The irony is inescapable. The golden era of the shareholder value movement – the idea that businesses should be run in the interests of equity holders – has delivered one of the worst stock market performances ever. Major markets are now below where they were 10 years ago. But, while the theory of shareholder value is down, it is not out. There is no intellectually coherent alternative.

In fact, in this post debt-bubble world, it needs to be encouraged and reinforced. In Europe alone, equity issues are expected to reach €300bn this year. Investors who help ensure a company’s survival by rebuilding its debt-strained balance sheet will naturally do so prompted by the profit motive. Yet they will also better the lot of all stakeholders. To help them do that, two main areas need reform.