Corporate governance overhaul threatens wealth creation and job security for all.
The article discusses how corporate governance should focus on social prosperity by balancing the interests of management, employees, creditors, and shareholders. It argues against a shareholder-centric model that prioritizes short-term gains over long-term stability and growth. The current director-centric model, with boards overseeing management decisions, has been successful in promoting wealth creation and job growth. The authors suggest that management and labor can find common ground in corporate governance issues, as they both face pressure from shareholder-focused groups seeking to maximize short-term profits at the expense of other stakeholders.