Placed squarely between the imperatives of maximising shareholder value and protecting stakeholder interest, Indian directors can no longer claim the benefit of a one-dimensional approach to governance. The transfer of revenue-generating businesses to subsidiaries, dissemination of unpublished price sensitive information to nominating shareholders, and undervalued fund raises are just a few of the key dilemmas faced by directors of listed companies which underscore this position. 

Elsewhere, enhanced scrutiny from shareholder activism has already reframed approaches to corporate stewardship. Directors have come under fire for failing to meet environmental targets (eg: the board of Shell being sued for failing to prepare for the net zero transition). Large shareholder/promoter-centric approaches have been criticized for enabling corporate functioning at the expense of public shareholders, compromising long-term value and holistic wellbeing.