Wise old men: or old men wise too late?
16 maart 2009
In last week’s Financial Times, Jack Welch has stated that “shareholder value is a result not a strategy.” Focusing solely on quarterly profits was “the dumbest idea in the world”. (“A need to reconnect” FT March 13th, article in a splendid series on “future of capitalism”). The quote was received with a bit of a surprise, because the cult of shareholder value is being traced back by many to a speech of Mr Welch in 1981. Things change overtime, that for sure. In the same article Jeffrey Immelt, Mr Welch’s successor, is quoted saying: “Anybody could run a business in the 1990’s. A dog could have run a business”. Things change indeed.
Last Saturday’s “Haarlems Dagblad”, a regional daily, quotes former Philips CEO Jan Timmer who has made a speech on “the ugly face of capitalism”. The editorial comment of the paper shows surprise about Mr Timmer’s support for the Rhineland model. Timmer commented on the human shortfalls in the current economy. Special reference is made to the private equity sector. The newspaper concludes that it would have been a positive sign if Timmer would have included his own shortfalls in his speech.
Pieter Winsemius, number one in the Dutch list of the 100 influentials in sustainability, was not too happy to be called the "Dutch Al Gore". He says; “His message is undoubtedly strong (…) but when he was vice president under Clinton, I noticed little in this respect.” “At that time he was in the position to really proof that sustainability matters.”.
This strong comment of Mr Winsemius, hits to nail on the head, I think. In view of this comment, the statements of Messrs. Welch and Timmer are a bit pathetic.
Companies and governments alike need leaders that make balanced high quality decisions when they are in charge. Rather than, giving obligatory statements after they have retired. In this light today’s letter of Mr Floris Deckers, CEO of Van Lanschot, in the Dutch paper NRC Handelsblad is a better example. He makes an apology for the current financial crisis, although he does not feel being responsible. But he says, I should have voiced my concerns openly when I had them. Not having done this, deserves an apology. A surprising move from Mr Deckers, but a great example of leadership. Now others can only follow him.
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