The Emperor's Nightingale: Restoring The Integrity Of The Corporation In The Age Of Shareholder Activism [Hardcover]

Robert A.g. Monks (Author)

Book Description

Publication Date: March 30, 1998

In The Emperor’s Nightingale, Robert Monks, the world’s foremosst shareholder activist, weaves together parables, case studies, and insights from complexity thinking to reveal the true character of the corporation, as it struggles to reconcile the opposing forces of certainty and uncertainty, the predictable and the serendipitous, and short-term profit versus long-term economic value rooted in the social good.

Editorial Reviews

Amazon.com Review

In the 18th century, Adam Smith warned of the dangers of the joint-stock company, the precursor to today's modern corporation. Smith recognized the benefits of stock ownership--primarily in limiting risk to the investor--but he also saw these entities as a menace, with the potential for unlimited life, size, power, and license. Today, longtime shareholder-activist Robert A.G. Monks echoes these same concerns in The Emperor's Nightingale.

Monks argues that there are few checks on the governance of public companies and laments the corporate lawlessness that's rampant today--from toxic-waste dumps to clever tax dodges. He writes, "In the absence of clear owner-driven values, the managers of many publicly held corporations have become increasingly powerful, filling boards to suit their own agendas and commanding enormous personal compensation and severance packages.... With their tremendous power to influence public policy and the public economy, these boards and managers have become increasingly accountable only to themselves. Instead of embracing the challenges of adaptation to and effective engagement in a dynamic, living economy, these short-term driven companies seek to bend the rest of the economic system to their own needs."

Monks believes that the best hope for restoring accountability in today's corporations are the owners themselves--both individual and institutional shareholders. Only then will the corporate appetite for profits be balanced with the public good. The corporation, says Monks, is an example of a complex adaptive system, and he shows through computer modeling that responsible corporate behavior can enhance, not take away from, a company's bottom line. If you ever thought that corporate governance was one of those dry and uninteresting subjects, this insightful and thought-provoking book will surely change your mind. --Harry C. Edwards

About the Author

Robert A.G. Monks is founder and principal of D.C.–based LENS Inc., an investment fund that targets companies with poor performance and turns them around through active shareholder participation. He headed the U.S. Department of Labor’s public pension program in the mid-1980s and has served on the board of a dozen publicly held companies.

--This text refers to an out of print or unavailable edition of this title.

Product Details

• Hardcover: 320 pages
• Publisher: Basic Books (March 30, 1998)
• Language: English
• ISBN-10: 020133996X
• ISBN-13: 978-0201339963
• Product Dimensions: 9.3 x 5.9 x 1.2 inches
• Shipping Weight: 8 ounces
• Average Customer Review: 4.3 out of 5 stars  See all reviews (6 customer reviews)
• Amazon Best Sellers Rank: #1,459,364 in Books (See Top 100 in Books)

More About the Author

Pioneering shareholder activist and corporate governance adviser, Robert AG Monks, has written numerous books and articles about corporate impact on society and how improved governance enhances the societal and corporate value. He is the author of Corporate Governance (with Nell Minow), Watching the Watchers, The New Global Investors and Corpocracy. Bob Monks is an expert on retirement and pension plans, and was appointed director of the United States Synthetic Fuels Corporation by President Reagan who also appointed him one of the founding Trustees of the Federal Employees' Retirement System. He served in the Department of Labor as Administrator of the Office of Pension and Welfare Benefit Programs having jurisdiction over the entire U.S. pension system. And, he was a founder of Institutional Shareholder Services, Lens Governance Advisers and The Corporate Library. His website is www.ragm.com.

Customer Reviews

Most Helpful Customer Reviews

6 of 7 people found the following review helpful:

5.0 out of 5 stars Provocative, January 27, 1999

By 

[e-mail] - Michael Cusack, aut... - See all my reviews

This review is from: The Emperor's Nightingale: Restoring The Integrity Of The Corporation In The Age Of Shareholder Activism (Hardcover)

One of the cover reviews of Monks 'Nightingale"' lauds the books as an "intellectual tour de force". While there are certainly high brow aspects to the content (specifically the discussion of corporations as complex adaptive systems), the author's basic premise is simple: shareholders - particularly private pension funds - must force their corporate managers not only to maximize profit, but also to adhere to David Engel's 'triad' of obeying the law, informing the public about the corporations impact on society (both good and bad), and minimizing corporate involvement in politics. Overall, Monks analogy to Hans Christian Andersen's story of the Emporer and the Nightingale is clever and appropriate. I began the book by reading Chapter One (the original story) to my children and saved the rest for contemplation of the growing need for corporate accountability. Who will deny that short-term corporate profit-making is unacceptable capitalism in a world that, as Monks points out, now must insist on "long-term economic value rooted in the social good"?

6 of 8 people found the following review helpful:

5.0 out of 5 stars Original and thought provoking, April 2, 2001

By A Customer

This review is from: The Emperor's Nightingale: Restoring The Integrity Of The Corporation In The Age Of Shareholder Activism (Paperback)

This was a stimulating and thoughtful analysis by someone who has been a successful capitalist with experience in the innermost sanctum of coporate America. It is amusing to see right wing academics (such as one of the reviewers of this book) stretch to condemn this author (a Republican businessman) for his "liberal agenda." Those who retain some sense of intellectual curiosity will find much to reflect upon here. Those who are comitted apologists for the status quo need not bother with this book.

3 of 4 people found the following review helpful:

5.0 out of 5 stars Opens your window to the reality of living organization, August 7, 1998

By A Customer

This review is from: The Emperor's Nightingale: Restoring The Integrity Of The Corporation In The Age Of Shareholder Activism (Hardcover)

Monks uses the science of complexity to examine the nature of organizational change. He posits that enterprises are undergoing a phase transition into a living, complex adaptive system for creating wealth for owners and society. He sees this corporate restoration process as a natural way to order the elements of corporate governance, increasing accountability to long-term owners. End notes, a glossary and an annotated presentation of articles and books on complexity science add to the value of this work. The book opens a window for the reader to discover many unique insights and perspectives about the living nature of organization. Its focus on owners (shareholders) is refreshing and important.