This whole myth stakeholders are the reason why board members make cold-hearted decisions lets them off the hook as if they’re somehow at the mercy of the evil shareholders. For most companies there are majority holders, and many of them sit on the board or are the CEO, and then there’s fund investments from retirement accounts, and then there’s the average share holder who is most likely just a middle class schmo who chose a few stocks and doesn’t really pay attention. They’re not doing it because of the evil shareholders. They’re doing it because they hold lots of shares, and they get big bonuses and golden parachutes by shaving percentage points off their expenses. They’re doing it because of their own greed, not because of the demands of others. They’re heartless, and they’ve managed to create this common mythology that they’re not responsible for the decisions they make.