Can you summarize Freeman’s 1984 Stakeholder Theory of the Modern Corporation idea and eleborate his viewpoint by citing his example of principle of director responsibility in the article

Freeman's (1984) Stakeholder Theory of the Modern Corporation suggests that corporations should consider the interests of all stakeholders, including customers, employees, suppliers, shareholders, and the community, rather than just focusing on maximizing profits for shareholders. He argues that by prioritizing the needs of all stakeholders, corporations can achieve long-term success and sustainability.

Freeman cites the example of the principle of director responsibility to illustrate his viewpoint. The principle of director responsibility requires company directors to act in the best interests of the company as a whole, rather than just for the benefit of shareholders. This principle recognizes that corporations have a responsibility to all stakeholders, not just shareholders, and that directors must consider the impact of their decisions on all stakeholders. By doing so, corporations can build trust and establish long-term relationships with all stakeholders, leading to greater success and sustainability in the long run.