Large investors such as pension funds, foundations and major mutual fund managements, often evaluate the management of companies in which they invest.
The main idea has always been that you do not buy or retain ownership of securities in firms whose management you do not like. Other, usually large investors, actively promote their influence in making managerial changes.
The latter often have another motive. They often are more interested in takeovers and active management.
Furthermore, it takes a lot of nerve and arrogance on the part of outside investors who think they can micromanage because they have a large stake in a company. They may make better use of their time elsewhere. Certainly, they may want to look for over--zealous salaries and bonuses and for fraud, but that should be all. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)
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