In practice, this means identifying and promoting actions that question shareholder supremacy and financial speculation.
"For so long they were regarded as white knights by many who wrote about them; they were held up as great forces for the integrity of the system," said Walter Olson, senior fellow at the Manhattan Institute's Center for Legal Policy who has questioned shareholder litigation practices.
No question, shareholder rabble-rousing is a good thing, and Calpers with $165 billion in assets and 1.4 million participants–is good at throwing its weight around.
"You saw there were no questions from shareholders here.
He attended the AGM, but did not take public questions from shareholders or journalists.
How executives answer questions that shareholders pitch at them can be very revealing.
With such questions unanswered, shareholders are unlikely to vote in favour of these forced acquisitions.
But Symantec management read and answered only two questions from shareholders.
Still, the muted response of Seagram's stock raised questions about shareholders' confidence in a merger.
The company is likely to face questions from shareholders over the Scottish independence referendum in September.
