Summary
John C. Bogle criticizes failures in corporate, investment and mutual-fund governance. He argues that managers have gained too much power over capital supplied by owners, and proposes reforms intended to restore responsibility to those owners.
The book examines the structure and conduct of financial and business institutions. Its central question is whose interests managers serve when they control other people’s money.
Why read it Our view
Use the governance discussion to examine how company control, outside ownership and management incentives can come apart.
Written about
- John BogleAuthorBogle argues for changes to corporate and financial governance. This is an institutional-governance book, distinct from his personal index-investing guides.Source