From the Corporation to the System: Fixing the Rules of Markets with Rick Alexander

In this episode of the Future of Finance podcast, Georges Dyer sits down with Rick Alexander, CEO of The Shareholder Commons and a leading voice in system-level investing and system stewardship. Rick shares his journey from decades as a Delaware corporate lawyer to becoming one of the foremost advocates for rethinking the purpose of corporations and the role of investors in shaping sustainable markets.

They explore the core idea of universal ownership—the recognition that diversified institutional investors ultimately own the economy as a whole, not just individual companies. When a company boosts profits by externalizing costs onto society, the environment, or the broader market, it may harm the long-term returns of its shareholders’ entire portfolios. Rick explains why investors must move beyond traditional ESG arguments about company-level financial performance and instead use their “superpowers” as owners to steward economic systems, protect common goods, and reshape business culture.

The conversation spans externalities, climate risk, inequality, antimicrobial resistance, mining tailings, fiduciary duty, antitrust concerns, and the cultural shift needed to escape the “prisoner’s dilemma” of profit maximization at all costs. Rick also discusses emerging academic research, investor collaboration efforts, and the growing global movement toward system stewardship.

This episode is brought to you by Metis Global Partners

Keywords: System stewardship, universal ownership, externalities, fiduciary duty, sustainable investing, portfolio-level returns, corporate governance, climate risk, antitrust and investor collaboration, system-level investing