I cannot provide links but will dig out the relevant textbooks when I get home.
In the UK this absolutely is the case. Only 15% of a companies shareholders are able to drag a company to court and compel them to behave in a manner which is more profitable for them.
In practice this means that you need to control 86% of the stock to be able to compel a Company Limited by Shares to behave altruistically. As a Public Limited Company must trade a minimum of 20% of its stock on a recognised exchange it is impossible to retain total control of how your company behaves once it has been floated.
I'm also fairly certain that a board of directors could be compelled to perform any profitable activity that has not been clearly established as illegal by a court of law by only 15% of shareholders.
It might go even further than that but I am unsure to what extent the Proceeds of Crime Act applies to corporate entities.
If, for example, The Times could make £10M by reneging on a contract worth £1M Rupert Murdoch would be well within his rights to insist that they do so and, if it came to it, a Court would compel them to obey.
This is why I dislike Insurance Companies and no longer work for them. They literally exist to screw their customers as much as they possibly can without driving them to their equally corrupt competition.
£ = Sterling btw, dunno what's going on there...