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In a for-profit context, the best interests of the corporation are typically viewed as synonymous with the best interests of the shareholders. For many who follow Milton Friedman's philosophy of shareholder primacy, board members must act, first and foremost, to maximize shareholder value within the bounds of applicable law. Others have argued that board members can and should also take into account other stakeholders in defining the best interests of the corporation, and this tension in governance philosophies has led to the development of benefit corporations and other so-called hybrid entities with a blended value proposition of profit-making and social good. Read more.
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