Florida Senator Marco Rubio has introduced legislation that would allow shareholders to sue corporations for prioritizing political ideology over their fiduciary duty to maximize long-term shareholder value.
In an op-ed submitted to Fox News on Thursday, Rubio says: "American companies used to be proud of their country. But today, many spend more time apologizing for, or mocking it, than they do running their own businesses." Rubio refers to the culture of wokeness creeping into a number of American companies.
Rubio's solution to cultural Marxism infecting corporations is to allow shareholders to sue the corporations: "One solution is to empower shareholders to push back. If you own a stock, invest in a mutual fund, have a company-sponsored 401k, then you are a shareholder and are owed legal duties by the corporations you invest in. The truth is that corporate executives keep you in the dark about your right to hold them accountable for how they spend your money."
Examples of wokeness in corporate America include Coca-Cola, which asked its employees to be "less white" earlier this year. Consequently, a poll showed a majority of Americans are less likely to buy the beverage, following the critical race theory training. In this scenario, shareholders may argue their investment was never meant to be politicized and can thusly sue the companies for doing so.
BREAKING: Senator @MarcoRubio introduces legislation to allow shareholders to sue corporations for prioritizing political ideology—such as "socialism, Marxism, [and] critical race theory"—over their fiduciary duty to maximize long-term shareholder value.
— Christopher F. Rufo ?? (@realchrisrufo) September 24, 2021
The fight has begun. pic.twitter.com/R9Ta9QpndB
"That is why I am introducing the Mind Your Own Business Act to empower shareholders to take action when a company follows the latest woke, Marxist fads: boycotting a state, denying services to politically disfavored groups, or remaking their workforces to advance concepts like critical race theory," Rubio continues.
"As an elected official, my obligation is to the American people, not corporate elites. These are often nationless corporations that amass fortunes divorced from the fate of our great country, while pushing socially destructive policies at home," Rubio concludes. "It is time that we, the people, take back our power from the mob and weak corporate leaders that kowtow to Marxists."
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