By means of devices concerned with the proxy committee, the management "can virtually dictate their own successors. Where ownership is sufficiently subdivided, the management can thus become a self-perpetuating body even though its share in the ownership is negligible. ..." This form of government exists in some of the largest existing corporations, such as the American Telephone and Telegraph Company, and the United states steel Corporation, with assets (on January 1, 1930) of four billion and two billion dollars respectively. In the latter, the directors collectively own only 1.4 per cent of the shares; yet the economic power is wholly theirs.
Source: Power, 1938.
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