4 ms·
So are the citizens. Don't get me started on "corporations are people" bullshit. I use "citizen" with a much deeper meaning.
by renegade-otter 10mo ago
So are the citizens.
Don't get me started on "corporations are people" bullshit. I use "citizen" with a much deeper meaning.
- ivan_gammel 10mo agoCitizens are subjects, they have active voice. You may mean something deeper, but others will happily support only the “active voice” part. Corporations must not have it. But in certain sense you are right. Corporate management should behave as citizens, and their citizen duties must be superior to their duties to shareholders.
- cmurf 10mo agoCorporate charters require companies follow the law and make profit. Beyond following the law, what are citizen duties? Public benefit corporations seem to go nowhere far enough. And I wonder if the language is intentionally vague at the outset. For example: https://www.sos.state.co.us/pubs/business/FAQs/pbc.html https://www.sos.state.co.us/pubs/business/FAQs/pbc.html
- ivan_gammel 10mo ago> Beyond following the law, what are citizen duties? Simple example: let’s say there’s an environmental law preventing corporation to make more profits. The good citizen should not try lobbying to repeal this law, even if this would be perfectly legal and lead to better outcome for shareholders. If CEO acts as good citizen and refuses to follow advice of the board and take this route, this should be legally defensible position.
- cmurf 10mo agoOK but that would conflict with the charters of most companies. The charter instructs directors/officers to make profit for shareholders. It would be a significant undertaking to compel every company to somehow become a public benefit corporation.
- ivan_gammel 10mo agoYes. And I agree with OC here that this should have been different.