Friday, March 28, 2008


So I live in Korea. The most digitally connected, mobile mobilized country in the world. Supposedly. Changed the way we shop, play, study, work, and govern. Companies usually reflect these changes in the way they work and carry out their responsibilities.

You know. Responsibility to make money for the owner. Or if you are publically listed; your shareholders. Because you are taking their money and in return they own parts of the company. You do this to make more money for your shareholders right?


All the companies I have been at, experienced, or have had close knowledge of which are publically listed here in Korea love to basically fuck their shareholders over. It's not making money for the shareholders which is their priority...but to essentially take their money by fooling them into thinking about potential profits through press coverage, vision statements, and glossy brochures. No problem there right?

Well...when your management is incompetent, asleep, or have no idea what they are doing. Yes. there is a problem.

The problem also comes when shareholders want to actually have a say in how things are being managed. You know boot the incompetent, ignorant, and snoring management out. That is looked at in horror. So then shareholder meetings become a battleground. The votes on board positions become critical. So you are in the most digitally connected, mobile mobilized, and database proficient nation in the world. SO what do you use?

A plastic box. and paper. To vote on the future.

Oh yeah...people aren't going to be wondering about manipulation. There are not going to be fights breaking out over this so easily manipulated thing. I mean jeez.....

How about using a digitally tabulated system with a certified third party accouting agency as referees which translates and tracks the number of shares to your votes and checks that against a database of shareholders registered with the government. A completely transparent yet secret ballot which is less easily manipulated and has less of the monkeying around....oh and keeps management accountable to its shareholders?

Oh wait. I forgot. These companies don't want to be accountable. Because they utterly fail anyways at it. But they want to hold on to their jobs. and the shareholder gets screwed. So we get inefficiency and incompetence remaining at the top. Mostly the Korean babyboom generation which I have other issues with..but that is for another post another day.

So the high level chaff is not cut from the wheat of potentially productive and promising companies.

No. These people look at activist shareholders in other nations in horror. or annoyances. THey don't look at these people as responsibilities, owners, or a reminder that the company owes its continued existence to them. You know kind of like customers. If a company despises its customers but just wants their money....well.....

If you want to know how a company treats its customers, watch how they treat their shareholders.

Management that is able to keep its jobs in the face of shareholder discontent through manipulation and other extraordinary measures should not be feeling victorious...but embarassed, sobered, and feeling committed to not have to resort to being slimy again.

Wait. I am talking as if these people actually are able to feel responsible for things. Nevermind.

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