Churchill's Horses and the Myths of American Corporations: Power, Stakeholders, and Governance

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Quorum Books, Jan 1, 1998 - Business & Economics - 217 pages
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The large public corporations powering the U.S. economy--Churchill's Horses, in Bogie's metaphor--are underachievers, and all of us are paying the price. Why? The reasons are shrouded in the myths that these corporations use to mask their great power and disguise the interests it serves. "Myth" the shareholders who own a public corporation control it by electing the directors who govern it. "Anti-Myth" (fact): shareholders of a public corporation don't elect the directors, and the directors don't govern the corporation. Shareholders don't even own the corporation in any meaningful sense of the word. Yet Churchill's Horses spend billions propping up the current price of their shares rather than invest the money in their (and our) future prosperity. Using many voices from current and recent business literature, Bogie leads you through myths and anti-myths to understand how public corporations have lost focus and ignored their most important stakeholders. Few readers will emerge with all their assumptions and beliefs intact.

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Contents

How Churchills Horsesour great public corporations
5
Public Corporations Are Just Private Corporations with
13
The Owners of a Public Corporation Control It by Electing
19
Copyright

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About the author (1998)

MORD BOGIE is a consultant, former lawyer, U.S. foreign aid official, and corporate executive with business experience on five continents. /e He graduated from Princeton in public and international affairs and, after service in the Marine Corps, from Harvard Law School. He lives with his wife, Sharon Nickles, a computer consultant, in Beacon, New York. This is his first book.

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