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“American corporate law provides that boards of directors are chosen solely by shareholders, to whom the directors owe an exclusive fiduciary duty to maximize shareholder value. That simple proposition has generated benefits not only for shareholders but also for workers, suppliers, customers, bondholders and communities.
This historical success is not good enough for Massachusetts Sen. Elizabeth Warren. She believes that corporate boards should owe fiduciary duties to all these other “stakeholder” groups. She proposes to fix that supposed defect in the current legal setup through her Accountable Capitalism Act, which would mandate that every new and existing corporation with $1 billion or more of annual revenue obtain a federal charter.
That charter would come at a steep price. The corporation would be required to hold elections in which employees would fill 40% of board seats—enough to give them a blocking position on any major transaction. Similar protections could easily extend to other stakeholders.”
JJ Editor's Picks
"During the debate on Prime Minister Boris Johnson’s new Brexit deal in the United Kingdom’s Parliament on Saturday—which ended, as these things often have, with a vote calling for another delay—Johnson exposed the most basic blindness of Brexit..."
"Mick Mulvaney, the acting White House chief of staff, wants to change his story about Ukraine. On Thursday, at a press briefing, Mulvaney confirmed that when President Donald Trump suspended military aid to Ukraine in July, one reason was that..."
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"Even many Democrats are criticizing Senator Elizabeth Warren for refusing to admit, in plain words, that her Medicare for All plan will require taxes to increase. They’re right to complain. The point could hardly be simpler: All presidential..."
"How do you update Watchmen for 2019? That might sound like a question with an obvious answer: You just do Watchmen. After all, the graphic novel, which has been consistently in print since its 12-volume run ended in 1987, is pretty terrific..."
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"Mark Zuckerberg has rarely been so compelling. Facing increased scrutiny — especially after leaked audio of an internal meeting in which Zuckerberg called Sen. Elizabeth Warren (D-Mass.) an existential threat — the Facebook CEO outlined his..."