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An Alternative to the Fiduciary Theory of the Firm
Who: Waheed Hussain
Assistant Professor
Legal Studies and Business Ethics
The Wharton School University of
Pennsylvania
What: Business Ethics Program Speaker Series
When: February 24, 2006 12 p.m. -1:00 p.m.
RSVPs required. Limited seating.
Where:
Special Events Room I, CBA
3.304
Why attend: According to the dominant view of corporations
today, managers have an obligation to maximize returns for
shareholders because they act as shareholders' agents when they
manage the firm's assets. Hussain argues that this view fails to
acknowledge an essential aspect of corporations, which is their
impersonal character. He explores the possibility of formulating a
better understanding of managerial duties based on an analogy
between capital markets and consumer markets. If consumers have a
right to expect that the products they buy are safe, then perhaps
investors have a similar right to expect that their investments are
profit-oriented. In both cases, the rights in question would place
corresponding duties on managers. The end result would be a greatly
deflated view of the duty to increase returns for shareholders.
Bio: Waheed Hussain holds a Ph.D. in philosophy from Harvard University and an AM in Philosophy from Princeton University. Since 2004, he has been Assistant Professor of Legal Studies and Business Ethics at The Wharton School of Business at the University of Pennsylvania. His research focuses on fundamental questions about rights, justice and freedom as these bear on questions about how we should organize the economy
More info: Contact Carolyn.Davis for reservations.
For information on speaking events at McCombs, contact Public Affairs Representative Gayle Hight, 512-475-6423, gayle.hight@mccombs.utexas.edu.
