Is it time for a class-action lawsuit by American stockholders? https://www.cnbc.com/amp/2019/08/19/the-ceos-of-nearly-two-hundred-companies-say-shareholder-value-is-no-longer-their-main-objective.html … (Or maybe technically by global investors in American equities).
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Or suppose you invest your life savings in a startup whose corporate charter says "we will do our best to maximize financial return, legally". Then they declare that instead of dividends, they will distribute all profits to employees. Your life savings go poof. Same idea.
Not MY savings! It’s only OK if they do it to other people’s savings! :P Is your argument that it’s a violation of contract/promise and therefore ipso facto bad? Or because it’s a slippery slope from “we aren’t optimizing for shareholder value” to full-on scams? Or...?
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FWIW, I would fully support shareholders taking up lawsuits. I’m also interested in exploring other models for growth. Genuinely don’t know what’s best here....
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A corporation is an explicit contract to make money. It stewards most of our society's savings on that basis! To announce it will stop is like your bank announcing it's going to withdraw cash from your account and send it to the ACLU. Only ok if it was made clear from start.
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