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Archive for 21. Januar 2020

In Stakeholder Capitalism, Shareholders Are Still King

Posted by hkarner - 21. Januar 2020

Date: 20‑01‑2020

Source: The Wall Street Journal

Corporations are talking big about looking beyond share price. But don’t count on it.

At this week’s World Economic Forum in Davos, two very different visions of stakeholders will be in play.

Stakeholder capitalism reached its apotheosis in 2006 in the U.K., when Prime Minister Tony Blair’s centrist government required directors to take into account the interests of staff, customers, suppliers and the environment, as well as corporate reputation.

It didn’t work: The financial crisis showed the excesses at Britain’s biggest banks, and the reputation of the country’s businesses collapsed.

Now, more than a decade later, big business in the U.S. is talking up stakeholder capitalism as it fends off growing criticism of its place in society. Most prominently, in August, the Business Roundtable released a statement signed by 181 CEOs in which they pledged “a fundamental commitment” to “deliver value to all” stakeholders. Den Rest des Beitrags lesen »

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Posted by hkarner - 21. Januar 2020

FURCHE-Kolumne 284,mWilfried Stadler

Joe Kaeser, Vorsitzender des Vorstandes von Siemens, verantwortet einen Jahresumsatz von nahezu 90 Milliarden Euro. Entscheidungen über komplexe Probleme und hohe Risiken gehören in seiner Funktion zur Routine. Er gilt als unkonventioneller Mahner gegen einen die Gesellschaft spaltenden „Kasinokapitalismus“ und orientiert sich damit an einem berühmt gewordenen Leitsatz des Firmengründers Werner von Siemens: Für augenblicklichen Gewinn verkaufe ich die Zukunft nicht“.

Dennoch geriet der weltgewandte Top-Manager jüngst unter massiven Druck, als deutsche Klimaschützer gegen die Lieferung von Signaltechnik für Züge protestierten, die in Australien für Kohletransporte eingesetzt werden. Kaeser lehnte eine Aufkündigung des bereits abgeschlossenen Vertrages ab, sicherte jedoch zu, in Zukunft konsequent für mehr Öko-Sensibilität zu sorgen. Sein Aufsehen erregendes Beschwichtigungsangebot, Aufsichtsrätin von Siemens zu werden, lehnte Luisa Neubauer, die 23-jährige Sprecherin der deutschen Friday-for-Future-Bewegung, nach kurzer Bedenkzeit ab.

Dass die Auseinandersetzung über den künftigen Umgang von Konzernen mit der Klimakrise damit wenige Tage vor Beginn des Welt-Wirtschaftsforums in Davos eine neue Dimension erreicht hat, ist Wasser auf die Mühlen von Klaus Schwab. Denn der Begründer dieser wohl gewichtigsten Welt-Konferenz sieht sich als Vorkämpfer einer Wirtschaftsordnung, in der Konzerne nicht nur Gewinnziele verfolgen, sondern auch zu sozialer und ökologischer Nachhaltigkeit beitragen. Den Rest des Beitrags lesen »

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Walking the Talk of Stakeholder Capitalism

Posted by hkarner - 21. Januar 2020

Richard Samans

Richard Samans is a managing director of the World Economic Forum and Chairman of the Climate Disclosure Standards Board.

Jane Nelson is Director of the Corporate Responsibility Initiative at Harvard Kennedy School.

Corporate governance is undergoing a sea change, as the longstanding principle of „shareholder primacy“ gives way to broader concerns. But recognition of social, environmental, governance, and data stewardship issues is not enough; company boards must also figure out how to integrate shareholder value with corporate responsibility.

DAVOS – The role of corporate boards has never been more important, nor subject to as much scrutiny, as it is today. The technological, environmental, geopolitical, and socioeconomic transformations of the past two decades are driving a re-examination of the prevailing corporate-governance model, just as they are posing fundamental challenges to many areas of public policy and governance.

In particular, these transformations are making environmental, social, governance, and data stewardship (ESG&D) considerations increasingly important to companies’ financial performance and resilience. Den Rest des Beitrags lesen »

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Trump’s Backward March on Trade

Posted by hkarner - 21. Januar 2020

Anne O. Krueger, a former World Bank chief economist and former first deputy managing director of the International Monetary Fund, is Senior Research Professor of International Economics at the School of Advanced International Studies, Johns Hopkins University, and Senior Fellow at the Center for International Development, Stanford University.

After three years of the Trump administration, the economic costs of „America First“ are continuing to mount, with global trade and GDP growth slowing and investment in decline. Ironically, the biggest loser has been America.

WASHINGTON, DC – Following America’s disastrous 1930 Smoot-Hawley Tariff Act, the subsequent international trade war, and eventually World War II, the United States went on to lead the world toward a more open multilateral trading system. In 1947, the international community adopted the General Agreement on Tariffs and Trade, which would later become the World Trade Organization. Under this international body, trade was bound to the rule of law and the principle of non-discrimination among trading partners.

The system has been a huge success. Over the past seven decades, world trade has grown almost twice as fast as real output. And owing to US leadership, there have been ongoing multilateral negotiations to lower tariffs, remove other barriers (such as quantitative import restrictions), and facilitate trade expansion.But in 2017, US President Donald Trump’s new administration abandoned America’s longstanding commitment to the open multilateral trading system, opting instead for a power-based approach to international economic relations. Den Rest des Beitrags lesen »

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What’s Behind the EU’s Decline

Posted by hkarner - 21. Januar 2020

Date: 20‑01‑2020

Source: The Wall Street Journal

Losing Britain is only part of the reason Europe faces major challenges ahead

Prime Minister Boris Johnson is leading Britain out of the EU.

At the end of this month, the European Union will shrink for the first time in its history. It will lose its second‑largest economy and almost an eighth of its population.

One of its two most capable military powers will depart the bloc and with it a voice that has traditionally supported a strong role for markets in the European economy, resisted protectionism and looked to expand the bloc to new countries.

Britain’s last day in the EU on Jan. 31 “will be a tough and emotional day,” European Commission President Ursula von der Leyen said in a speech in London this month. She added, “Brexit will not resolve any of the existing challenges either for the European Union or the U.K.”

While Brexit will allow Britain to plow a different furrow from the EU in ways that many in the U.K. view as advantageous, for others, splitting the bloc can only accelerate Europe’s declining geopolitical relevance.

Some of that decline is inevitable: In the 21st century, size does matter. Mrs. von der Leyen pointed out that in 1950, three of the 10 most populous countries in the world were in Europe: Germany, Italy and the U.K. Now, only one—Germany—is in the top 20.

Britain’s departure is also happening as an earthquake is shaking the international order. A period of global U.S. dominance in which a large majority of governments by and large followed rules laid down by U.S.‑led international institutions such as the World Trade Organization is giving way to a period of open superpower competition. Den Rest des Beitrags lesen »

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