Re:Accountable Capitalism: Remaking Corporate Law Through St...
by wasimanitoba on Saturday June 17, 2023 @10:19PM
(#36376724)
See also "co-determination", i.e., where unions have representation on corporate boards.
Re:Accountable Capitalism: Remaking Corporate Law Through St...
by andsoitis on Saturday June 17, 2023 @10:58PM
(#36376916)
> current corporate governance model, which prioritizes shareholder profits, to a stakeholder governance model that considers the interests of all parties involved, including workers and communities
But the current model DOES consider the interests of all parties involved. Shareholders own companies (even workers or members from the community can!), and if we're going to respect private property...
Communities' interests are served by curtailing companies via regulations to behave in ways that the community finds acceptable.
Worker's interests are served because they can choose why they work for. And companies have to pay minimum wage, etc.
The article advocates for a shift from the current corporate governance model, which prioritizes shareholder profits, to a stakeholder governance model that considers the interests of all parties involved, including workers and communities. This change aims to address economic inequality and ensure that corporations fulfill societal responsibilities.
The authors propose reforms such as making boards accountable to all stakeholders, requiring corporate purpose statements to benefit society, having diverse stakeholder representation on boards, and federalizing corporate governance.
This shift is seen as essential for creating a more sustainable and inclusive economy.