Why car companies suck
Newswheel staff :: 21 December 2005 :: Filed under Ford, GM, Volkswagen, Europe & UK, US
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It's all down to corporate governance, allegedly
The directors of America’s big car companies take it lying down. But the leading players at VW Group are preparing for a fight to the death. So says Detroit News columnist Christine Tienery on the different ways US and Euro car companies handle investor relations. Indeed, with various shareholder factions currently battling for control of VW, Tierney reckons that it’s not just the future of VW that’s at stake, but also corporate governance in Germany as a whole. Big deal? Yup, if you care about cars, that is.
Of course, in the US, the shareholder is king. As the recent feature film and TV documentary The Corporation pointed out, it certainly seems like big companies Stateside have only one real obligation - looking after the interests of their shareholders. And that, so the theory goes, is why short-termism rules in the US and explains why GM and Ford produce so many awful cars.
Back in Europe - and particularly in Germany - the criticism comes from the other end of the scale. Corporates are bloated, inefficient money pits run in the interests of management and trade unions in which the shareholder doesn’t get a look-in. That in turn explains the grandiose product strategies and gravy-soaked employment practices of the likes of VW.
None of which, needless to say, seems to have anything to do with building good cars. Anywho, if you want to get a handle on where VW in particular and the car industry in general is heading, Ms Tienery’s latest muse is well worth a read.
Linkage:
Detroit News
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