Meta Ruling Spurning Stakeholder Duty Embraced by ESG Boosters

A court ruling rejecting claims that Mark Zuckerberg prioritized Meta Platforms Inc. profits over the health of the economy is drawing unexpected praise from advocates for stakeholder capitalism and corporate responsibility.

Meta’s senior leaders recently defeated a first-of-its-kind shareholder lawsuit advancing the theory that they had a duty to boost the broader portfolios of the company’s diversified institutional investors.

The lawsuit said Zuckerberg and Meta’s board put its share price above the rule of law, public health, and other social values. The judge who tossed the case described the allegations somewhat dismissively, saying “the plaintiff has rediscovered the concept of ...