This thesis aims to find the model of the corporate objective which is most likely to provide maximum
wealth for all participants in the company. The corporate objective deals with the question: in whose
interests should a company be run? This question is answered by providing a legal and theoretical
argument that it is best for all participants if directors focus on maximising the wealth of the company
as a separate legal entity. The entity focused approach requires directors to prioritise the interests of
the company as an entity ahead of the interests of any shareholder or stakeholder groups. The thesis
also argues that it is possible to practically implement such a model in Ireland. Currently Ireland
implements a shareholder value approach with the duty to act in the interests of the company being
equated with a duty to act in the interests of the shareholders. However, with a reinterpretation from
the Irish courts as to what it means to act in the best interests of the company, an entity focused
approach can be implemented. It is submitted that there is a sufficient legal basis for the Irish courts to
make this reinterpretation. It is also submitted that enforcement of the entity focused approach can be
ensured through the directors’ duty to act in good faith. Compliance with this good faith duty is a
question of honesty and it is submitted that the test being applied for honesty is an objective one. This
objective test means that it will be possible to hold directors to account when they fail to act in the
best interests of the company. This thesis argues that in comparison to other models such as
shareholder value, stakeholder theory and Enlightened Shareholder Value, the entity based approach
provides the greatest potential for a company to maximise benefits for all its constituents.