President Donald Trump has a gift. Not for governing but for looking into the souls of his opponents and giving them a nick name that is at the same time a funny yet accurate. This gift even warrants its own Wikipedia page. Consider some of the classics – Sloppy Steve (Bannon), Low Energy Jeb (Bush), High Tax (Chuck) Schumer and Crazy Maxine (Waters).
In every one of these nicknames is more then a kernel of truth. Consider for example Goofy Elizabeth Warren, the Senator, from the Great State of Massachusetts who has proposed a law to accompany her likely 2020 Presidential Campaign which that will require that:
no business (in the US) with more than $1 billion in revenue would be permitted to legally operate without permission from the federal government.
This law, provisionally called the “Accountable Capitalism Act”, will according to Senator Warren:
restore(s) the idea that giant American corporations should look out for American interests. Corporations with more than $1 billion in annual revenue would be required to get a federal corporate charter.
But who will define “American Interest”? Again according to Senator Warren:
The new charter requires corporate directors to consider the interests of all major corporate stakeholders—not only shareholders—in company decisions. Shareholders could sue if they believed directors weren’t fulfilling those obligations.
Let’s read that again. Shareholders can sue if stakeholders aren’t considered. Can’t you see the class action lawyer slogans … Buy 1 share, sue the company.
But if Cats think that the ASX Corporate Governance Council and the whole social licence concept is nonsense, just wait for the US Federal Government to also:
dictate to these businesses the composition of their boards, the details of internal corporate governance, compensation practices, personnel policies, and much more. Naturally, their political activities would be restricted, too.