I know the board has some fiduciary duty, but can a company put some guardrails on it when they go public, like saying the environment will always come first, or employees or customers or something?
I know the board has some fiduciary duty, but can a company put some guardrails on it when they go public, like saying the environment will always come first, or employees or customers or something?
They don’t even need to involve an outside party at all: they can just replace the uncooperative CEO at any time for someone else who will play ball.
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Yes, many details missing in my one-sentence reply, like how the particular contract is worded, but that is the gist. e.g. the board could vote “from now on the position of CEO shall have no power…”. But I am no expert in contract law so I don’t want to go any deeper than that!:-)