Quote:
Originally Posted by Chris
It is actually illegal for a publicly listed company to act in a way detrimental to its shareholders interests, so they can’t adopt a policy of selling everything at cost, or voluntarily diverting dividends to the Treasury. Nevertheless, some of the most senior executives involved have stated publicly, as clearly as they dare, given their primary responsibility to their shareholders, that a windfall tax will not damage them or fundamentally alter their future plans in the way government ministers have suggested
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And there is the essence of the problem. We have a system that has been evolved primarily for benefit of one party. This has many undesirable consequences, including the disproportionate distribution of wealth to the super wealthy at the expense of the majority. Of course, this system has evolved under the governance & direction of those who directly benefit but just because the system is here, does not mean it is right.
Companies should change their legal obligations to advantage more that just shareholders. They should also benefit employees and the communities from where they generate their revenues. Imagine if a company had a legal obligation not to act detrimentally to employees and customers, as well as shareholders.