When I was an undergraduate at Fairleigh Dickinson University, I pursued my Bachelors in Finance and and I had to take two introductory finance courses that I had the same professor for. His one rule

When I was an undergraduate at Fairleigh Dickinson University, I pursued my Bachelors in Finance and and I had to take two introductory finance courses that I had the same professor for.  His one rule for the class was no matter what the first question was on any exam he gave us, we had to put the answer "maximize shareholder wealth" because of how important it is and how important he viewed that over the priorities and interests of other stakeholders.  Was he correct to put that much emphasis on rewarding shareholders and people who own stocks of a company, or should a different approach be taken that values other stakeholders like employees, the surrounding community, etc?