It wasn't a US Supreme Court decision, but a Michigan Supreme Court decision. In theory it should have no sway outside Michigan, but like Dante's Inferno, the decision and all the shareholder value fuckery downstream from it are part of corporate canon.
I've always wondered if the solution was an a different type of business entity where any objectives other than profits are laid out and disclosed. For example, if they stated from the very start, "our goal is do manufacture domestically and revitalize dying American towns," with an actual strategy and limits pre-defined. Knowing this, if people invested in it, then shareholder primacy would drive the company to adhere to their mission statement, not just profit.
"We invested in this company to manufacture domestically and now you've outsourced something," could then be actionable under similar mechanism to Dodge Bros. v. Ford. A way to redefine "shareholder value" for individual organizations seems more doable than a court changing the rules around existing companies.
And ask yourself, would you actually want it overturned? Have you seen any evidence that today's CEOs should have no shareholder accountability? "Oh, we put 100% of your retirement savings into DEI, reparations and shiet. No, you don't have any recourse." They don't make them like Henry Ford anymore.
It wasn't a US Supreme Court decision, but a Michigan Supreme Court decision. In theory it should have no sway outside Michigan, but like Dante's Inferno, the decision and all the shareholder value fuckery downstream from it are part of corporate canon.
I've always wondered if the solution was an a different type of business entity where any objectives other than profits are laid out and disclosed. For example, if they stated from the very start, "our goal is do manufacture domestically and revitalize dying American towns," with an actual strategy and limits pre-defined. Knowing this, if people invested in it, then shareholder primacy would drive the company to adhere to their mission statement, not just profit.
"We invested in this company to manufacture domestically and now you've outsourced something," could then be actionable under similar mechanism to Dodge Bros. v. Ford. A way to redefine "shareholder value" for individual organizations seems more doable than a court changing the rules around existing companies.
And ask yourself, would you actually want it overturned? Have you seen any evidence that today's CEOs should have no shareholder accountability? "Oh, we put 100% of your retirement savings into DEI, reparations and shiet. No, you don't have any recourse." They don't make them like Henry Ford anymore.