Why Managing for Shareholder Value is hard

In the Journal of Strategy and Business, John Ballow from Accenture and Roland Bergman from AssetEconomics Holdings present 3 reasons why increasing shareholder value is difficult.
1. Managing for Future growth is hard, because its exact components are hard to identify and to understand.
2. Managing Intangibles is perplexing, because current accounting systems fail to track and analyze them (although they represent over 75% of all corporate value)
3. Deciding where to invest resources is hard, given the inability of current management tools to provide a reliable link between investments and the creation of shareholder value.
I would suggest to add at least 2 more reasons:
4. Getting your whole company to manage for shareholder value is hard and complex, since it often requires a change in culture, a substantial change initiative and CEO support.
5. Balancing Stakeholders interests with shareholder value creation also adds considerably to managerial complexity.