If you are not performing, you are out. That's the message US institutional investors are sending the managements of companies they hold a stake in. And it could soon be echoing round British boardrooms, too.
Michael Price doesn't look particularly frightening. Stocky, fit, impatient he certainly is, but you don't get the impression when talking to him that he is the kind of fund manager who bites the heads off little babies. You have to remind yourself that this is a man of whom some of America's biggest corporate executives live in dread.