Loeb: Abandoning shareholder primacy is a distraction from board duties
Dan Loeb · Legendary Investor Dan Loeb on AI, Credit, & Third Point’s $25B Strategy · Invest Like The Best · May 28, 2026 · at 27:26
Dan Loeb, founder of hedge fund Third Point, discusses corporate governance philosophy and pushes back against the Business Roundtable's shift toward multi-stakeholder capitalism.
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“Not to say that the board doesn't have other responsibilities, but I think ultimately they should feed into creating shareholder value. If you go back to both Milton Friedman and things that Warren Buffett have said, of course, boards care about the communities that they serve, the products, the employees proper conduct, et cetera. All those things are very important, and they are not inconsistent with creating shareholder value. In fact, it's part of creating shareholder value. But I think especially a few years ago, I think it was the business round table said, we're no longer going to say that The board's responsibility is primarily to drive shareholder value. It's this thing, and that thing, and the other thing. Well, I think it was a distraction from what their real duty is, and it didn't recognize how all these things, of course, go, go together.”
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