I’d want that extended to include joint responsibility of the highest level employees who were aware of criminal acts or fraud. After all the common refrain justifying huge incomes for high level employees/execs/board members is the “risk” in their jobs.
That risk should include personal responsibility. As long as the only people who suffer meaningfully are normal ICs, customers, and small shareholders there’s no actual reason for the boards to change behavior. Fines are passed on as increased costs (PG&E), reduced wages (every company), etc - I’m sure once individual executives can be sent to jail for allowing criminal acts the behaviour will change. (Until they buy a law to remove their liability)
That risk should include personal responsibility. As long as the only people who suffer meaningfully are normal ICs, customers, and small shareholders there’s no actual reason for the boards to change behavior. Fines are passed on as increased costs (PG&E), reduced wages (every company), etc - I’m sure once individual executives can be sent to jail for allowing criminal acts the behaviour will change. (Until they buy a law to remove their liability)