On the basis of presentation of the stakeholder model, we can now develop an analysis of the relationship of the firm to key internal and external stakeholders from the perspective of cosmopolitan business ethics. In this chapter we look at the internal stakeholders, while the external stakeholders will be discussed later in the next chapter. The main internal stakeholders are shareholders, management, and employees. These stakeholders are closely related to each other and often have identical preferences, but are also sometimes in tension with each other due to conflicting interests.