The end of the casino society? (shareholder activism) (Business)
Economist (US), The, January, 1991
"PENSION POWER" is being touted as the great new watchdog of American business. This year should reveal how much substance lies behind the ballyhoo. For decades, America's big institutional investors-pension funds, insurance firms, mutual-fund companies and banks-tried to beat other stockmarket investors at picking and choosing winners, leaving company managers to do much as they pleased. Now that institutions own nearly half of all American shares, churning their portfolios no longer makes much sense. So the biggest institutions want to exercise their rights as owners and are demanding some say in how companies are run.
Led by the public-sector pension funds of states such as California, Wisconsin and New York, institutional activists first began to speak up...
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