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ISBN:
Category :
Languages : en
Pages :

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Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 0102944512
Category : Political Science
Languages : en
Pages : 54

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Book Description
Despite privatisation, central and local government still own or part own a number of companies with a combined turnover of over £25 billion. Reconciling public policy with shareholder value can be problematic and so the Shareholder Executive was established in 2003 to improve the Government's ability to act as an effective shareholder. This report examines the impact of the Executive and whether it is on course to meet its objectives. The overall finding is that, to date, it has generally acted as an effective and intelligent shareholder and has proved value for money. However there issues that need to be addressed to allow the Executive to build on its early work. A number of recommendations are made, including moving it out of DTI and giving it independent status.

Author: Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher: The Stationery Office
ISBN: 9780215036155
Category : Business & Economics
Languages : en
Pages : 48

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This particular report follows on from an earlier NAO report on the same topic, see (HCP 255, 06/07 ISBN 9780102944518), published February 2007. The Shareholder Executive was established in 2003, to act as an effective owner of businesses that are owned or part-owned by government. It is now an operational group within the Department of Trade and Industry, with a portfolio covering 27 businesses and a combined turnover of £21 billion. The Committee notes that the role of the Executive marries both public and private objectives, setting out to both achieve public policy objectives through the most cost effective means and provide a satisfactory return on the public money invested through the shareholder value. The Committee states that the Executive has delivered value for the taxpayer by adopting a business criteria through a framework that sets out clear priorities for the businesses, alongside performance monitoring and, with management held to account for their delivery. The Committee sets out a number of conclusions and recommendations, including: that the Department of Trade & Industry is setting up a Board to provide direction and accountability for the Executive; that there should be a presumption that all government businesses come within the Executive's portfolio; that the Executive should market its services comprehensively and seek to be more visible across government; that the Executive should be given an explicit responsibility for advising sponsor departments on the investment needs of their businesses; that the performance management of the Executive needs to include wider measures that are based on the results of individual businesses; also, that the Executive needs sufficient pay flexibility to continue to recruit high calibre staff; that the Executive's responsibility for the postal services industry extends beyond shareholder value issues, and the Committee believes the Department should identify options for relieving the Executive of responsibility for Royal Mail policy; that the Executive should set business-level dividend targets, which take into account the risks faced by the business and the Executive should systematically undertake valuations of the businesses in its portfolio.

Author: Lawrence A. Cunningham
Publisher: Columbia University Press
ISBN: 0231552777
Category : Business & Economics
Languages : en
Pages : 215

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Book Description
Anyone can buy stock in a public company, but not all shareholders are equally committed to a company’s long-term success. In an increasingly fragmented financial world, shareholders’ attitudes toward the companies in which they invest vary widely, from time horizon to conviction. Faced with indexers, short-term traders, and activists, it is more important than ever for businesses to ensure that their shareholders are dedicated to their missions. Today’s companies need “quality shareholders,” as Warren Buffett called those who “load up and stick around,” or buy large stakes and hold for long periods. Lawrence A. Cunningham offers an expert guide to the benefits of attracting and keeping quality shareholders. He demonstrates that a high density of dedicated long-term shareholders results in numerous comparative and competitive advantages for companies and their managers, including a longer runway to execute business strategy and a loyal cohort against adversity. Cunningham explores dozens of corporate practices and policies—such as rational capital allocation, long-term performance metrics, and a shareholder orientation—that can help shape the shareholder base and bring in committed owners. Focusing on the benefits for corporations and their investors, he reveals what draws quality shareholders to certain companies and what it means to have them in an investor base. This book is vital reading for investors, executives, and directors seeking to understand and attract the kind of shareholders that their companies need.

Author: Lawrence A. Cunningham
Publisher: Harriman House Limited
ISBN: 0857197924
Category : Business & Economics
Languages : en
Pages : 477

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Book Description
The shareholder letters of corporate leaders are a rich source of business and investing wisdom. There is no more authoritative resource on subjects ranging from leadership and management to capital allocation and company culture. But with thousands of shareholder letters written every year, how can investors and students of the corporate world sift this vast swathe to unearth the best insights? Dear Shareholder is the solution! In this masterly new collection, Lawrence A. Cunningham, business expert and acclaimed editor of The Essays of Warren Buffett, presents the finest writers in the genre of the shareholder letter, and the most significant excerpts from their total output. Skillfully curated, edited and arranged, these letters showcase the ultimate in business and investment knowledge from an all-star team. Dear Shareholder holds letters by more than 20 different leaders from 16 companies. These leaders include Warren Buffett (Berkshire Hathaway), Tom Gayner (Markel), Kay Graham and Don Graham (The Washington Post and Graham Holdings), Roberto Goizueta (Coca-Cola), Ginni Rometty (IBM), and Prem Watsa (Fairfax). Topics covered in these letters include the long-term focus, corporate culture and commitment to values, capital allocation, buybacks, dividends, acquisitions, management, business strategy, and executive compensation. As we survey the corporate landscape in search of outstanding companies run by first-rate managers, shareholder letters are a valuable resource. The letters also contain a wealth of knowledge on the core topics of effective business management. Let Dear Shareholder be your guide.

Author: Michael S. Allen
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 264

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Book Description
The Ultimate Guide to Applied Strategies for Managing Business Units and Portfolios Two of the most important business trends of recent years are increasing corporate acquisitions and managing business units as individual companies with a synergistic relationship to the parent company. Business Portfolio Management is an indispensable tool for corporate managers and strategists involved in these pursuits. This no-nonsense reference cuts through the competing claims and conventional wisdom to take a hard look at the realities of portfolio management. It provides the concepts and strategies necessary to create real strategic alternatives, estimate accurately the value of each alternative, and understand the risks involved in each. It supplies a framework for choosing between alternatives, for making tradeoffs between risks and opportunities, and for understanding how individual units in a portfolio will interact. From beginning to end, the concepts, techniques, and situations discussed in Business Portfolio Management are illustrated with detailed examples drawn from actual consulting engagements conducted by the author and his colleagues. These examples not only provide specific descriptions of how portfolio management concepts are implemented in the real world, they also give a real-world picture of the magnitude of value increases that are created through effective portfolio management.

Author: Roderick Martin
Publisher: Oxford University Press
ISBN: 0199202605
Category : Biography & Autobiography
Languages : en
Pages : 238

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Book Description
The growth of shareholder value has been a major change in Western economies since the 1980s. This growth has reignited debates concerning relations between investors and managers. This book argues that investors are more than passive providers of finance, on whose behalf managers seek to maximize shareholder returns. Instead, many investors directly influence management practice, through investor engagement. The book examines the role of institutional investors and private equityfirms, two types of investors with overlapping but different reasons for engagement. Questions addressed include: What are the incentives, and disincentives, for investment engagement? How is investor engagement organized? What areas of management practice are of particular concern to investors? Thediscussion shows in detail how private equity firms play a major role in developing new companies, beyond the provision of finance, especially in the IT, biotechnology, and pharmaceutical sectors.The discussion is primarily based on British and US research. The debate has wider international relevance, because there are strong pressures for establishing shareholder value as the international 'norm' for systems of corporate governance. Following a detailed discussion of Germany, the authors conclude that there is no inevitable trend to shareholder value: shareholder value depends upon complementary institutional arrangements in national business systems, which are far from universal. Thebook concludes with a critical analysis of the justifications for shareholder value and investor engagement, highlighting the weaknesses of both efficiency and equity justifications.

Author: Andrew Behar
Publisher: Berrett-Koehler Publishers
ISBN: 1626568464
Category : Business & Economics
Languages : en
Pages : 209

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Book Description
“A valuable call to action for small shareholders to change the ways big corporations do business.” —Robert Reich, former US Secretary of Labor Want to make misbehaving corporations mend their ways? You can! If you own their stock, corporations have to listen to you. Shareholder advocate Andrew Behar explains how to exercise your proxy voting rights to weigh in on corporate policies—you only need a single share of stock to do it. If you've got just $2,000 in stock, Behar shows how you can go further and file a resolution to directly address the board of directors. And even if your investments are in a workplace-sponsored 401(k) or a mutual fund, you can work with your fund manager to purge corporations from your portfolio that don't align with your values. Illustrated with inspiring stories of individuals who have gone up against corporate Goliaths and won, this book informs, inspires, and instructs investors how to unleash their power to change the world.

Author: Raymond L. Manganelli
Publisher: AMACOM/American Management Association
ISBN: 9780814413142
Category : Business & Economics
Languages : en
Pages : 268

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Book Description
"Why is it that the average business captures less than 20 percent of its potential? Why is this underperformance so pervasive, and what's keeping these organizations from truly maximizing their shareholder value? Based on extensive research and featuring case studies, tools, and practical techniques, this practical handbook explains how all strategic decisions must be considered from four closely integrated perspectives: that of the business model, the company's portfolio of holdings, its financial structure, and the efficiency and efficacy of its management and operations. The book presents a step-by-step methodology for implementing a Value Structure System, enabling readers to identify, create, and capture the maximum value of their company by synchronizing the different essential components. Readers will learn how to: * Use a single value measure throughout all decision making * Immediately execute their own Value Structure Optimization (VSO) program * Perform diagnostic exercises quantifying risk, and prepare immediate action plans"

Author: Jonathan Charkham
Publisher: OUP Oxford
ISBN: 0191583634
Category : Business & Economics
Languages : en
Pages : 286

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Book Description
This is a book about shareholders — who they are, what they own, how their composition and character has changed, and with it their relationship with the companies they own. It is also a book about shareholder rights and responsibilities. In a clear and readable style the book explores the key current corporate governance issues — company law and reporting, chief executive pay, regulatory and accountability requirements — against the background of an ever-changing business environment: an environment in which private investors may have grown in number, but in which shareholders influence has dwindled as institutions have become the dominant shareholding group. Throughout the book the authors provide numerous examples and anecdotes illustrating the evolution of the joint stock company from the South Sea Company of the 18th century to the giants and cause celebres on the corporate stage in the 1980s and 1990s. Both authors are authoritative and informed commentators on issues of corporate governance with extensive management, policy and advocacy experience; their underlying concern is to show the importance of shareholder interest and involvement, which they strongly believe will remain in the best interests of the company and the wider society in the 21st century.