Re:Amazon raises minimum wage to $15 for all US employees
by hannasanarion on Tuesday October 02, 2018 @01:35PM
(#18123829)
The hyperbole isn't helping the case.
It is true that companies are not required to "pursue profit at the expense of everything else".
But it is also true that companies are held to legal standards that "include acting to promote the value of the corporation for the benefit of its stockholders" (Ebay v Newmark). This was famously weaponized against Craigslist several years ago, who were successfully sued over their refusal to let shareholders change corporate culture.
according to this ny times article [2] it states:
`There is a common belief that corporate directors have a legal duty to maximize corporate profits and “shareholder value” — even if this means skirting ethical rules, damaging the environment or harming employees. But this belief is utterly false. To quote the U.S. Supreme Court opinion in the recent Hobby Lobby case: “Modern corporate law does not require for-profit corporations to pursue profit at the expense of everything else, and many do not.”`
the ny times article also cites some sources such as supreme court case; it’s well worth a read
[1] https://www.sandiegobusinesslawyerblog.com/fiduciary-duties-...
[2] https://www.nytimes.com/roomfordebate/2015/04/16/what-are-co...