While there are signs of change, our research shows that shareholder primacy continues to underpin performance-related CEO pay.
Board Agenda readers will have noticed the growing criticism in recent times of the doctrine of shareholder primacy, and the promotion of alternative philosophies based on concepts such as "purposeful business" or "stakeholder capitalism".
Prominent new initiatives on these topics include the Financial Times campaign Capitalism: Time for a Reset, launched in September 2019, with with the editor noting that "the liberal capitalist model model… has come under strain, particularly the focus on maximising profits and shareholder value".
Similarly, the British Academy is running a programme of research and policy development focused on its
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