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13 U. P.R. Bus. L.J. 1 (2021)

handle is hein.journals/uprblj13 and id is 1 raw text is: DOES STAKEHOLDER CAPITALISM HAVE A (VIEWPOINT) DIVERSITY PROBLEM? STEFAN J. PADFIELD* Introduction I I. The Free Enterprise Project's 2021 Investor Value Voter Guide 2 A. FEP's Investor Guide: Letter from the Director 3 B. FEP's Investor Guide: Who We Are, What We Do & What's New for 4 2021 C. FEP's Investor Guide: 2021 Shareholder Proposals 5 D. FEP & Allied Proposals: Viewpoint Diversity 5 E. FEP & Allied Proposals: Stakeholder Capitalism 6 II. Related Research and Commentary 7 A. Is Stakeholder Capitalism Just More Greenwashing? 7 B. Is a Lack of Conservative Viewpoints Really a Problem? 10 C. Is Stakeholder Capitalism Really Political? n D. Stakeholder Capitalism's Costs 15 Conclusion 21 INTRODUCTION On January 8, 2021, I moderated a panel discussion at the AALS' Annual Meeting: For Whose Benefit Public Corporations? Perspectives on Shareholder and Stakeholder Primacy.2 The program description read as follows: On August 19, 2019, the Business Roundtable, a self-described association of chief executive officers of America's leading companies, issued a statement seeking to redefine the purpose of the corporation by moving away from shareholder primacy and towards a commitment to all stakeholders. Since that time, corporate governance experts have continued to vigorously debate the merits of shareholder primacy and stakeholder primacy. Focusing on tensions and synergies among the financial and other socio-economic interests of the corporation and its fiduciaries, shareholders, and other stakeholders, this panel seeks to provide relevant perspectives on the current state of this debate. My role as moderator led me to subsequently contribute some of my own thoughts to the relevant on-going discussion. Specifically, in this essay I am asking: Does stakeholder capitalism have a viewpoint diversity problem? What follows constitutes an initial inquiry into that issue. Following this Introduction, Part II provides an overview of the Free Enterprise Project's (FEP's) 2021 Investor Value Voter Guide,3 which focuses at least in part on both stakeholder * Professor of Law, University of Akron School of Law. About AALS, THE ASSOCIATION OF AMERICAN LAW SCHOOLS, https://www.aals.org/about/ (The Association of American Law Schools (AALS) is a 501(c) (3) nonprofit association of 176 member and 17 fee-paid law schools.) (last visited Oct. 29, 2021). Stefan J. Padfield, AALS Panel: Perspectives on Shareholder and Stakeholder Primacy (Friday, January 8, 2021, 1:15 - 2:30 pm), BUSINESS LAw PROF BLOG (Dec. 17, 2020), https://lawprofessors.typepad.com/business law/202o/12/aals- panel-perspectives-on-shareholder-and-stakeholder-primacy-friday-january-8-2021-n5-23o-pm.html (Last visited Oct. 30, 2021). 3 Free Enterprise Project, Investor Value Voter Guide 2021, THE NATIONAL CENTER, https://nationalcenter.org/investor-value-voter-guide-2021/ (Last visited Oct. 30, 2021).

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