SHIFTING FOCUS TO TOTAL STAKEHOLDER RETURN

Currently, the flavour of the global narrative beyond Covid-19 is “WITHER CAPITALISM”. The narrative is pervasive through the corridors of academics, C-suites, citizens’ forums to political chambers, albeit in different nuances of inequality, environmental degradation, sustainability of the planet and firms and profit with PURPOSE.

The concept of a limited liability firm with unique features of (a) perpetual succession, (b) common seal, and (c) separation of management with ownership has been one of the greatest inventions of early modern times. The firms have been a significant multiplier of human efforts and creators of wealth and have transformed the beastly planet Earth into a civilised world. It facilitated uplifting billions of homo sapiens from utter poverty and economic deprivation. However, it also led to the concentration of wealth in the hands of a microscopic minority. The