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Is stakeholder capitalism inconsistent with the interests of stockholders? We think not. In many instances, the longer-term interests of a company’s stockholders will be served by decisions that advance the interests of stakeholders. Make no mistake, though, current Delaware law puts stockholders in the pole position. To fulfill their fiduciary duties, directors of Delaware corporations should ensure that in making decisions in the interests of stakeholders, their focus is on stockholders’ long-term interests.

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