It was Charlie Munger, Warren Buffett’s partner in quotable business aphorisms, who once quipped: “Show me the incentive and I will show you the outcome.”
So it is no surprise that, over the decades in which the consensus set in that a chief executive’s main job was to create value for their shareholders, boards began adding ever more stock to CEOs’ compensation packages. This, the refrain went, was the way to match up the interests of managers and owners.
Yet a couple of strange things have happened in the two years since the US Business Roundtable made its symbolic break with shareholder primacy.
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