That would lower the potential returns to large outside shareholders produced by identifying an underperforming company and taking a significant stake in it.
Company constitutions typically require that existing shareholders have a pre-emption right, to buy newly issued shares before outside shareholders and thus avoid their stake and control becoming diluted.
Since decisions about how to run a cooperative are not made by outside shareholders, cooperatives often exhibit a higher degree of social responsibility than their corporate analogues.
Today, regular progress meetings attended by the project's accountant, managers and outside shareholders monitor even the smallest potential developments and how they might be funded.
That is fine in regulatory theory, but leaves no mechanism by which the board can be held to account by outside shareholders -- directly or via the group board.