alt Hacker NewsJobs had something to prove though. He was kicked out, brought back, he definitely wanted to ensure his legacy. But while I don't agree with it, I think it's harder to be an ethical company that makes it to a billion than a non ethical one. When shareholders are involved you don't have a choice really.. You're obliged to maximize their earnings.
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> You're obliged to maximize their earnings.
Sometimes I think it’s time to give shareholder supremacy a rest. If they don’t like what they own, they can sell it. But this is probably also why I’m not on a board of directors.
> You're obliged to maximize their earnings.
This is not true. Fiduciary responsibility does not mean "maximize earnings". This one fiction has done more damage in the name of unfettered capitalism than anything else.
> You're obliged to maximize their earnings.
You're not though, legally anyway. Courts will generally not second-guess a board's business decisions so long as the board acted in "good faith" even if that decision results in loss for shareholders, or does something that does not maximize their returns.
Board just has to link the decision and the long term health of the company. But it's just that, health of the company which is legally distinct from the health or short-term desires of individual shareholders and investors.