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I wish they’d start switching back to “Don’t Be Evil”. But hey, shareholder value, right? Waaay more important.
by srswtf123 5y ago
I wish they’d start switching back to “Don’t Be Evil”.
But hey, shareholder value, right? Waaay more important.
- dheera 5y agoFiduciary duty > civil duty Welcome to capitalism.
- kwhitefoot 5y ago> Fiduciary duty > civil duty No it isn't.
- erhk 5y agoExplain your reasoning
- kwhitefoot 5y agoIt appears to be commonly believed that a company has a greater duty to maximise the income of its investors than to be a good 'citizen'. As far as I can tell most people do not believe this and it is not required by law.
- srswtf123 5y agoIANAL, but I don't believe that the fiduciary duty a corporation has to its shareholders allows it to ignore its civic duty to follow the law. Then again, rarely is lawbreaking by corporations adequately prosecuted. Even more rare are actual guilty verdicts resulting in actual punishment. Of course, "Don't be evil" isn't a law, and I'm not claiming Google is breaking any. So while I think I may be technically correct, reality certainly does seem to favor your statement. This seems like a fairly sad state of affairs. Is it like this everywhere capitalism is practiced? I'd think a visiting extraterrestrial scholar might be able to weigh in.
- dheera 5y ago> I don't believe that the fiduciary duty a corporation has to its shareholders allows it to ignore its civic duty to follow the law. I agree with this. But laws and ethics are two different things. Corporations often do things that are in line with the law but unethical. By "civil duty" I meant ethics.
- neolog 5y agoThe "duty" to maximize profit is a myth. Many legal scholars have written about this. Here's one https://corpgov.law.harvard.edu/2019/08/24/stakeholder-governance-and-the-fiduciary-duties-of-directors/ https://corpgov.law.harvard.edu/2019/08/24/stakeholder-gover...