The board represents the shareholders, the management represents the company. The board absolutely has to care about shareholders or shares would be entirely w

The board represents the shareholders, the management represents the company. The board absolutely has to care about shareholders or shares would be entirely worthless... and therefore not a good avenue to finance the company at a lower cost than bonds. It's a delicate balance but you cant blame a board for saving their shareholders, that's why we pay them as owners of the business.