ABSTRACT
This conclusion presents some closing thoughts on the concepts covered in the preceding chapters of this book. The book demonstrates how shareholders are traditionally relegated to the side-lines in corporate governance as a consequence of contractarian and director primacy theories. It argues that the value of accountability is greater than a simple cost-benefit analysis and that the principles of accountability and authority could work together and should be read together. The book examines the evolving role of shareholder activism in corporate governance from two perspectives: shareholder activism as an accountability mechanism to promote shareholders’ own private interests; and shareholder activism as an accountability mechanism to facilitate long-term investments and ensure the sustainability of companies and the economy in general. It discusses how the courts have also played a role in attributing a spectator role to shareholders. The book explores how shareholders are slowly moving to the centre of corporate governance through private ordering mechanisms.
