Eric, I worked at the world's first carbon market over a decade ago (Chicago Climate Exchange) and a group of us are at the early stages of designing some new exchanges focused on fixing market failures across several sectors.
I've been following your work for a long time, and I am excited to see LTSE finally launch.
I am concerned about the ability for people to create secondary markets the undermine the intention of the LTSE. How do you resolve this?
So long as a company adheres to those principles, it doesn't matter if an individual investor can obtain their shares via ShortTermScumbags.com or the like. Having investors who are along for the long haul is a nice-to-have, not a must-have, since the goal is long-term focused companies which will naturally, via its principles, eschew reacting to short-term trends in share price.
Good governance means, in part, shifting the power structures of the corporation to make it easier to do the good and harder to do the bad kinds of activism.