The corporation is not an independent "person" with its own rights, needs, and desires that regulators must respect. It is a state created tool for advancing social and economic policy.
Joel BakanDodge v. Ford still stands for the legal principal that managers and directors have a legal duty to put the shareholders' interests above all others and no legal authority to serve any other interests - what has come to be known as "the best interests of the corporation" principal.
Joel BakanA century and a half after its birth, the modern business corporation, an artificial person made in the image of a human psychopath, now is seeking to remake real people in its image.
Joel BakanThe whole difficulty I think that that we're facing now is the question of who is going to ensure that corporations are accountable. The problem with leaving it to activists and non-governmental organizations-even with the tool of the Internet at their disposal-is that those organizations and those people don't have the legal right to compel corporations to disclose information, and that is something that governments can do.
Joel Bakan