As a moron, are you allowed to decide that Zuck knows how to run Meta better than the shareholders?
We have all kinds of restrictions on corporate governance and shareholders. Extending it to add checks and balances to the role and responsibilities of a CEO is well within established law. We don’t want a tyrant running the government so we added checks and balances (time to add more asap but that’s another issue) and corporations should have similar checks and balances at this point. I don’t think that needs to apply to startups but definitely should apply to public companies.
The SEC is very good at creating complexity, but has been terrible at protecting shareholders. The SEC has failed to detect and prosecute almost every massive fraud, including Madoff and Enron (despite being tipped off in both cases).
That’s counting one side of the ledger: what of fraud that never had the opportunity to happen?
“Some people still died in car crashes, so seatbelts shouldn’t be required in cars”