Will Hutton is a fine political economist; but he is really not much use when it comes to business per se. He does not seem to understand key aspects of either company law or the finer aspects of motivation. In his lecture at the recent Theos conference (News from Britain and Ireland, 29 November), he said what was needed was “a new Companies Act that would require firms not to make shareholder dividends their highest priority”. This is a shibboleth.In the 2006 Companies Act under “Duty to promote the success of the company” (10:2:172), shareholders are not even mentioned! Primacy is given to members as a whole, followed by mention of employees, suppliers, customers and others (which could include shareholders), then community and the environment. Why propagate a l