Talent, Strategy, Risk: How Investors and Boards Are Redefining TSR
Dennis Carey · Ram Charan · Bill McNabb
Jul 2021 · Gildan Media · Narrated by Steve Menasche
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7 hr 13 min
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A playbook for long-term value creation
Balancing the short term and the long term is a perennial struggle, but new developments put boards squarely at the center of this dilemma and in need of guidance. Much of the $14 trillion of assets that firms like Vanguard, BlackRock, and State Street manage is now held in index funds, creating a huge class of permanent institutional investors. These so-called passive investors (unlike activist investors, passive investors don't have power to exit the fund) own almost 60 percent of the Fortune 500—and they have found their voice. Perhaps best exemplified by BlackRock's Larry Fink, these investors are stating in no uncertain terms that simply managing for short-term shareholder profit is not acceptable.
In this agenda-setting book, three leaders who have been on the front lines of these changes with boards, management teams, and the investment community challenge leaders to rethink TSR (total shareholder return). Since TSR cannot keep the short and long term in balance, McNabb, Charan, and Carey argue that boards should focus on a different kind of TSR—talent, strategy, and risk—because decisions and actions around these factors, more than any others, determine whether or not a company creates long-term value.
Balancing the short term and the long term is a perennial struggle, but new developments put boards squarely at the center of this dilemma and in need of guidance. Much of the $14 trillion of assets that firms like Vanguard, BlackRock, and State Street manage is now held in index funds, creating a huge class of permanent institutional investors. These so-called passive investors (unlike activist investors, passive investors don't have power to exit the fund) own almost 60 percent of the Fortune 500—and they have found their voice. Perhaps best exemplified by BlackRock's Larry Fink, these investors are stating in no uncertain terms that simply managing for short-term shareholder profit is not acceptable.
In this agenda-setting book, three leaders who have been on the front lines of these changes with boards, management teams, and the investment community challenge leaders to rethink TSR (total shareholder return). Since TSR cannot keep the short and long term in balance, McNabb, Charan, and Carey argue that boards should focus on a different kind of TSR—talent, strategy, and risk—because decisions and actions around these factors, more than any others, determine whether or not a company creates long-term value.
About the author
Bill McNabb is former chairman and CEO of Vanguard, the world's second-largest mutual fund manager, with over $5 trillion in assets.
Dennis Carey is vice chairman of Korn Ferry and the founder of The Prium and the CEO Academy. He has coauthored seven books on talent, strategy, CEO succession, and corporate governance, including Boards That Lead and Talent Wins.
Ram Charan is an award-winning educator and consultant to senior business leaders and boards around the globe. He is one of the world's bestselling business book authors with over 2 million copies sold. His book with Honeywell CEO Larry Bossidy, Execution, spent 150 weeks on the New York Times bestseller list.
Steve Menasche is a conservatory-trained actor, musician, and martial artist who has toured the world with West Side Story, Jesus Christ Superstar, and the American Folk Theatre. As a voice actor, he has completed over 250 audiobooks and has been featured in national radio and television campaigns.
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