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June, 2007

 

Accounting practices can get in the way of delivering value Slow Leadership, June 28, 2007
	"Short-termism refers to the excessive focus of some corporate leaders, investors, and analysts on short-term, quarterly earnings and a lack of attention to the strategy, fundamentals, and conventional approaches to long-term value creation..." - - Breaking the Short-Term Cycle: Proceedings of the CFA Centre for Financial Market Integrity and the Business Roundtable Institute for Corporate Ethics Symposium Series on Short-Termism. There's something here that resonates with me: Excessive focus on the short-term combined with insufficient regard for long-term strategy and value creation can actually begin destroying value. There does seem to be a tendency to view accounting measurements as reality and not accounting conventions.

Abandon Quarterly Guidance? CNBC, June 27, 2007 By Mario Bartiromo
	Debating whether ending quarterly guidance will help investors as discussed by Dean Krehmeyer, Business Roundtable Institute for Corporate Ethics executive director; Ron Insani, CNBC sr. analyst; and CNBC's Maria Bartiromo.

Improving American Corporate Performance - Business-led Policy Group Urges End to 'Short-Termism' Forbes.com, June 27, 2007 By Matthew Kirdahy
	An increasingly short-term focus by many business leaders is damaging the ability of public companies to sustain long-term performance. This trend is hampering growth in the American economy. That is the message of a new report, Built to Last: Focusing Corporations on Long-Term Performance, released today by the Committee for Economic Development (CED), a business-led policy group.

L’ECONOMISTA AMERICANO PADRE DELLA TEORIA DEGLI "STAKEHOLDER"  Freeman: "Unire business ed etica è la soluzione per guadagnare di più" Giornale di Brescia.it, June 26, 2007 By Erminio Bissolotti
	Queste non sono parole tratte da una favola per "capitani d’impresa" oppure da un libro di fantascienza. Si tratta del pensiero dominante della "teoria degli stakeholder" formulata da Robert Edward Freeman.

Scrap quarterly guidance: U.S. CEOs The Globe and Mail, June 18, 2007 By Tavia Grant
	U.S. business leaders, pension funds and trade unions will on Monday call for an end to quarterly earnings guidance in order to focus on long-term growth of American corporations, the Financial Times reported Monday. The move, said to be backed by chief executives such as Jeff Kindler of Pfizer and Anne Mulcahy at Xerox, will encourage companies and investors to focus on long-term objectives rather than quarter-to-quarter trends. Last year's study on the topic, compiled by the CFA Centre for Financial Market Integrity and the Business Roundtable Institute for Corporate Ethics, found the “obsession with short-term results by investors, asset management firms and corporate managers collectively leads to the unintended consequences of destroying long-term value, decreasing market efficiency, reducing investment returns, and impeding efforts to strengthen corporate governance.”
Group pushes companies to drop quarterly forecasts Reuters News, June 18, 2007 By Emily Chasan
	The practice of giving quarterly earnings forecasts should be dropped because it encourages managers and Wall Street to focus too much on the short term, a business group of governance experts, unions and corporate executives urged on Monday. The call to end guidance is similar to others made in the past year by consultants at McKinsey & Co., the Business Roundtable Institute for Corporate Ethics and the CFA Centre for Financial Market Integrity. (Also appeared in Financial Times.)

Business Book List: Managing Business Ethics: Straight Talk About How to Do It Right (4th Edition) Inside Supply Management, June 7, 2007 By Institute for Supply Management   The books on ISM's Business Book List have been reviewed by a team of supply management professionals and academic reviewers and have been found to be relevant to supply managers and their functions.   Managing Business Ethics: Straight Talk About How to Do It Right (4th Edition): Linda K. Trevino and Katherine A. Nelson offer a highly realistic, down-to-earth look at ethics in the workplace with this book, which is intended to help professionals identify and solve ethical dilemmas, understand why people behave the way they do, and design a culture to promote ethical behaviors in their organizations.         Striving for Balance Rather than Alignment in Stakeholder Management Business Digest, June 2007
	Ed Freeman is one of the world’s foremost experts on stakeholders. Here he talks about the need to move on from an era when stakeholder management consisted solely of trade-offs.

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