Stephen Diamond has written a blog post on the Blue Sky Blog at Columbia Law School about his new paper, “The Myth of Corporate Governance,” in which he examines the longstanding impasse in corporate law between advocates of shareholder value and those who call for greater responsiveness to stakeholders.
“In academia and in policy circles, new attention is now being paid to whether or not pursuit of profit is the sole obligation of the corporation. Legislation that would mandate a more significant role in corporate governance for stakeholders was introduced by Sen. Elizabeth Warren and may, in light of the commitment of the Biden administration to restoring fairness in the economy, stand a chance of passage.”
