RG

IN CONTEXT

FOCUS

Equity and performance

KEY DATES

1776 Adam Smith says that managers will not watch over a business with the same vigilance as partners in a private company would watch over their own.

1932 US professor Adolf Berle and US economist Gardiner Means coin the phrase “the separation of ownership and control.”

1967 Canadian-American economist J. K. Galbraith says that shareholders no longer control the organizations they legally own.

2012 Larry Ellison of US computing corporation Oracle Inc. becomes the world’s highest-remunerated CEO, when he receives $96.5 million in pay, shares, and perks.

In an ideal business, directors pursue the company’s ...

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