Good morning. Tesla shareholders reapproved Elon Musk’s $56bn pay package yesterday. This seems like the right outcome even though, as I wrote recently, the remuneration plan was horrendously designed. Disagree? Email me: robert.armstrong@ft.com.

Friday interview: Dan Davies

I am interested in any study of financial systems that does not entirely depend on the analytical toolkit of economics. Dan Davies brings the concepts of organisational theory to bear on market systems that are often treated as if they were purely transactional, and understandable only in terms of supply and demand. Davies worked as an economist at the Bank of England and as a bank analyst before moving to consulting and writing. He is the author of Lying for Money, about financial crime, and The Unaccountability Machine, which we discuss below. Our conversation covers Milton Friedman, private equity, ESG, executive compensation and much more. This interview has been edited for length and clarity. 

Unhedged: What is the core thesis of The Unaccountability Machine?