this post was submitted on 22 Aug 2023

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submitted 1 year ago by [email protected] to c/programmer_humor

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[–] [email protected] 5 points 1 year ago* (last edited 1 year ago) (1 children)

can literally be sued if they don't put profits above all else. it's insane.

edit: fact check says, misleading, see source below

[–] [email protected] 4 points 1 year ago (2 children)

That's not quite true: https://www.nytimes.com/roomfordebate/2015/04/16/what-are-corporations-obligations-to-shareholders/corporations-dont-have-to-maximize-profits

[–] JaxNakamura 6 points 1 year ago

Thanks for the clarification.

The last sentence of the article however, shows why that's not much of a consolation:

In other words, it is activist hedge funds and modern executive compensation practices — not corporate law — that drive so many of today’s public companies to myopically focus on short-term earnings; cut back on investment and innovation; mistreat their employees, customers and communities; and indulge in reckless, irresponsible and environmentally destructive behaviors.

[–] [email protected] 3 points 1 year ago

cheerfully withdrawn, thank you for the information