When I wrote that sentence I thought about changing "shareholders" to "members" or "stakeholders", but then I left it as it was because it seemed to more clearly represent the contrast or absence there of to for-profit corporation.

I'm board member of smallish Czech non-profit and one of the things I've found out is that the legal requirements on the corporate governance structure are mostly equivalent to what is required for publicly tradeable corporation that is actually not publicly traded, thus for me it makes some sense to equate voting members to shareholders.