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yesbillyitsme t1_j8gunrj wrote

Reply to comment by dantheman91 in Meta's chief business officer is leaving after 13 years amid the company ramping up its focus on 'efficiency' by luxisa

It doesn’t have a duty to shareholders… shareholders choose the company and accept risk.

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cbr777 t1_j8hcbjb wrote

The shareholders own the company and the company has whatever duty its owners decide for it and I'm fairly sure none of them think being a charity for tech workers is one of them.

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dantheman91 t1_j8gw6ns wrote

>It doesn’t have a duty to shareholders

Legally it does

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yesbillyitsme t1_j8gxd2y wrote

#FALSE: 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.”

Emphasis because people need to wake the fuck up and learn the truth instead of perpetuating corporate propaganda

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dantheman91 t1_j8irzsb wrote

That is not what I said. I said they have a duty to their shareholders, to act in their best interest, not to maximize profits. You're incorrectly putting words in my mouth.

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