Table 1. Shareholder-centric management and stakeholder management

	Shareholder-centric management	Stakeholder management
The purpose of a business	The sole purpose of business is to make profits	Purpose, values, and ethics are as important as money/profits
The scope of stakeholders	Business is primarily about serving shareholders, the legitimates “owners” of the business	Business is about value creation for stakeholders
The relationship between the Business and society	Business works best when allowed to operate in free and unregulated markets	Business is embedded in society and the physical world
Assumptions about humanity	Businesspersons are purely economic creatures	People are complex
Strategy and ethics	Business and ethics should be separated	Business and ethics must be integrated into holistic business models

Note. Adapted from “The power of and: Responsible business without trade-offs,” by Freeman et al., 2020. Copyright 2020 Columbia University Press.
Adapted with permission.