[tomhoward]

Sure, but the issue of discussion is whether company directors are required/expected to serve the interests of shareholders at the exclusion of all other considerations.

They are not. They are expected to serve the interests of the company, as distinct from the interests of shareholders, and matters like employee welfare/satisfaction and company reputation relating to externalities are very relevant to the interests of the company.

That some companies ignore these matters is separate from the principle: it’s not inconsistent with capitalism for companies to care about issues other than profits and shareholder returns. Though it’s obviously related, company welfare is distinct from shareholder benefit.