More than a few progressives may find Elizabeth Warren's proposed reforms for large corporations to be avoiding the more major issues found in comparing capitalism and socialism but even lesser reforms can help the larger cause of a truly fair economy. For example, Warren proposes that 40% of large corporation board members belong to the corporation's unions. This could provide a major boost for unions that have been declining since the Reagan years.
Guardian = Under the legislation, corporations with more than $1bn in annual revenue would be required to obtain a corporate charter from the federal government – and the document would mandate that companies not just consider the financial interests of shareholders.
Instead, businesses would have to consider all major corporate stakeholders – which could include workers, customers, and the cities and towns where those corporations operate.
Anyone who owns shares in the company could sue if they believed corporate directors were not meeting their obligations.
Employees at large corporations would be able to elect at least 40% of the board of directors. An estimated 3,500 public US companies and hundreds of other private companies would be covered by the mandates.
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