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By Katharina Pistor
The Business Roundtable, an association of CEOs in the US, announced this month that the era of primacy is over for shareholders' interests. Remarkably, this is less because of the content but because it reveals the mindset of corporate leaders. Apparently, the American CEOs believe that they can freely decide who they serve. But they are agents - not clients. Ergo, this decision is not theirs.
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- Katharina Pistor Edwin B. Parker Professor of Comparative Law