Notwithstanding the determined and persistent efforts by shareholder advocates and corporate governance watchdogs, most shareholders act sheepishly in the face of the self-appointed board members and executives who monopolize power.
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This is not a concern with S corporations, as courtesy of Revenue Ruling 59-221, income that flows through to shareholders from an S corporation is not subject to self-employment tax.
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So we may witness a self-fulfilling death spiral: current shareholders expect to be wiped out in any recapitalization forced by the state, which will in turn lead to a need for state intervention.
Yumeshin failed to block Japan Engineering's defences of a stock split and an equity warrant issue, but the Tokyo District Court laid down reassuring criteria for their use: that they must not simply be in the board's self-interest, and that they are subject to shareholders' approval.
Competition and self-confidence often get in the way of succession planning, but shareholders deserve more.
Their confidence in Wall Street already badly shaken, shareholders need more than empty "we've changed" promises from a mostly self-regulating Wall Street to restore their trust in the system.
While mutual funds are today the retirement or savings vehicles of choice for most investors, the investing public has never had an opportunity to see how decisions made everyday inside mutual fund money management companies, motivated by manager self interest rather than the best interests of investors, compromise the investment results shareholders receive.
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For the moment, that is good news for Facebook shareholders but it could quickly lose appeal for users and game developers that are locked into the self-serving paradigm.
The only way Mehdi and I have managed to stay focused on the right things is to change the rules of the game so that self-imposed customer, product, and market fit failures have public consequences for the company and shareholders.
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