Changing directors' fiduciary duties would not in itself be enough. Shareholders own most companies and appoint directors - and they have enforceable legal rights, including against having their financial returns compromised, quite apart from the directors' fiduciary duty to them.
My view is that corporate governance needs reform in 3 areas...:
1. Governance: widening the legal duty of directors of limited liability companies to act not just in the interests of shareholders, but also of employees, the wider community, and the natural environment.
2. Representation: for larger businesses, elected employee and community representation on the board, and tax incentives for the extension of ownership to employees and other stakeholders.
3. Reporting: social alongside financial auditing; the bigger the business, the more detailed the reporting and audit requirements, including - for the very largest - supply-chains.
Note there have been (fiercely resisted) moves in this direction, such as the EU Corporate Sustainability Reporting Directive. China has a very differently structured corporate sector from 'the west' - two-thirds of all Chinese businesses are state-owned; there's a lot of employee-ownership in the other third, and almost every business of any size has a political committee directly linked into the state - so I think the EU could introduce such reforms together with China, and I think many other countries would follow.
Given the current urge to disengage from the particularly exploitative US-Russian oligarchic form of capitalism, it's a door that might be ajar - if the EU and China can grasp that in terms of economic organisation they are natural allies, against the US model.
