By Fred R. Kaen
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Extra resources for A Blueprint. Corporate Governance
But to a predator in the same industry, who would know how to turn it around, it could be an attractive buy. And although as existing shareholders a position in C or D would fail to please us, as prospective shareholders, we might choose to buy into C or D in the hope that they attract a takeover which will return us a swift proﬁt6. There are two key lessons to be learned from an analysis of the value matrix. The ﬁrst is that the different groups of stakeholders have different interests in the company and its activities, and that these interests may conﬂict.
We speak in this book about creating value for ‘shareholders’, as if shareholders were an amorphous mass, who all had the same objectives and were interested in the long-term value of the company. Alas, this is no longer the case. Some shareholders will remain as owners of the shares for many years; others will do so for a matter of months, days or perhaps hours. Some will be content to wait for the business growth to be reﬂected in the share price; others may, through the judicious use of derivative contracts (see Chapter 12), have a vested interest in seeing the share price fall rather than rise.
The degree of interest in, and inﬂuence on, any particular strategic decisions will vary dramatically for each stakeholder group. For example, the current legal position in the UK is that companies can conﬁgure their business operations as they choose, opening or closing business units to suit their strategies. 6 Internal and external stakeholders Shareholders Debt holders Investment institutions Family members Prospective investors Banks Investment institutions Individuals Customers Direct customers End consumers Consumer groups Local community Environmental bodies Public at large Business and financial strategy Managers Board of directors Senior managers Other managers Community Suppliers Long term suppliers Raw material suppliers Sub-contractors Government and regulators Employees Individuals Unions/staff associations Pensioners Tax authorities Trade department Employment department Note: The degree of interest in, and inﬂuence on, any particular strategic decision will vary dramatically for each stakeholder group way of saving money whilst the company was struggling.