> Shareholders have an incentive to violate privacy much stronger than any one employee

Exactly what I said. We need lower shareholder interference not more, and in co-operative it's the opposite.

> with immediate liability for their person.

What do you mean?

A cooperative does not have shareholders in your sense of the word.

The only shareholders in a co-op are the owners/operators ("employees"), or the owners/operators + customers (for example REI I believe). There's nobody seeking to extract value at the expense of the employees or the customers.

If, as a shareholder operator, a co-op member pressured themselves to exploit user data to turn a quick buck, I guess that's possible, but likely they'd be vetoed by other members who would get sucked into the shitstorm.

In my experience, co-op members and customers are more value-oriented than profit-motivated, within reason.