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1、America'snewownersshouldholdcorporatemanagementaccountable.ButforwhatlReckoningwiththePensionFundRevoiutionbyPeterEDnicker"•ifteenyearsafteritwasfirstchronicled,thepanies.Thustheseinstitutionshavebecomecorpo-__"unseenrevolution"transformingcorporaterateAmerica'slargestlender
2、saswellasitslargestownershipintheUnitedStatesisnowvisibletoowners.Asthefinancetextshavestressedforyears,all.The20largestpensionfunds(13ofthemthepowerofthelenderisasgreatasthepowerofthefundsofstate,municipal,ornonprofitemployees)owner-sometimesgreater.holdaroundone-tenthofthe
3、equitycapitalofAmeri-Theriseofpensionfundsasdominantownersandca'spubliclyownedcompanies.Alltold,institution-lendersrepresentsoneofthemoststartlingpoweralinvestors-thatis,primarlypensionfunds-con-shiftsineconomichistory.Thefirstmodempensiontrolcloseto40%ofthecommonstockofthec
4、oun-fundwasestablishedin1950byGeneralMotors.try'slarge(andmanymidsize)businesses.ThelargestFourdecadeslater,pensionfundscontroltotalassetsandfastestgrowingfunds,thoseofpublicemploy-of$2.5trillion,dividedaboutequallybetweencom-ees,arenolongercontenttobepassiveinvestors.In-mon
5、stocksandfixed-incomesecurities.Demo-creasingly,theydemandavoiceinthecompaniesingraphicsguaranteethattheseassetswillgrowwhichtheyinvest-forinstance,avetooverboardaggressivelyforatleastanothertenyears.Barringaappointments,executivecompensation,andcriticalprolongeddepression,p
6、ensionfundswillhavetocorporatecharterprovisions.invest$100billionto$200billioninnewresourcesEquallyimportant,andstilllargelyoverlooked,everyyearthroughoutthe1990s.pensionfundsalsohold40%orsoofthemedium-America'sfailure,untilquiterecently,torecog-termandlong-termdebtofthecoun
7、try'sbiggercom-nize(letaloneaddress)thispowershiftaccountsinlargemeasureformuchofthefinancialturbulencePeterP.DruckeristheClarkeProfessorofSocialScienceofthe1980s-thehostiletakeovers,theleveragedandManagementattheClaremontGraduateSchoolinbuyouts,andthegeneralrestructuringfre
8、nzy.TwoClaremont,California.Hisbook,TheUnseenRevolu-tion:HowPensionFundSoci
