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"Fiduciary duty to maximize shareholder value." The most mendacious and destructive idea to have ever been been conceived. Customers, employees and governments
by russellbeattie 3y ago
"Fiduciary duty to maximize shareholder value."
The most mendacious and destructive idea to have ever been been conceived. Customers, employees and governments can screw themselves, only the wealthy matter. Propped up by the concept of a corporation as a legal entity with the same rights as a person, who happens to be a sociopath.
- skissane 3y agoIf the board is solely elected by shareholders, whose interests do you expect them to prioritise? In some EU countries, they put union/employee reps on corporate boards. Generally done by having two boards - a supervisory board containing union/employee reps, which in turn appoints a management board without them. The CEO reports to the management board which in turn reports to the supervisory board But it doesn’t necessarily stop scandals/mismanagement/corruption - Volkswagen has a supervisory board with employer/union reps, but that didn’t stop Dieselgate. Would employee/union reps on Boeing’s board have stopped the 737 MAX debacle? Hard to know