Extract: Albrecht (2017); The Agency Dilemma Facing Today's Board of Directors The agency dilemma has been around as long as intelligent human beings have. A formal proposal of the agency dilemma came from Berle and Means, originally in 1932, around the discussion of corporate governance. The issue at the time was one in which managers were acting in their own self-interests, instead of on behalf of shareholders. Discuss. (