Overview

We obsess about what our politicians are doing, but ignore that our companies are no longer investing, instead they are focusing on next quarter's profits in order to justify ever higher executive compensation. This is in turn accelerating the West's economic decline versus the East. While the short-term focus of business is becoming widely acknowledged, we are not doing enough to reverse this. Looking at the less known history of companies shows us the choices we can no longer afford to ignore. Some current reforms need to go further and some areas that need reform are currently being ignored. Encouraging our businesses to invest again is one of the most important issues of our time.

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9781845408343

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This is a powerful diagnosis deploying formidable evidence and offering imaginative solutions. Laurie's experience as a sell-side analyst makes this a very authoritative account of short-termism and the damage it is doing. -- Mark Goyder, Founder Director, Tomorrow's Company You don't have to agree with everything the author says to find this a useful and stimulating review of the 'short-termism' issue that is causing so much angst in political circles. Companies' ownership and purpose, incentives for executives and fund managers, and the way equity research is organised all have an impact on the way our savings are put to work. Most of us are seeking returns that will make a difference to our retirement funds - not a quick turn on the stock market - so this well-written book is timely. -- Jane Fuller FSIP, Co-director of the Centre for the Study of Financial Innovation and former financial editor at the FT The role of the corporation in society has taxed succeeding generations. Recently, an emphasis on short-term profitability and incentives has threatened the competitiveness of Western companies and encouraged political attack. This book draws us into a longer-term perspective and should be read by anybody interested in how we improve the effectiveness of our companies and achieve positive endorsements by society. -- William Babtie, retired Managing Director, Global Consultants Group, Franklin Templeton

Author Information

Laurie worked for 8 years in finance as a research analyst in two investment banks, Citigroup and Dresdner Kleinwort, and in a technology venture capital fund. This background provided the inspiration for the book, namely seeing how the short-termism of financial markets feeds into companies. He received a double 1st in Economics from Cambridge University and is a Chartered Financial Analyst. He recently launched a crowdfunded bid to buy The Times from Rupert Murdoch, which while unsuccessful gained a decent amount of press coverage and pledges from the public. The campaign was backed by the Young Foundation. He is currently leading a research project at the corporate governance focused think tank Tomorrow's Company.

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