Cohen committee (1945) on shareholder control

Another random snippet. The whole thing is available here.

The illusory nature of the control theoretically exercised by shareholders over directors has been accentuated by the dispersion Of capital among an increasing number of small shareholders who pay little attention to their investments so long as satisfactory dividends are forthcoming, who lack sufficient time, money and experience to make full use of their rights as occasion arises and who are, in many cases, too numerous and too widely dispersed to be able to organise themselves.