Shareholder rights are bad for business?

Another interesting piece in the FT today. He's really turned away from shareholder primacy. What interests me most about this is his emphasis on the position of employees and acceptance that they have a legitimate claim for representation in governance.

while shareholders do indeed bear risks in their role as the insurers of solvency, they are not the only stakeholders to do so. A host of others are also exposed to risks against which they cannot be fully protected by contract: long-term workers; long-term suppliers; and, not least, the jurisdictions in which companies operate. Moreover, shareholders, unlike others, and particularly employees, can hedge their risks by diversifying their portfolios. A worker cannot normally work for many companies at the same time and nobody can hedge employee income by owning shares in other people,