The background is CEO of company A borrow money from the bank to extend the company's operations, a major shareholder of this company holds a 55% stake who pursues long-term interests and without the intention to sell their stake anytime soon. And for small shareholders, they are 30 individuals, see the profitable investment opportunity of the company and prepare to sell their shares as soon as their return is sufficiently high.

And you can discuss general conflicts between the following parties as well as the incentives and objectives for them. (Eg CEO's object is to get a high salary, shareholder's object is to get high profit)

1. CEO and shareholders

2. major shareholders and individuals with relatively low stakes shareholders

Why major shareholders are agents and relatively low stakes shareholders are principles in the second type of agency theory? Is it because the major shareholder is a non-executive director in this case?