Page 16 21 Health Matrix 189, * corporate operation for non-shareholding stakeholders. My focus on discourse norms provides a heretofore unexcavated foothold in the quest for a post-shareholder-primacy model of corporate governance. B. Discourse Norms and Corporate Law 1. Discourse Norms and Speech Generally By "discourse norms," I am referring to the practical and moral expectations that give semantic value to speech acts. I also mean the phrase "discourse norms" to refer to people's conscious or subconscious expectations about how they should be talking in particular circumstances. "" Discourse norms, like norms generally, are associated [996] with behavioral expectations that can be regulated both legally and extra-legally, both formally and informally. "i° Discourse norms can be identified and distinguished by examining the significance of speech acts in different contexts. Consider for example a hypothetical circumstance in which President Bill Clinton, in the private family quarters of the White House, tells his wife Hillary that there "is no sexual relationship" with a particular intern in the Office of the President. MS Suppose it was the case that Bill had in fact engaged in extensive sexual activity with the intern over a period of many months, but that there had been no such encounter for several months before he said "there is no sexual relationship" to his wife. Norms refer to shared expectations about what the use of particular words, phrases, and sentences in particular contexts mean. Under the discourse norms of family discussion, Bill's statement pretty clearly counts as a lie. It at least counts as "misleading" in a way that invites condemnation and reform, if Bill and his wife are to remain in the relationship of marriage. The discourse norms of romance, family, and [997] friendship generally occasion an expectation of co-operation with respect to the meaning of what is said. There is an assumption that the speech of the