In the shareholder value model, companies often take on much more risk than they otherwise would.

"It can only be related to the shareholder value they helped create."

The company has a long-term plan for building shareholder value, he said.

So much for using options to build future shareholder value.

"We need to spend much more time on shareholder value," he said.

All of which makes it very hard to understand the shareholder value that now remains.

But over the last two to three years, they have directly focused on building shareholder value.

"You've got two management teams who have shown the ability to create shareholder value."

And it's hard to believe that this is really the way you build shareholder value.

The poor numbers, they reason, could put more pressure on management to increase shareholder value by selling the company.

"The whole idea was to avoid the destruction of shareholder value."

"And the winner is the team that comes up with the best shareholder value for our company."

I remember when shareholder value was not important at all, and now it's the main driver.

But, he said, his goal had been to enhance shareholder value.

"You make this money available to enhance shareholder value in other ways."

He said the company would stay independent not as a goal in itself but only if it was the best way to increase shareholder value.

"They can take a strategic view, rather than thinking about shareholder value," he said.

"Where the returns are better than the costs of capital, they build shareholder value."

"We have conducted our affairs with the firm idea of building shareholder value."

"Everybody is now working toward the same goal - improving shareholder value."

So the net impact on shareholder value by this stage was actually positive.

The slide has destroyed more than $38 billion in shareholder value.

However I fail to understand how shareholder value is a dirty word to you?

Increasing shareholder value is the hallmark of a public company.

"We will see whether they can deliver our primary goal, which is to create shareholder value," he said.