The presence of activists is a welcome reminder that firms should be run in the interests of owners. More battles between activists and complacent managers would be no bad thing
-suite like shareholder activism. Bosses stay awake worrying about a call, a letter or a 100-page presentation in which a hedge fund outlines the depths of their ineptitude. At the start of the year executives were especially on edge. During this year’s annual “proxy season”—a succession of shareholder meetings—they have mostly avoided votes on dissident nominees to their boards.
One is the rise of passive investing, which attempts to replicate the returns of an index rather than surpass them. Only one in three dollars invested by institutions in America’s thousand largest public companies is actively allocated, according to Man Group, an investment firm. The biggest passive asset-managers, such as BlackRock, charge low fees and run lean investment-stewardship teams which are not designed to spot empire-building bosses or lazy boards.
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