[grifpete]

The instinct of an organization to cover its ass is indeed much more general than in matters of sexist behavior. I don't however agree that this instinct constitutes a duty to its shareholders. Bear in mind that shareholders are only one of an organizations stakeholders and it has duties to all of them. Employees too are stakeholders and if we assume for the moment that there was some unfortunate behavior covering it up is not good for existing employees. The community in which the organization operates is a stakeholder and coverups can be very contrary to community interests. Etc et.

For those interested: http://en.wikipedia.org/wiki/Stakeholder_theory