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Company directors can't serve two masters: what went wrong at Australia Post

By Jason Harris, Professor of Corporate Law, University of Sydney
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Shareholder primacy is often said to be the guiding principle of corporations.

The idea is that they exist to benefit their shareholders by providing dividends and capital gains, the more the better.

Fifty years ago, Nobel Prize winning economist Milton Friedman went as far as to argue that was the only responsibility of companies — to make as much for their shareholders as the law would allow.

These days, most boards…

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