and Chairman of Business Roundtable

“Companies have become as vital to society as governments, but their managers face intensifying pressure to be accountable. Finally, here are insights into the ways investors are making that happen. In The New Capitalists, corporate executives, shareholders, politicians, and citizens alike will find the pointers they need. The reward is nothing less than the chance to make globalization safe for both profit and social equity.”

—James D. Wolfensohn, Chairman, Wolfensohn & Company, LLC, and former President of the World Bank

Edition details

• Publisher: Harvard Business Review Press
• Publication date: 2006
• Language: English
• ISBN 10: 1422101010
• ISBN 13: 9781422101018
• Binding: Hardcover
• Edition number: 1
• Number of pages: 288