ABSTRACT
The key question remains to be answered: in the agency model, what are the theoretical foundations for the preference given to shareholders? In other words, why are corporate executives designated as the agents of the shareholders? Or, put in another way, why should the board of directors – the central organ of the fi rm – be reserved exclusively for shareholder representatives? What economic arguments are put forward? The problematic nature of these arguments has led to the creation of a new path of research, focusing on the question of the incompleteness of contracts.
