On the basis that public corporations are exclusively a legal construct which can, and indeed already do, have arbitrary rules. Should the individual wish to maintain control over their company they can simply keep it private indefinitely.

And, we have granted them limited liability. Not something anyone, or any group is entitled to. It’s appropriate to condition that special treatment towards our goals.

"Because we can make arbitrary rules" is not a justification or basis. Again, I am not saying it cannot or should not be done; I am asking for the justification.

"Because I can" sounds like what my grandfather used to say while beating the shit out of me for questioning his cult-derived arbitrary doctrine. We can do better than that.