Capitalism for the long terme – Capitalisme pour le long terme

Dans Harvard Business Review, Dominic Barton, directeur chez McKinsey & Company, parle des maux du capitalisme actuel lié notamment au court-termisme. Il préconise aux investisseurs, dirigeants et actionnaires, un abandon de cette approche, et un retour à une vision dans le long terme. Extrait de l’article Capitalism for the long terme :

Redefined shareholder “democracy.”

The huge increase in equity churn in recent decades has spawned an anomaly of governance: At any annual meeting, a large number of those voting may soon no longer be shareholders. The advent of high-frequency trading will only worsen this trend. High churn rates, short holding periods, and vote-buying practices may mean the demise of the “one share, one vote” principle of governance, at least in some circumstances. Indeed, many large, top-performing companies, such as Google, have never adhered to it. Maybe it’s time for new rules that would give greater weight to long-term owners, like the rule in some French companies that gives two votes to shares held longer than a year. Or maybe it would make sense to assign voting rights based on the average turnover of an investor’s portfolio. If we want capitalism to focus on the long term, updating our notions of shareholder democracy in such ways will soon seem less like heresy and more like common sense.

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