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Discover Ludwig"its shareholders" is correct and commonly used in written English.
It refers to the collective group of individuals or entities that own shares or stocks in a company. Example: The company's annual report was sent to all of its shareholders for review.
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And it has showered its shareholders with money.
"It owes loyalty to its shareholders".
Despite the loss, it paid dividends to its shareholders.
Then it subtracted goodwill from its shareholders' equity.
"It's an exciting day for Palm and its shareholders.
It is a separate legal entity, distinct from its shareholders.
"It's like a bankrupt corporation paying dividends to its shareholders".
Its shareholders certainly don't.
Its shareholders are private individuals.
Its shareholders were wiped out.
Its shareholders include Today presenter John Humphrys.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com