John, two things:
1.) I am specifically referring to publicly traded organisations, and
2.) I myself am not high enough "up the legal food chain" myself to
cite better sources.
As I mentioned earlier, though, if you look at the history of several
large corporations,
the stuff "this associate professor at UBC is perpetrating" are quite
compelling.
Anyway, no harm done, I hope. I shall stick to making statements on
photography
and technology, things I know a lot better than the law, especially in
countries
other than my own.
You can go ahead and trust big publicly-traded corporations
all you like. But I have seen the damage many of them have done, to
people, societies,
and the environment - all in the name of making money.
I did think "The Corporation" was a good book though, although the
author was obviously
pushing a particular point/agenda. But I, as a legal n00b, saw no
fallacies being
communicated.
regards,
Dawid
On 03 Dec 2009, at 1:20 PM, John Hudson wrote:
> Dawid:
>
> A corporation, public or private, as is understood in the western
> world is
> obligated to to fulfill the mandate[s] as set out in the formal
> documents
> used to bring it [the corporation] into existence.
>
> Your statement that
>
> "Bakan's argument includes the point that the corporation's sole
> reason for
> being is to enhance the profits and power of the corporation. He
> shows (by
> citing court cases) that it is the *duty* of management to make
> money and
> that any compromise with that duty is *dereliction of duty*. "
>
> is nonsense and by extension so is Bakan's argument. If you were to
> consult
> the memorandum of association, articles of association, letters
> patent, etc
> or whatever documents gave rise to the creation and existence of the
> corporation you'd realize that a modern day corporation's objectives
> and
> permissions are virtually limitless. Focus is placed on your
> assertion of
> the "sole reason".
>
> Perhaps you should cite someone more elevated up the food chain than
> an
> associate professor at UBC. If he is perpetrating the myth that the
> sole
> reason for a corporation's existence is to enrich its shareholders
> he should
> start all over as an undergraduate law student.
>
> jh
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