The MoneyWeek manifesto
EDITOR'S LETTERMerryn Somerset Webb
Here at MoneyWeek, we are all for money: earning lots of it; making lots of it via our investments; and building the ability to spend lots of it. We love money. But we also know how it skews behaviour.
Would VW bosses have allowed cheating on emissions tests if it made no difference to their incomes? Would Glencore executives have borrowed their way to disaster, or US CEOs indulged in endless buybacks to force share prices to bubble levels, if pumping up shares wasn’t going to make them rich? We doubt it.
And what of dividends? Dividend cover (which measures the ability to actually pay the dividend) is at a 20-year low in the UK. Boards have bumped up payouts to keep share prices up – but they might not be able to maintain these levels for much longer.
We’ve had enough of all this manipulation at MoneyWeek. We’re investors too, and we want the firms we own to be run in our interests, not in the interests of their corporate executives.
So we are putting together a MoneyWeek manifesto – a list of changes we want and are going to keep pushing for. John has outlined the first four things in this issue. Watch this space for the rest.
• Read the full editor’s letter here: The MoneyWeek manifesto