This article is riddled with bad logic and makes no reasonable assertions, in fact some of them fare just false.

We can have a debate about 'shareholder primacy' but this is not it.

"Consider first Friedman’s erroneous belief that shareholders “own” corporations. Although laymen sometimes have difficulty understanding the point, corporations are legal entities that own themselves, just as human entities own themselves. What shareholders own are shares, a type of contact between the shareholder and the legal entity that gives shareholders limited legal rights. In this regard, shareholders stand on equal footing with the corporation’s bondholders, suppliers, and employees, all of whom also enter contracts with the firm that give them limited legal rights."

This is essentially rubbish, debt holders, suppliers and employees all have a relationship but they are not the firm. The firm does not exist independently of shareholders.