Should shareholders have an active role in the company?
The separation of ownership and control under a dispersed ownership has been subject to a passionate debate, starting from the fact that managers are placed in a position where they are spending other people’s money. As a consequence, the company’s owners are left with certain passivity that some accept as a necessary precondition to the wellhead of the company. Others reject such a passive role due to the risk that managers spent the money in their own interests. […]