SEPARATION OF OWNERSRSHIP AND CONTROL: Asked by Hugh Hewitt if Delta and Coca Cola benefitted their shareholders in urging MLB move the All Star Game, Chris Christie says flat out “No.”
Corporate governance experts used to warn about the “separation of ownership and control,” in which corporate management took advantage of its position to run companies in its own interest instead of shareholders’. But they were mostly concerned with financial conflicts. This woke posturing is just another example of how management can run the companies in its own interest instead of shareholders’.
Companies should have to get shareholder permission to take political stances.