Shareholders or stakeholders?

Ira Millstein, Bob Denham and Bill Crist led a lively debate last month at the Conference Board's spring global corporate governance symposium, with delegates from 14 countries. Japanese CEOs have criticized the American model of corporate governance as too oriented toward shareholders at the expense of other stakeholders, such as employees. On the other hand, some say stakeholder models of governance have been too unresponsive to changing economic requirements and not paid enough attention