Rubio introduces bill that would let shareholders to sue corps if they put wokeness over profits
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  Rubio introduces bill that would let shareholders to sue corps if they put wokeness over profits
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Author Topic: Rubio introduces bill that would let shareholders to sue corps if they put wokeness over profits  (Read 745 times)
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Computer89
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« on: September 25, 2021, 12:19:24 PM »

https://www.rubio.senate.gov/public/index.cfm/2021/9/new-rubio-bill-helps-shareholders-fight-back-against-woke-corporations


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U.S. Senator Marco Rubio (R-FL) introduced the Mind Your Own Business Act, which would enable shareholders to hold woke corporations accountable. Specifically, the legislation would require corporate directors to prove their “woke” corporate actions were in their shareholders’ best interest in order to avoid liability for breach of fiduciary duty in shareholder litigation over corporate actions relating to certain social policies.
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Comrade Funk
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« Reply #1 on: September 25, 2021, 12:21:04 PM »

I've introduced a bill banning blue avs from posting threads about "wokeness". Has around the chances of this passing. Good luck Marco.
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Person Man
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« Reply #2 on: September 25, 2021, 12:23:24 PM »
« Edited: September 25, 2021, 12:28:58 PM by Universe Man »

If what Democrats is pushing through is Socialism then this is literally Fascism. I mean, it’s not not Fascism and I am not be judgmental. Forcing corporations to implement state policies meant to protect “the natural order” (here against “wokeness”) from the top bottom is fascism. Again, this is not a Godwin thing but an objective observation. Maybe if people work hard, they can sell “a little fascism is needed for a healthy society” the way they do with “socialism” and not needing to do a credit check when you call 911.
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beaver2.0
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« Reply #3 on: September 25, 2021, 12:53:00 PM »

Is there any evidence corporations have been implementing any woke policies that have actually hurt their income? 

Furthermore, if this law was passed and it was somehow proved that companies that, say, changed their logo to have a rainbow flag made more money during that period, could a shareholder sue the company to rebrand?
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AGA
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« Reply #4 on: September 25, 2021, 12:57:17 PM »

I mean, shareholders already have the power to stop corporations from doing that.
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« Reply #5 on: September 25, 2021, 12:58:02 PM »

If what Democrats is pushing through is Socialism then this is literally Fascism. I mean, it’s not not Fascism and I am not be judgmental. Forcing corporations to implement state policies meant to protect “the natural order” (here against “wokeness”) from the top bottom is fascism. Again, this is not a Godwin thing but an objective observation. Maybe if people work hard, they can sell “a little fascism is needed for a healthy society” the way they do with “socialism” and not needing to do a credit check when you call 911.


Well the argument he is making is that if companies are costing their shareholders money with these types of actions , then the shareholders should be able to sue for violation of fiduciary duty .


The question really comes down to what do you think the main purpose of a corporation is :

- Is it mainly to make their shareholders more money or not 
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beaver2.0
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« Reply #6 on: September 25, 2021, 01:01:00 PM »

My biggest question at this point is this: are corporations actually losing out at this point by "wokeness"?

I have a hard time believing that these corporations are doing anything that will hurt them, or if it is hurting them, they expect it to only be a short-term thing that will pay off later.
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DrScholl
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« Reply #7 on: September 25, 2021, 01:14:55 PM »

Most of the people worried about wokeness can't even afford stock.
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H.E. VOLODYMYR ZELENKSYY
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« Reply #8 on: September 25, 2021, 01:23:24 PM »

Love the free market! Love how much the Republican Party supports it!
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It’s so Joever
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« Reply #9 on: September 25, 2021, 01:27:34 PM »

More proof Rubio and OSR are communist and want to end free enterprise.
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« Reply #10 on: September 25, 2021, 01:28:39 PM »

The entire reason Marco Rubio is a thing is because of woeness.  How else would such an empty suit moron rise the ranks of the GOP like that?
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Southern Senator North Carolina Yankee
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« Reply #11 on: September 25, 2021, 01:35:31 PM »

The question really comes down to what do you think the main purpose of a corporation is :

- Is it mainly to make their shareholders more money or not  


Profit urber alles though can lead to a neoliberal trap though. By that logic, companies have a duty to move all production to China and ignore any considerations that would induce them to stay.

1. Attachment to local community
2. Developed Labor Force
3. Some sense of Patriotism
4. Distaste for said foreign regime


This is not about ending wokeness, this is about legislating out of existence "stakeholder capitalism" under the guise of destroying wokeness and thus inducing the continuance of outsourcing and other trends in the name of following the profit motive to the extreme ends.  

Rubio is just serving the desires of his donors here and trying to cloak it in terms that will appeal to the base.
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« Reply #12 on: September 25, 2021, 01:38:59 PM »

The question really comes down to what do you think the main purpose of a corporation is :

- Is it mainly to make their shareholders more money or not  


Profit urber alles though can lead to a neoliberal trap though. By that logic, companies have a duty to move all production to China and ignore any considerations that would induce them to stay.

1. Attachment to local community
2. Developed Labor Force
3. Some sense of Patriotism
4. Distaste for said foreign regime


This is not about ending wokeness, this is about legislating out of existence "stakeholder capitalism" under the guise of destroying wokeness and thus inducing the continuance of outsourcing and other trends in the name of following the profit motive to the extreme ends.  

Rubio is just serving the desires of his donors here and trying to cloak it in terms that will appeal to the base.


Yah a better way to really go after wokeness in corporations is make political orientation a protected class under the civil rights act , and strengthen anti trust laws
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Absentee Voting Ghost of Ruin
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« Reply #13 on: September 25, 2021, 01:42:40 PM »

Is there any evidence corporations have been implementing any woke policies that have actually hurt their income? 

Furthermore, if this law was passed and it was somehow proved that companies that, say, changed their logo to have a rainbow flag made more money during that period, could a shareholder sue the company to rebrand?

Yes, they're hypocrites. They don't care. Republicans don't see anything wrong with hypocrisy, as long as the result benefits Republicans.
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Torie
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« Reply #14 on: September 25, 2021, 01:50:11 PM »

How on earth would one prove up this case? Your honor, we did some voluntary wokeness  at the cost of some short term profit now, in order to avoid a much bigger long term profit loss that would ensue when a more Draconian form of wokeness actually became law, because the mob would get angry and ravenous if we did not throw them a bone now. I refer you to War and Peace, where raw meat was tossed from the sleigh to divert the wolves so they did not devour the human sleigh passengers instead. The less time Bernie Sanders has us on his mind the better.
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« Reply #15 on: September 25, 2021, 02:42:33 PM »

If what Democrats is pushing through is Socialism then this is literally Fascism. I mean, it’s not not Fascism and I am not be judgmental. Forcing corporations to implement state policies meant to protect “the natural order” (here against “wokeness”) from the top bottom is fascism. Again, this is not a Godwin thing but an objective observation. Maybe if people work hard, they can sell “a little fascism is needed for a healthy society” the way they do with “socialism” and not needing to do a credit check when you call 911.


Well the argument he is making is that if companies are costing their shareholders money with these types of actions , then the shareholders should be able to sue for violation of fiduciary duty .


The question really comes down to what do you think the main purpose of a corporation is :

- Is it mainly to make their shareholders more money or not 


The original  point of being a business is to be a business.
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Computer89
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« Reply #16 on: September 25, 2021, 02:54:08 PM »

If what Democrats is pushing through is Socialism then this is literally Fascism. I mean, it’s not not Fascism and I am not be judgmental. Forcing corporations to implement state policies meant to protect “the natural order” (here against “wokeness”) from the top bottom is fascism. Again, this is not a Godwin thing but an objective observation. Maybe if people work hard, they can sell “a little fascism is needed for a healthy society” the way they do with “socialism” and not needing to do a credit check when you call 911.


Well the argument he is making is that if companies are costing their shareholders money with these types of actions , then the shareholders should be able to sue for violation of fiduciary duty .


The question really comes down to what do you think the main purpose of a corporation is :

- Is it mainly to make their shareholders more money or not 


The original  point of being a business is to be a business.


And who owns the business in this case
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John Dule
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« Reply #17 on: September 25, 2021, 03:03:40 PM »

Love the free market! Love how much the Republican Party supports it!

Allowing someone to sue someone else is neither "pro-market" nor "anti-market."
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Southern Senator North Carolina Yankee
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« Reply #18 on: September 25, 2021, 03:04:01 PM »

The purpose of a business is for a group of people to pool their resources as a combined entity to service a need in the community and to yes to gain an ROI in the process, but also do so within the confines of the law, societal expectations, and the national interest.

On the last note, you can make a lot of money selling nukes to ISIS, but we aren't going to let you do that. Likewise it is reasonable to bend the profit motive to national and community interests, especially in terms of discouraging outsourcing and the negative effects it has on communities and societies as a whole.
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« Reply #19 on: September 25, 2021, 03:05:27 PM »
« Edited: September 25, 2021, 03:10:35 PM by Universe Man »

If what Democrats is pushing through is Socialism then this is literally Fascism. I mean, it’s not not Fascism and I am not be judgmental. Forcing corporations to implement state policies meant to protect “the natural order” (here against “wokeness”) from the top bottom is fascism. Again, this is not a Godwin thing but an objective observation. Maybe if people work hard, they can sell “a little fascism is needed for a healthy society” the way they do with “socialism” and not needing to do a credit check when you call 911.


Well the argument he is making is that if companies are costing their shareholders money with these types of actions , then the shareholders should be able to sue for violation of fiduciary duty .


The question really comes down to what do you think the main purpose of a corporation is :

- Is it mainly to make their shareholders more money or not  


The original  point of being a business is to be a business.


And who owns the business in this case

The shareholders who elected the directors. Some of them are part of the public, some of them not. None of them Marco Rubio. If share holders don’t like how a business is run, they can fire of the board or sell their stock. If market conditions have been made difficult, that’s the role of trust busting.
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darklordoftech
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« Reply #20 on: September 25, 2021, 03:06:08 PM »

This makes as much as sense as sueing yourself.
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afleitch
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« Reply #21 on: September 25, 2021, 03:10:43 PM »

Let me guess, this won't apply to companies that do the opposite, like Chick-Fil-A or Hobby Lobby.
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Person Man
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« Reply #22 on: September 25, 2021, 03:13:45 PM »
« Edited: September 25, 2021, 03:17:14 PM by Universe Man »

Let me guess, this won't apply to companies that do the opposite, like Chick-Fil-A or Hobby Lobby.

Because those private organizations function as organs in furtherance  of the state’s duty to preserve the way God/Mother Nature through Evolution/Magic intended life by humans to be lived.
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Computer89
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« Reply #23 on: September 25, 2021, 03:31:02 PM »

If what Democrats is pushing through is Socialism then this is literally Fascism. I mean, it’s not not Fascism and I am not be judgmental. Forcing corporations to implement state policies meant to protect “the natural order” (here against “wokeness”) from the top bottom is fascism. Again, this is not a Godwin thing but an objective observation. Maybe if people work hard, they can sell “a little fascism is needed for a healthy society” the way they do with “socialism” and not needing to do a credit check when you call 911.


Well the argument he is making is that if companies are costing their shareholders money with these types of actions , then the shareholders should be able to sue for violation of fiduciary duty .


The question really comes down to what do you think the main purpose of a corporation is :

- Is it mainly to make their shareholders more money or not  


The original  point of being a business is to be a business.


And who owns the business in this case

The shareholders who elected the directors. Some of them are part of the public, some of them not. None of them Marco Rubio. If share holders don’t like how a business is run, they can fire of the board or sell their stock. If market conditions have been made difficult, that’s the role of trust busting.


He’s letting shareholders make the decision if they want to sue or not . It’s not Marco Rubio deciding who gets sued or not
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OSR stands with Israel
Computer89
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« Reply #24 on: September 25, 2021, 03:32:08 PM »

Let me guess, this won't apply to companies that do the opposite, like Chick-Fil-A or Hobby Lobby.

Depends on who their shareholders are
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