À quoi servent les actionnaires de nos jours ?

Excellent article de Justin Fox et Jay W. Lorsch dans le dernier numéro (juillet-août) de Harvard Business Review. On y décrit les rôles que devraient jouer les actionnaires de nos jours et on présente plusieurs suggestions pour les aider à mieux contribuer au succès des organisations. Un must !
What Good Are Shareholders? – Harvard Business Review 

Walmart Shareholders' Meeting 2011
Walmart Shareholders’ Meeting 2011 (Photo credit: Walmart Stores)
« The path forward for corporate executives and shareholders appears blocked. Executives complain, with justification, that meddling and second-guessing from shareholders are making it ever harder for them to do their jobs effectively. Shareholders complain, with justification, of executives who pocket staggering paychecks while delivering mediocre results. Boards are stuck in the middle—under increasing pressure to act as watchdogs and disciplinarians despite evidence that they’re more effective as friendly advisers…

Our aim here is to focus on shareholders. Who are they? What are their incentives? What are they good at? What are they bad at? The body of research and discussion on these questions is growing. (For a summary, see “Are Institutional Investors Part of the Problem or Part of the Solution?,” a working paper by Ben W. Heineman Jr. and Stephen Davis, published by Yale’s Millstein Center for Corporate Governance and Performance.) Our contribution is to offer a framework for thinking about shareholders’ role and to make some suggestions for changes. We’ve divided shareholders’ contributions into three areas: money, information, and discipline ».