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Stuart wrote :
Executives push for greater profits in irresponsible ways because of either rewards systems (greed) and or pressure to maximise profits (fear) derived from the board and by extension the shareholders. Apathy and or greed on the part of the shareholders fosters or even demands irresponsible behaviour by the executive. Just because the sharholders might be a large mob of people and that the practice is common accross many companies does not entitle the executive to the Nuremberg defense (I was ordered to exterminate the jews/ maximise profits).
So EB I would agree that the attitude and practice that you observe and rightly criticise is present in a significant number of modern (and historical) corporations but it is still people that make the everyday decisions.
True so very true Stuart.....
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It used to be that the financial power held by corporations was controlled by a relatively small segment of the population.
Sadly Stuart (nothing personal) I think that herein lies the crux of the arguement....
There is a recently cultivated myth of the "mums and dads" shareholders....
It's just not true......Yes there is a substantial number of the population that have brought into share portfolios in the last decade or two...
But "mum and dad" shareholders almost always never hold more than 10% of any companies register... other than perhaps those companies where prospectus have been marketed agressively, directly to the public
i.e Telstra in particular, or instituions that have de-mutualised like NRMA, AMP......
And look at the performance of those shares LOL
The reality is that the overwealming percentage of shaeholdings in any corporation are owned by other corporations.... even if investments supposedly on behalf of individuals... ie super funds etc
The mentality is still completly venial and corporate.... as perhaps the very nature of the investment demands...
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I personally believe that as more and more people become shareholders it is crucial that a responsible attitude to share owernship is spread through the community
.... and I couldn't agree more.... Stuart and EB....
Sadly I believe that inherently there is an attitude within corporations that excludes personal responsibilty and responsibilty toward people...
That's the whole problem.... it's become almost accepted, expected and at times demanded that the pursuit, not just of a profit, but these days the necessity to ensure that with each year, an increased profit....
... to the point that I believe the corporate mentatlity is almost machine like and counter-opposed to humanity and citizenship....
Globalisation has, perhaps by it's nature, consolidated this paradigm and more particularly removed people one step further away from any sense of involvment or responsibilty/accountability....
Indeed perhaps the very culture that inspires the dodgy dealings of hidden payments to dictators by companies like AWB... dodgy arms dealings by governments to prop up spheres of influenece...
and sadly the "Shultz" defence ... "I know nothink..."....
or the Bart Simpson approach.... "Nobody saw it, nobody can prove it"
"I was mis-informed"
of even people like our esteemed PM "Bonsai".....
WE really need to face up to and embrace a different attitude to honesty in this country IMHO.
WE have allowed a culture of spin doctors to not only excuse and twist truth and reality but to pervade and even trickle down into our personal lives and actions.
Darn it.... we even have a PM that wants to re-write sections of our HISTORY!!!!!
Backyard Aquaponics
