[Discuss] EOMA68 Libre Hardware Standard and Libre Software project, currently crowd-funding (deadline expires 26th aug 2016)

[Chris Church]

On Thu, Aug 25, 2016 at 10:52 AM, Matt Maier <blueback09 at gmail.com> wrote:

>
> Maybe it's just that the meme is accurate for the market I'm in and have
> to deal with most directly?
> https://www.unpri.org/page/new-report-aims-to-end-debate-
> about-esg-and-fiduciary-duty
> "Fiduciary duty has long been a contentious issue, especially in the US.
> Asset managers and advisers have often cited fiduciary duty as a reason for
> not incorporating [environmental, social, and governance] factors into the
> investment decision-making process, claiming that looking at non-financial
> indicators was not consistent with their fiduciary duty."
>
>
I think that article clearly calls out that the report mentioned finds no
direct contradiction.  The statement "I think a fundamental flaw in our
current system is that the people in charge of corporations are only
allowed to consider profit in their decisions. They literally, legally, due
to their fiduciary responsibility, cannot base their decisions on anything
other than maximizing the dollar value of the corporation." Is not
literally, legally, the only thing they are allowed to consider in the US.
Just because some people *believe* that, doesn't make it true, and case law
generally follows.

There is a difference between what people *choose* to do, and what they are
legally *required* to do.  There is no legal *requirement*, nor do
fiduciary duties *require* that one maximize profit at the expense of all
other considerations.  In fact, if the shareholders value specific
environmental concerns, then failing to address those in sake of profit
would be considered a fiduciary breach.

You may construct your bylaws to call out the things which are important to
the company and provide clear guidance.  You can also pick who your owners
are, if its your company.  The mere presence of having a company does not
automatically entangle you in a requirement to strip mine, pollute, or take
advantage of your customers in pursuit of maximizing profits. Further, if
you want to control who your owners are forever, you are not required to
ever seek public investment either, and thus not expose yourself to
"activist investors"

Chris
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