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The Modern Corporation Statement on Management

Profile image of Ruth SlaterRuth Slater

2000, SSRN Electronic Journal

Abstract

This statement has been coordinated together with other disciplinary statement by Dr. Jeroen Veldman, Modern Corporation Project, which is hosted by Cass Business School, City University, London to support the Purpose of the Corporation Project: purposeofcorporation.org. It may be endorsed at: themoderncorporation.org The Modern Corporation Statement on Management BACKGROUND The rise of modern corporations has been accompanied by an expansion of salaried executives who have replaced owner-managers. With this expansion, the new class of managers/executives came to regard themselves as stewards of large and complex corporations, and not principally or exclusively as agents for the owners. Emerging as a self-styled 'profession', there was a continuous debate around the necessity for the corporation to be responsible to the collective and to its stakeholders. During long parts of the twentieth century the professed intent was to balance and synthesize a plurality of interests in order to ensure the long term survival and success of the corporation, pursue national strategic interests, create employment, support networks of suppliers, develop new technology as well as create an adequate or satisfactory return for shareholders (Marens, 2012; O Sullivan, 2001).

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