The hostile bid by Mittal Steel for Arcelor clearly highlights the advent of stakeholders, which complements the traditional concept of shareholders. The term is familiar to leaders of international companies with high corporate governance standards. It includes all the protagonists who have an interest in the successful operation of a company and who, although not shareholders, can legitimately express a view or even expectations.
Who are these stakeholders? What is the ground for their legitimacy? How far are they entitled to express their views? This debate is welcome as people pretended to be surprised when I expressed "very strong concerns" about Mittal Steel's bid and my intention to monitor further developments. Like Spain and Luxembourg, France was entitled to state its position.
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