http://www.ft.com/cms/s/0/294ff1f2-0f27-11de-ba10-0000779fd2ac.html

The former General Electric chief told the Financial Times the emphasis that executives and investors had put on shareholder value, which began gaining popularity after a speech he made in 1981, was misplaced.

“On the face of it, shareholder value is the dumbest idea in the world,” he said. “Shareholder value is a result, not a strategy . . . Your main constituencies are your employees, your customers and your products.”

GE “will be the locomotive pulling the GNP, not the caboose following it”, he was quoted as saying.

condemn 強く非難する

misplace 置き違える

on the face of it 一見したところでは, 表面上は 《★普通は結果的にはそうでない場合に用いる》.

constituency 地盤,得意先,顧客

caboose (貨物列車最後尾の)乗務員車