If mass ownership led merely to a further
dilution of shareholdings, its consequences for
managerial governance in the publicly held
company would be negligible. However, mass
ownership and pension reform have given
birth to a new class of institutional shareholders
that is sufficiently well organised and
intrinsically motivated to take its concerns to
management (Gilbert, 1956; Pound, 1988, 1989;
Monks and Minow, 1995; Monks, 1998).