It’s wonderful to read that the U.S. Chamber of Commerce is forming a coalition to make sure “long-term value creation” drives the decisions of public company boards.
What a great idea!
So now that absolutely everyone who matters is in favour of long-termism, it must be just around the corner, no?!
I wonder what they will do to actually evidence that this is not just yet more cynical PR?
Perhaps get their members to transform the seriously flawed remuneration system in the US which rewards executive for being short-termist and penalises long-horizon thinking?
Or allow sunlight to shine on corporate political donations so that there is a chance of the public good being the basis for political decision-making?
More seriously, it’s hard to know which is worse: Hedge fund capitalism or Managerial Capitalism! What they often have in common is neither is well focused on long term health of the enterprise and both are good at personal short term wealth agendas albeit for different groups of elites.