Good corporate governance should be the cornerstone of all company management. This book attempts to answer the question of whose interests must be granted primacy in the management of a company with the main focus on South African company law. An international comparison of the position in Botswana, Australia, New Zealand and the United Kingdom is also provided. Shareholders' interests are traditionally granted primacy in the management of a company, but there has been a shift in public opinion towards recognition of a wider variety of interests that should be considered. The different theories on the nature of a company are discussed. A new theory is proposed on how directors should balance the different interests of the various stakeholders, but still act in the best interest of the company, as a separate legal entity. The outcome of this extensive research provides a clear indication to directors of who the beneficiaries of their fiduciary duties are. This book will interest legal practitioners, directors and company secretaries, university libraries, academics, and postgraduate students.