Opposition was growing on Sunday to radical proposals from Lord Myners, City minister, for a “two-tier” shareholder register that would see greater voting rights given to longstanding institutional investors.
He said short-term investors should have reduced rights as owners, arguing that “companies are too important” for big investors to trade in and out.
Lord Myners told the BBC: “There is a lot of evidence to suggest that most institutions are uncomfortable with the responsibilities of ownership as opposed to investment. We need to fix that, otherwise we have ownerless corporations.
For once Mynes is onto something good.
Big business loves wonerless corproations - no one to hold them to account.
Instititions hate responsibility - they might have to accept that their powers has a duty attached to it.
So he is hitting hard with this one.
Of course. if it was combined with my proposals for a pension tax the outcome would be better still.