True corporate democracy does not exist in America and as a result many unfit chief executives are not held accountable. Poison pills and other board tricks disenfranchise stockholders. As a result entrenched chief executives and boards of directors may be protected even if they are ineffective.
I believe that the kind of shareholder activism that Icahn Enterprises practices has been extremely successful because we seek to bring true corporate democracy to the companies we are involved with through exercising our rights as shareholders to hold chief executives accountable and change unproductive management that needs to be changed.
I certainly, shall we say, don't seek love from a lot of people. I can understand him saying that, and maybe I do have a fighting gene, but I think it's very important for our society today that you have guys like me.
Today it has become so common, really ubiquitous throughout global markets. Back at the time 1999, when there were the Carl Icahn's of the world, but Relational may have been structured as the first pure-play activism fund.