Remix.run Logo
wongarsu 4 days ago

Fiduciary duty effectively turns profit maximization into the only valid goal. Companies with sole owners or family businesses tend to have much more diverse goals. Many of Europe's large companies are still private (certainly more so than in the US), and from the ones I've personally dealt with the image of the founder/owner/family is often a driving concern. That can materialize as better business practices, or as a ruthless business that reinvests a notable part of profits in projects with public benefit, usually locally wherever they are headquartered.

Other examples in the US would include SpaceX, which supposedly is not about profit but about building a mars colony (and so far their actions seem to align with that), or Rupert Murdoch's media empire that's at least as much about spreading right wing views in the anglosphere as it is about money.