If the corporation will not do what the shareholders ask of it, then who is calling the shots?
Mutual fund managers, especially of the big index funds at Vanguard, Blackrock, Schwab, Fidelity, etc. They get to vote all the shares of the working-class investors whose 401(k)s are invested in those funds, and I’m pretty sure they always vote for whatever management recommends as a matter of policy.
In other words, the thing that’s supposed to be a check & balance against management fuckery… isn’t.
Mutual fund managers, especially of the big index funds at Vanguard, Blackrock, Schwab, Fidelity, etc. They get to vote all the shares of the working-class investors whose 401(k)s are invested in those funds, and I’m pretty sure they always vote for whatever management recommends as a matter of policy.
In other words, the thing that’s supposed to be a check & balance against management fuckery… isn’t.