Shareholder value maximization has gotten distorted in the 40 years that I have been teaching investment finance and the more 50 years that I have been following the market. First, the term was always meant to be long-term shareholder value meaning many years, not just two or three years. Second, management cannot maximize long-term value without really taking into account the interests of the employees (the most important resource), the suppliers, the customers, the communities and the greater social contract and values without which the company could not operate.