Stakeholders versus Shareholders: Primacy in Corporate Governance


This virtual conference examined contrasting views on where the fiduciary obligations of corporate managers rests. That is, whether primacy should be given to the shareholders or to all stakeholders.


Conference Readings

“Statement on the Purpose of a Corporation.” (July 29, 2020).

Dodge v. Ford Motor Company, 204 Mich 459 (Supreme Court of Michigan 1919).

“King Warren of the Roundtable: The Senator orders the ‘stakeholder’ CEOs to endorse her agenda.” (July 30, 2020).

Bainbridge, Stephen M. “Director Primacy: The Means and Ends of Corporate Governance.” Northwestern University Law Review 97, no. 2 (Winter 2003): 547-606.

Bainbridge, Stephen M. and M. Todd Henderson. Outsourcing the Board–How Board Service Providers Can Improve Corporate Governance. Cambridge: Cambridge University Press, 2018.

Barry, Norman. “The Stakeholder Concept of Corporate Control Is Illogical and Impractical.” The Independent Review VI, no. 4 (Spring 2002): 541-554.

Berle, Jr., A. A. “For Whom are Corporate Managers Trustees?: A Note.” Harvard Law Review 45, no. 8 (June 1932): 1365-1372.

Berle, Jr., A. A. “Corporate Powers as Powers in Trust.” Harvard Law Review 44, no. 7 (May 1931): 1049-1074.

Den Uyl, Douglas J. “A Stake in the Heart of Capitalism.” Law & Liberty. (September 9, 2019).

Dodd, Jr., E. Merrick. “For Whom are Corporate Managers Trustees?” Harvard Law Review 45, no. 7 (May 1932): 1145-1163.

Drucker, Peter F. “The New Meaning of Corporate Social Responsibility.” California Management Review 26, no. 2 (Winter 1984): 53-63.

Friedman, Milton. “The Social Responsibility of Business is to Increase its Profits.” The New York Times Magazine (September 13, 1970): 1-6.

Hansmann, Henry and Reinier Kraakman. “The End of History for Corporate Law.” Georgetown Law Journal 89, no. 2 (January 2001): 439-468.

Interoffice Memorandum. “Exclusive Benefit Rule and Related Considerations.” Liberty Fund, Inc., Indianapolis, Indiana, March 17, 1995.

Macey, Jonathan R. The Death of Corporate Reputation: How Integrity Has Been Destroyed on Wall Street. Upper Saddle River: Pearson Education, Inc., 2013.

Manne, Henry G. The Collected Works of Henry G. Manne, Volume III. Edited by Fred S. McChesney. Indianapolis: Liberty Fund, 2009.

Sternberg, Elaine. Corporate Governance: Accountability in the Marketplace, 2nd edition. London: Institute of Economic Affairs, 2004.

Stout, Lynn A. “Why We Should Stop Teaching Dodge v. Ford.” Virginia Law and Business Review 3, no. 1 (Spring 2008): 163-190.

Weaver, Paul H. The Suicidal Corporation: How Big Business Fails America. New York: Touchstone, 1988.