An Alternative Paradigm to "On the Purpose of the Corporation"

A recent memorandum in the Harvard Law School Forum on Corporate Governance proposed a new definition of "corporate purpose" for public business/for-profit corporations. Partners Peter Atkins, Kenton King and Edward Micheletti comment on various aspects of the memo, including inconsistency with the duties of directors of Delaware business corporations and failure to acknowledge the broad opportunity that the Delaware shareholder primacy governance model provides directors to consider ESG/stakeholder interests.