Shell implicitly acknowledges that the fiduciary requirement of
returning value to shareholders does not absolve corporations of broader ethical responsibilities.
Not exact matches
Our focus on identifying a stock's true economic
value and our willingness
to patiently own it until that
value is realized means that the penny - perfect purchase or sale price
does not contribute meaningfully
to the total
return of the stock for our
shareholders.
It
does not stop the decline, and more importantly, it
does not seek
to return maximum
value to shareholders.
As the Company's largest
shareholder, we are fighting
to return value to all
shareholders, not just ourselves, and we feel a responsibility
to do so.
That happens because the assets are not really worth what we think they are worth, or because the
value doesn't get
returned to shareholders and management misallocates resources at low or negative rates of
return.
A dividend is one method of
returning value to shareholders, some companies pay richer dividends than others; some companies don't typically pay a dividend.
In fact, the
return of capital via a tender offer should also provide further reassurance:
Shareholders could be unfairly penalised if they accepted a tender offer based on incomplete info, and / or an NAV per share that
did not represent market
values for all assets (& liabilities)-- potentially exposing the board / company
to legal action.