This chapter argues that the legal architecture of the company obfuscates the political relationship between shareholder and employees and transforms captured value from employees into a transferable and fungible property form. It sets out this claim within a Marxian analysis of the political economy mapped onto the legal architecture of the company. Following on from this analysis, the chapter also demonstrates that recent initiatives that exhort shareholders to govern the company and to monitor company executives – through for example, the rapidly proliferating Stewardship Codes – attempt to subvert the legal and economic nature of modern shareholders as rentiers, to ill effect.
|Title of host publication||The Cambridge Handbook of Sustainability and Corporate Governance|
|Editors||Beate Sjåfjell, Christopher M. Bruner|
|Publisher||Cambridge University Press|
|Number of pages||14|
|Publication status||Published - Nov 2019|