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Talent, Strategy, Risk : How Investors and Boards Are Redefining TSR Class_Sains & Matematik and Science Center of Iowa―theA big shift in public ownership has created a new set of challenges for boards. Index funds managed by firms like Vanguard, BlackRock, and State Street represent an emerging class of permanent institutional investors who are focused on creating and preserving long term corporate value. These investors are stating in no uncertain terms that simply managing for short term shareholder profit is not acceptable.