Oddly, Gazprom's largest outside shareholder, Ruhrgas of Germany, strongly supported the move to keep the board's doings private.
An outside shareholder is free to compete with a company he owns a piece of, but a board member has a fiduciary responsibility.
While an outside shareholder is free to compete with the company he owns a piece of, a board member has a fiduciary responsibility.
Ronald Baron, chairman of Baron Fund, a mutual fund that is Sotheby's largest outside shareholder, has announced his intention to sell his stake.
As I report in the new issue of FORBES, the Post has been able to afford to offer buyouts considered quite generous by industry standards thanks to the sage investment advice of its biggest outside shareholder, Warren Buffett.
That action facilitated the excesses of the banks, but had nothing to do with the implementation of shareholder value outside the banks, and all the disastrous consequences that followed from that, including massive offshoring, destruction of manufacturing capability, inability to innovate, declining ROAs and ROICs, accelerating topple rates of leading firms, excessive C-suite compensation and so on.
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When companies start investing shareholder cash in projects far outside their core businesses, it raises serious questions about focus.
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At the risk of seeming anti-shareholder, very few executives outside of the technology world have discussed the pitfalls of the trend.
Orix, which listed on the New York Stock Exchange in 1998 and whose shareholder base is more than 50% outside Japan, also operates in investment banking, life insurance, venture capital and in the financing of real-estate development.
Moreover, outside investors have no control over management, and even basic shareholder voting rights are limited.
Outside investigators may uncover information that could trigger lawsuits and further erode shareholder value.
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The Supreme Court ruled that U.S. courts did not have jurisdiction over cases where securities fraud happened outside of the United States as was argued in the case concerning U.S. shareholder losses attributable to buying shares of the Australian bank (shares were traded on the Australia Stock Exchange Ltd.).
What sets them apart is their ability to think outside of Japanese industry's tried and not-so-true practices, and embrace such ideas such as shareholder value and being customer-driven - the management buzzwords in thriving companies worldwide.
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