New HBR publication from the Family Business Center : “When Shareholder Engagement Hurts More Than It Helps”
“There is a difference between being passive and being silent but supportive.
A supportive family shareholder, even one who does not seek visibility, can be a real strength for the company.”
— Dr Cécile de Lisle, Executive Director, HEC Paris Family Business Center
The latest article by Léa Wang, Jung Park, Jonathan Chaignon, and Cécile de Lisle, published this week in the Harvard Business Review, explores the nuances of shareholder engagement in family and closely held firms.
As companies grow and ownership becomes more complex, leaders often assume the answer is to get everyone more involved. But too much participation can bog down decisions, fuel frustration, and weaken cohesion. The smarter move is to foster shareholder supportiveness—a culture of trust, fairness, and clear roles that values steady, behind-the-scenes backing just as much as vocal contributions, ensuring the organization stays united when it counts most.
More involvement isn’t always better. What matters is not how often shareholders speak, but whether they step in at the moments that count—and in a way that supports the chosen path. Leaders should move beyond demanding involvement for its own sake and focus on cultivating the kind of support that endures when it matters most.
Read the full article on Harvard Business Review