This document discusses shareholders and corporate governance. It defines corporate governance as the process by which shareholders ensure a corporation is run according to their intentions, including goal definition, supervision, control, and sanctioning. It discusses the agency relationship between shareholders and managers and conflicts of interest that can arise. It also outlines some ethical dilemmas around issues like executive remuneration, hostile takeovers, insider trading, and placing blind faith in stock markets. Alternative models of ownership are discussed, including defining shareholders as citizens of the corporation and increased shareholder activism and socially responsible investing.