The biggest argument for the answer being “Yes” would seem to be their contributions to the Kessler Syndrome but I’m really not that up to speed on how severe or critical the situation currently is.
Starlink satellites are at 550km and without boosting they fall back to earth in 2 to 5 years. New ones are being put at 480km where the orbit decays only in few months. The oldest ones are already falling back to earth and burning up in the atmosphere.
ada@lemmy.blahaj.zone 1 week ago
Publicly traded companies are legally required to maximise profit for their shareholders. There inherently immoral.
litchralee@sh.itjust.works 1 week ago
I can agree that corporations are immoral, but no one has ever offered a citation for “legally required to maximize profit”. Many corporations have failed in spectacular fashion and yet where are the lawsuits or criminal prosecutions for leaders that fail this supposed obligation?
What does exist is the fiduciary duty to be frank with shareholders, and many corporate officers have been sued for lying by omission. I believe that a corporate officer can choose to prioritize something else besides profit/value, so long as they inform the shareholders. In turn, the shareholders can fire the officer and replace them.
It’s no surprise that most officers won’t stick out their neck for non-financial causes, but let’s be honest if it’s simply self preservation rather than some oft-cited but wrong assertion of the law.
jqubed@lemmy.world 1 week ago
I don’t think there’s any legislated law that states that, but some courts treat it as a basic principle (especially in the state of Delaware). What I’ve usually seen as an early example of this is Dodge v. Ford Motor Co. from 1919. Henry Ford had amassed a surplus of more than $60 million (equally to more than $1.1 billion today) and wanted to reinvest that money in expanding the business with new factories while continuing to raise wages and cut prices on the Model T. As part of this he wanted to cease special shareholder dividends he had been playing out of the surplus. Brothers John Francis Dodge and Horace Elgin Dodge owned 10% of Ford and sued to keep the dividend payments coming.
The court ruled that Ford had to pay out a dividend of more than $19 million (more than $360 million today) to the minority shareholders. In the ruling, in a non-binding section, the judge wrote:
Ford was accused of trying to turn the business into a charity. Behind the scenes, though, one of his main motivations for not wanting to pay the dividend was suspicion that the Dodge brothers were using the dividends from his successful business to setup a rival car company to compete against him, which was exactly what they were doing.
It seems the interpretation of the ruling is controversial, even as to whether “maximize shareholder value” is actually enforceable or what the judge meant. I continue to think that the more investors a company has, the less the company will be able to focus on what’s best for the company, customers, and employees in the long run.
ada@lemmy.blahaj.zone 1 week ago
It’s a consequence of the eBay vs Newmark ruling. Arguments against it are theoretical only and haven’t been tested, and would be next to impossible to achieve with extant companies that don’t already have advertised social priorities.
Zwuzelmaus@feddit.org 1 week ago
Which law is that?
ada@lemmy.blahaj.zone 1 week ago
I answered elsewhere in the conversation chain.
ccunning@lemmy.world 1 week ago
If you believe all companies are immoral then do you also believe boycotts are pointless? If I have to pay for internet, I might as well pay for Starlink if it best fits my needs?
ada@lemmy.blahaj.zone 6 days ago
Boycotts aren’t pointless, because they force companies to change by attacking their bottom line/share value. It doesn’t make them moral, it just hits them where it hurts.
A_norny_mousse@piefed.zip 1 week ago
I don’t like the way @Zwuselmaus attacks a weak point in your comment, but a weak point it is. It’s not actually law (at least concerning USA and UK), yet in principle you are correct, at least in my opinion:
A Quick Search (tm) reveals many similar answers.
ada@lemmy.blahaj.zone 6 days ago
The quote you gave suggests that companies are legally expected to maximise profit, but with caveats/nuance. It also highlights shareholder pressure towards the same goal.
If the claim is that fear of legal action doesn’t technically count as 'legally required ", then sure, I used the wrong word. But as I said elsewhere, it doesn’t change my point.