Harvard Business School has a great article on corporate governance and responsibilities to shareholders.
Read the article "Sharing the Responsibility of Corporate Governance"
Constance Bagley stated, "A myopic focus on shareholder value can not only result in the unfair treatment of non-shareholder constituencies but can even end up hurting the shareholders in the long run."
Think of a business with which you are familiar. Who are the non-shareholder constituencies Bagley refers to, and what are their interests?