Bridge over ocean
1 May 1997 Financial Analysts Journal Volume 53, Issue 3

Reclaiming Shareholder Power

  1. Victor F. Morris

A new approach to empowering shareholders relies on control of the corporate purse strings rather than the proxy ballot. Corporations would be taxed on the conduit principle; that is, they would pay no taxes providing they distributed all of their earnings to shareholders, who after paying taxes on them, could reinvest them wherever they chose.

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