lledrtx@lemmy.world to Work Reform@lemmy.world · 1 year agoA billionaire wrote this letter to Google a year ago. How likely is that Google's layoffs and actions since then are at least partly because of this?lemmy.worldimagemessage-square206fedilinkarrow-up1862arrow-down118
arrow-up1844arrow-down1imageA billionaire wrote this letter to Google a year ago. How likely is that Google's layoffs and actions since then are at least partly because of this?lemmy.worldlledrtx@lemmy.world to Work Reform@lemmy.world · 1 year agomessage-square206fedilink
minus-squarepeopleproblems@lemmy.worldlinkfedilinkarrow-up14arrow-down1·1 year agothe “fiduciary duty” isn’t a real thing. they can fire and change who governs the board by using their majority share holder votes (which has been selecting short term max profit guys) but it’s a myth that they have a legal responsibility to return anything to shareholders
minus-squareYearly1845@reddthat.comlinkfedilinkarrow-up4arrow-down1·edit-26 months agodeleted by creator
minus-squareHappycamperNZ@lemmy.worldlinkfedilinkarrow-up6arrow-down1·1 year agoUh… its not illegal for an investment to not make money?
minus-squarecandybrie@lemmy.worldlinkfedilinkarrow-up1·1 year agoThis goes through the legal cases in the US and UK that establish it isn’t generally a requirement to maximize shareholder value above all else: https://legislate.ai/blog/does-the-law-require-public-companies-to-maximise-shareholder-value
the “fiduciary duty” isn’t a real thing.
they can fire and change who governs the board by using their majority share holder votes (which has been selecting short term max profit guys) but it’s a myth that they have a legal responsibility to return anything to shareholders
deleted by creator
Uh… its not illegal for an investment to not make money?
This goes through the legal cases in the US and UK that establish it isn’t generally a requirement to maximize shareholder value above all else: https://legislate.ai/blog/does-the-law-require-public-companies-to-maximise-shareholder-value