Prevailing stereotypes depict the corporate laws of developing countries as either antiquated or plagued by problems of enforcement and misfit despite formal convergence. This chapter offers a different view by showing how Global South jurisdictions have pioneered heterodox stakeholder approaches in corporate law. Examples of those approaches include the erosion of limited liability for purposes of stakeholder protection in Brazil and India, the adoption of mandatory corporate social responsibility in Indonesia and India, and a large-scale program of Black corporate ownership and empowerment in South Africa, among many others. By incorporating broader public policy and distributional objectives into corporate law, heterodox stakeholderism can be interpreted as an institutional adaptation to a context of high inequality and externalities that remain unaddressed through other areas of law. As the rise of inequality and growing distrust of the state’s ability to tackle social and environmental concerns have brought the Global North closer to the Global South’s realities, the resurgent interest in stakeholderism in the developed world constitutes a surprising form of “reverse convergence” that merits greater attention. Heterodox stakeholderism in the Global South also responds to critical, but heretofore neglected, distributional implications of corporate law rules.