Reluctant to engage
不愿接触
Poor management accountability in the tech sector coincides with another weakening of governance arising from changes in the structure of ownership. The number of investors willing or able to monitor, engage and hold management to account is dwindling. High-profile activists such as Carl Icahn, Jeffrey Ubben of ValueAct and Bill Ackman of Pershing Square capture headlines, but the wider universe of conventional investors engaging with investee companies is going in a different direction.
在科技行业管理问责机制比较薄弱的同时,所有权结构的变化也导致治理削弱。愿意或能够监督、接触管理层,并追究其责任的投资者数量在减少。卡尔?伊卡恩(Carl Icahn)、ValueAct的杰弗里?乌本(Jeffrey Ubben)和Pershing Square 的比尔?阿克曼(Bill Ackman)等高调维权投资者抢占资讯头条,但从传统投资者整体来看,与被投资公司接触的人反而在减少。
Over the past half century, the structure of listed companies in most markets within the OECD, the Paris-based club of mostly rich nations, has moved from direct ownership to intermediary ownership by professional asset managers. In the UK, for example, direct individual ownership in listed companies decreased in the 50 years to 2017 from more than 50 per cent to just under 12 per cent. In the US, direct ownership has dropped from 84 per cent to 37 per cent.
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