Interview with Michael Diekmann, CEO, Allianz Group
Mr. Diekmann, people used to be laid off when a company was making a loss. Nowadays employees should almost be more worried when their company is making a large profit. Is the business departing from the basic principle "with ownership comes responsibility"?
Michael Diekmann: Let's get right down to the root of the question. Who are the owners of a joint-stock company? The owners are the shareholders, not the management. They provide the money and create jobs with it. Whether they think enough profit is being made depends on a comparison with other competitors and other industrial sectors.
You have to understand that shareholders act according to how attractive a share is. Allianz is also part of this competitive arena. We must more readily accept the idea that our owners including many of our employees by the way, think along the lines of capitalism. But let's not fool ourselves: Even if we were a cooperative, we'd still have to do something now.
See full Interview.
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