If short term results were the only objective of shareholders then all shareholders would, over time, gravitate to the optimal short-term stocks. This does not happen thus is demonstrably not true.

Furthermore, if all shareholders only desire short term benefit, then speculative, growth and infrastructure stocks would not exist - and they do.

A discussion that universally categorises shareholders into one benefits camp over another is incorrect because we know from observation and research, that different shareholders want different outcomes and the same shareholder may require different benefits from different stocks. If that were not the case, then fund managers would be largely out of a job.

The only way to resolve the challenge of aligning the corporate endeavours with the desired outcomes of its owners is to establish its shareholder objectives (metrics) in quantifiable terms against the criteria of value, benefit, growth and risk. Management (and the board) are then judged on their ability to achieve those metrics - regardless of whether they are short, medium or long term.