Michael Skapinker writes in the April 13 Financial Times on the waning of "shareholder value" as the paramount goal of executive's efforts. Skapinker categorizes the notion as "Jack Welch capitalism," but notes that even Welch is distancing himself from the idea, saying, "Shareholder value is a result, not a strategy." Unilever CEO Paul Polman also gets the new religion: "I do not work for the shareholder ... I work for the customer." Skapinker credits the shareholder-value credo with some of the blame for the recent economic unpleasantness -- a logical connection since long-term prospects often fall victim to short-term gain. If this shift in focus is real, it certainly bodes well for a renewed focus on the people most connected to the daily activities of companies (employees & consumers) and less of a bead on absentee landlords.

For more, read Skapinker's column, "Replacing the 'dumbest idea in the world'".