That's the argument Susan Holmberg and Mark Schmitt make as a way of reducing CEO pay. They contend that the emphasis on shareholder primacy or pay for performance has ignored the other stakeholders in a corporation - its customers, its community, and its employees.
Germany has given a great deal of power to one of these stakeholders by making sure that the corporation's employees have a strong say in a corporation's activities. The employees of corporations there are on the company's board of directors; half of the members of the board of some companies are employees.
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