Longterm value creationampamp8212the boards new agenda. A big shift in public ownership has created a new set of challenges for boards. Much of the 14 trillion of assets that firms like Vanguard BlackRock and State Street manage is now held in index funds creating a huge class of permanent institutional investors who own almost 60 percent of the Fortune 500. These investors are stating in no uncertain terms that simply managing for shortterm shareholder profit is not acceptable. Bill McNabb R