Rubio says bill will ’empower’ shareholders in lawsuits against corporate giants
Legislation declared”Mind Your Own Business Act,” was introduced Thursday in response to the senator taking political positions of large corporations that potentially contest shareholder beliefs.
Sen. Marco Rubio: Here’s how we fight the wok elite running in corporate America
Rubio wrote in an op-ed for Granthshala Business, “If you own a stock, invest in a mutual fund, have a company-sponsored 401k, you are a shareholder and have legal rights over the corporations you invest in.” duties.”
Florida Republicans pointed to controversial actions taken by companies such as Nike and Coca-Cola that relied on their consumer prominence to take a political stand.
Rubio said Gillette also spent its parent company “billions of dollars in revenue” after a fierce backlash over a 2019 ad that sought to highlight “toxic masculinity.”
The senator argued that his law would “empower shareholders to take action when a company adheres to the latest awake, Marxist craze: boycotting a state, denying services to politically adversarial groups, or critical race theory.” To remake our workforce to advance concepts like
Rubio’s law would require corporations to prove that any political stance was taken for the benefit of their shareholders.
If the entity fails to prove the interest of the shareholder, the corporate officers will be held personally liable.
The senator said the move was important to ensure accountability.
Under existing laws, shareholders are already able to sue corporate executives when the action is politically motivated, rather than politically motivated.
“But corporations stack the decks to make these lawsuits hopeless. They change provisions in their bylaws to protect themselves while leaving America behind,” Rubio said.
The GOP senator said his bill would not increase government regulation, but instead empower shareholders to counter corporate politics in the social sector.
“It is time for us, the people, to withdraw our power from the mob and weak corporate leaders who bow down to Marxists,” he said.