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cover of episode Demystifying Shareholder Activism and Why Some Investors Are Mad at Elon

Demystifying Shareholder Activism and Why Some Investors Are Mad at Elon

2025/4/3
logo of podcast Money Rehab with Nicole Lapin

Money Rehab with Nicole Lapin
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Nell Minow
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Nicole Lappin
一位致力于财务教育和媒体的专家，通过多种平台帮助人们提高财务素养。
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Nicole Lappin: 我认为大多数投资者并没有意识到他们可以通过行使投票权来影响上市公司的决策。然而，当我们袖手旁观时，其他人却利用股东行动主义来推动政治议程，而不是为了提升公司业绩。例如，巴菲特的伯克希尔·哈撒韦公司就受到了来自极右翼激进组织的极端提案的攻击，这可能会彻底改变美国公司的运作方式。 我们应该关注这些股东行动主义，因为它们可能会影响到我们自己的投资和退休账户。 Nell Minow: 股东行动主义有很多种形式，包括写信、参加年度股东大会、投票、提交提案、参与诉讼甚至竞选董事会。股东可以通过这些方式来影响公司行为，推动公司改进。虽然股东行动主义并非总是对所有股东有利，但许多行动主义者确实代表所有股东的利益行事。 我特别关注的是那些表面上看起来合理，但实质上是带有偏见的极端提案，例如那些以多样性为名，实则歧视白人男性的提案。股东们应该擦亮眼睛，仔细甄别这些提案。 即使是指数基金投资者，也可以通过联系基金公司，了解其投票策略，并要求其关注公司的高额薪酬方案等问题。董事会拥有法律权力和责任，但股东的意见也具有影响力。董事会成员有尽职义务和忠诚义务，如果违反这些义务，可能会面临诉讼。 关于特斯拉，我认为埃隆·马斯克的薪酬方案设计不合理，其已经获得了足够的报酬，无需再获得巨额薪酬。特斯拉的董事会未能有效履行职责，埃隆·马斯克拥有大量股份并控制董事会，使得股东难以对其施加影响。

Deep Dive

Chapters
This chapter defines shareholder activism, explaining how shareholders can influence company decisions. It details methods like writing letters, attending meetings, submitting proposals, and even running for the board. The importance of proxy voting, even for index fund investors, is highlighted.
  • Shareholders can influence company decisions through various methods.
  • Proxy voting is crucial, even for index fund investors.
  • Even one share grants a voice and vote.

Shownotes Transcript

If you’ve got a 401(k) or invest using Nicole’s Index Funds and Chill approach, chances are you’re a shareholder in major companies like Berkshire Hathaway or Tesla—and that means you have power. You can vote on who runs these companies, how they operate, and where your money goes. But most of us don’t use that power, and while we sit it out, others are stepping in—often to push agendas, not better business. Today, Nicole is joined by Nell Minow—an expert in corporate governance—to break down what shareholder activism should be, what it’s becoming, and why your retirement account might be more influential than you think. Oh, and she’s also got some thoughts on Tesla and Elon Musk… you won't want to miss it.

Here are resources from Nell on proxy voting:

https://www.iconikapp.com/as-you-sow

https://theshareholdercommons.com/potb/