• A New Urban Front for Shareholder Primacy

    Author(s):
    Anne Choike
    Date:
    2019
    Group(s):
    MSU Law Faculty Repository
    Item Type:
    Article
    Permanent URL:
    https://doi.org/10.17613/hfgz-e830
    Abstract:
    The hundredth anniversary of Dodge v. Ford marks an occasion to reflect upon what, if anything, has changed about shareholder primacy in a century. Seizing this opportunity, in this Article I analyze new local laws and ordinances that promote stakeholder governance and engagement, which seek to protect the interests of non-shareholder constituencies such as workers, the environment, and the communities in which corporations operate, among others. In doing so, I argue that such local laws meaningfully differ from traditional stakeholder protections, most significantly in the way that they weaken managerial accountability to shareholders. The emergence of these city laws challenges - and thus creates a new urban front for - shareholder primacy, with both practical implicationsfor the community benefits movement as well as theoretical implicationsfor our understanding ofcorporate law.
    Metadata:
    Published as:
    Journal article    
    Status:
    Published
    Last Updated:
    4 weeks ago
    License:
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