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Culture Clash

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must first improve the effectiveness of corporate boards of directors.
And now my dreams. My first dream is that one day some investment analyst will conclude his or her report on Dayton Hudson with something like this:
"In addition to its excellent strategic thrust and management strength, Dayton Hudson Corporation
Kenneth N. Dayton has a premier concept of governance and a premier board of directors, which together offer the best hope for ensuring the corporation's future. So, if you want to buy a share of stock for your new grandchild, this would be a company to select."
When some analyst says that about us-or about any other corporation for that matter-it will, at last, be an indication that the market is beginning to look beyond this year's (or even next quarter's) estimate of earnings. If that day ever does come, it will bring recognition that corporate governance is every bit as important as corporate management to ensuring the future of corporate America.
My second dream is that as well as of a number of Minneapolis
The Dayton Hudson Corposomeday the capital gains tax will be civic and cultural organizations. He ration is known for its profitable wrote this article before his retirement revised along tbese lines: if you hold a growth as a diversified retailing comstock less than a year, the gain (if any) from the Dayton Hudson board. pany, for its merchandising strategy, will be taxed at ordinary income tax for its objective to be premier in rates; if you hold it for one year, the every facet of its business, and for its rate will go to 90% of ordinary income detailed attention to issues of managerates, if for two years to 80%, if for
Corporate governance and ment and governance. Its former chaircorporate management are two sides of three years to 70%, until, after ten man describes here the role of a strong

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