■ In our view, society has started to shift away from the shareholder primacy model.

■ The COVID-19 pandemic is likely to accelerate this shift, requiring investors to understand the value companies have been creating for and extracting from all stakeholders.

■ We believe this shift suggests that margins could be lower versus expectations in coming years.

 

You can read The end of shareholder primacy and its impact on equity valuation here.

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