The shareholder is the owner; it is right and proper that the business serve them (at least in part). Instead, I see the problem as one of liability and regulation. The directors of early joint-stock companies were liable to the limits of their PERSONAL FORTUNE. Nowadays, that liability is so diminished that "corporations" can break criminal law and the human beings who did it are not punished but instead the corporation pays some fine. Similarly, industry-specific regulatory agencies are co-opted (because who has more interest in the regulator than businesses in that industry) and used to insulate them from both competition and ordinary liability (ie common law as adjudicated in normal courts).