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Here's a new idea for co-opting investors: let's write a white paper together.
We don't know who is more delusional:
- J.P. Morgan Chase CEO Jamie Dimon for trying to buy off investors with a "statement of best practice" on corp gov, or
- some of the largest institutional investors in the US for attending multiple meetings to draft such a useless farce.
It may have even worked, a little, or possibly backfired. Larry Fink at BlackRock followed his participation in last year's gatherings with what has become his annual letter to CEOs. Heavy on the virtues of long-term thinking and even environmental, social, and governance (ESG) issues, it also features a couple of useful nuggets which, if ever acted on, would represent a little progress for beleaguered investors.
Worse is, how any of these folks thinking that these manifestos will change minds among entrenched CEOs and BoDs. We thought as much when we first thought about shareholder engagement efforts like this.
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