[teachingassist]

From a corporation's point of view, it's fine if your competitors are treated the same as you are (in a competitive market).

But, even if so, CEOs/board members are often those high net worth individuals. So there's a potential conflict of interest that isn't resolvable.

This explains why corporations will lobby against a minimum tax, even if the institution doesn't ultimately care.

[onlyrealcuzzo]

Corporations have a fiduciary obligation to maximize shareholder value.

Raising taxes on your profits is surely not in the interest of your shareholders.

It doesn't matter if it isn't worse for you competitively. It's worse for your profits.

If you could have more competition AND more profits, you would want that.

[vidarh]

Corporations have a fiduciary obligation to work for the interests their shareholders as set out in their articles or decided by their boards and AGMs.

There's absolutely nothing in most jurisdictions that require corporations do seek to maximise value without other considerations and at all cost.

Even if that was the case what "maximizes shareholder value" is highly subjective and/or hard to assess objectively in most cases.

E.g. if you believe (whether true or not) that equalising corporation tax would benefit the finances of your customers (maybe your customers are mostly small cap domestic companies that are damaged by competition with large multinationals that can afford tax sheltering; or maybe you think making such tax sheltering impossible will encourage companies with large cash hoards abroad to actually start spending, since paying tax on the profits means even low returns from reinvesting in expansion will suddenly be relatively more attractive than it used to be), then you might well have a reasonably held belief that such a tax would benefit your company.

[teachingassist]

> Corporations have a fiduciary obligation to maximize shareholder value.

I understand this statement to mean "Corporations have a fiduciary obligation to maximize shareholder value [within the law]".

Do corporations have a fiduciary obligation to change the law, as in your interpretation?

[onlyrealcuzzo]

Yes! Lobbying.

A lot of laws are essentially written by corporations for corporations.

https://en.wikipedia.org/wiki/Regulatory_capture

[teachingassist]

I get that corporations do lobby, but I was questioning whether they have an obligation to lobby.