Accountable Capitalism Act: New rules for corporate governance and employee power
This Act mandates that the largest corporations (over $1 billion in revenue) obtain a federal charter, legally requiring them to pursue a general public benefit, not just shareholder profit. Citizens gain influence as employees must elect 40% of the board members, and major political spending requires approval from 75% of both shareholders and directors. Furthermore, executives face restrictions on selling company stock, encouraging long-term corporate stability.
Key points
Mandatory Charter: Large entities must obtain a federal charter and legally commit to creating a 'general public benefit' for society.
Employee Power: Employees will elect at least 2/5 (40%) of the corporation's board of directors, giving them a direct voice in company decisions.
Stock Sale Restrictions: Executives and directors are prohibited from selling their company stock for 5 years after acquisition, or for 3 years following a company stock buyback.
Political Spending Control: Political expenditures over $10,000 require approval from 75% of shareholders and 75% of directors.
Stakeholder Focus: Directors must balance the financial interests of shareholders with the best interests of employees, suppliers, communities, and the environment.
Status:
Expired
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