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2006

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GW Law Faculty Publications & Other Works

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Shareholders As Proxies: The Contours Of Shareholder Democracy, Dalia Tsuk Mitchell Jan 2006

Shareholders As Proxies: The Contours Of Shareholder Democracy, Dalia Tsuk Mitchell

GW Law Faculty Publications & Other Works

This article explores the long-standing suspicion of the individual shareholder and the corresponding ambivalence about shareholder democracy as it is seen in conversations about the shareholder's role in the modern public corporation throughout the twentieth century.

The article examines two competing conceptions of the shareholder's role in the corporation: one focuses on the role of shareholders as investors, the other emphasizes the role of shareholders as potential participants in corporate management. I argue that scholars and reformers who have conceived of shareholders as investors limited the locus of shareholder democracy to the market. The writings of Louis Brandeis, Henry Manne, …