Paul Lachine

Entreprise, finance et politique

CAMBRIDGE –Par une décision récente, la Cour suprême des USA autorise les entreprises à financer directement les campagnes électorales - une possibilité offerte aux entreprises dans d'autres pays à travers le monde. Cela pose la question classique de la démocratie et du pouvoir des entreprises, mais un autre aspect important de la question est souvent négligé : qui doit décider si une entreprise cotée en Bourse va consacrer une partie de son budget à des actions politiques, et si elle le fait, combien et dans quel but ?

En général les décisions de ce genre sont soumises à la même réglementation que les autres décisions au sein d'une entreprise. Elles se prennent donc sans consultation des actionnaires ou d'administrateurs indépendants, et sans réelle transparence, sans les garanties que le droit des sociétés prévoit pour d'autres décisions - comme celles qui concernent les indemnités des dirigeants ou les transactions avec des proches.

Dans un article récent, Robert Jackson et moi avançons l'idée que dans le cadre de l'entreprise, les décisions relatives à une action politique sont fondamentalement différentes des autres. L'intérêt des administrateurs, des cadres dirigeants et des principaux actionnaires d'une part, et celui des autres investisseurs d'autre part, divergent souvent.

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