... take priority of the interests of all other stakeholders. There are many people that would argue against the idea of shareholder wealth being the number one priority, suggesting that other stakeholder's interests are more important. One of the first people to popularize this idea was R. Edward Freeman, who said that business must work in the best interest of all those affected by the business, including customers, suppliers, employees, and of course, stockholders. He also stated that 'each person deserves respect because of their dignity as individuals and should be treated as ends not as means'. Known as the 'Stakeholder Theory', Freeman established the following principles as the foundation of his theory; (i.) 'Principle Corporate Right (PCR): The corporation and its managers may not violate the legitimate rights of others to determine their own future.' (ii.) 'Principle of Corporate Effects (PCE): The corporation and its managers are responsible for the effects of ...

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