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

lkcl . luke.leighton at gmail.com
Thu Aug 25 16:11:03 UTC 2016


On Thu, Aug 25, 2016 at 4:52 PM, 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."

 that's basically a summary of *exactly* what professor yunus
describes as being *the* fundamental problem with corporations.  he
set up the concept of "Social Business" to deal *exactly* with this,
and it's been codified as "Benefit Corporation" in the USA and as
"Community Interest Company" in the UK.  don't know the exact
timeframes, maybe one happened before the other, don't know...

 but basically, yeah - a standard Corporation's Articles of
Incorporation can never, *ever* be the correct vehicle for consistent
non-fiduciary delivery.  Professor Yunus even goes over it with an
example, where people suggested combining the "Social Business"
concept with a "PMB" (profit-maximising business).  he said, "what
should the directors prioritise?  it's a totally confusing
mixed-message, and because all the Accounting Structures and Laws are
there to support PMBs, if you combine SB with PMB, guess what happens?
 the Directors will simplify their lives and minimise their risk of
not following the Articles of Incorporation... and will follow PMB
directives".

 someone who as a degree in economics and used to teach it, but has
seen the devastating cumulative effects of globalised
profit-maximisation (Bangladesh, 1974 and later the floods in 1990
which put 2/3s of the country under water) is in a *really* powerful
position to advise on this.

l.


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