In his 2009 article 'The proper role of shareholders in the decision-making processes of modern large Australian public companies', James Mayanja stated, 'Corporate law seeks to serve the interests of the company as a whole. This means either the general body of shareholders or the company as a separate legal and economic entity. Empowering some shareholders to dictate [business decisions] to directors, has the potential to undermine these objectives.'

Refer to supplied research articles and discuss whether you agree with this statement.

(Required: In your answer, you must refer to the division of decision-making power between shareholders and directors, but you don't have to explain it again. Also discuss the concept of the separate legal entity doctrine and explain the role of limited liability - in particular, who enjoys the protection of having limited liability. Further important discussion points include, the fiduciary obligations of directors (including the role of director duties) compared to the fiduciary obligations (if any) owed by shareholders. Finally, when considering the unlimited liability of other types of business structures (e.g. partnership, sole traders etc), make it clear whether you agree with the warning issued by Mayanja in relation to shareholder involvement in business decision-making and whether it poses a danger to the limited liability doctrine. Also refer to supplementary articles provided. As this is an essay-style question, do not use the IRAC method here).