Basically the entire time I was getting a business degree the word "employee" was never even used! Just different forms of "human resources" or "workers".
In fact, if anything, shareholders need to take a back seat on the list of priorities.
Your point regarding business = people stands though
This implication doesn't have to be true though - it's a political choice.
There are (well developed) countries in which worker representatives have a significant amount of board vote shares by law, usually applicable to companies beyond a certain size.
Just call me what I am, don't try to sugarcoat it.