[erikerikson]

I agree that this structure has incentive problems and have so far avoided it. That said, I think it does better than a co-op. This fits the saying "the opposite of stupid is not smart". Standard corporations [frequently] used to serve only owners have a problematic incentive structure for everyone else. A co-op that serves only employees has a different bad incentive structure. Of course there are instances of improvements over the base incentive. The FairShares Commons attempts to be explicit about the balance between the stakeholders of the corporation. You can read more on Boyd's site [0] but really chapters 15 and 16 of his book Rebuild that seems to be linked there.

[0] https://graham-boyd.biz/fairshare-commons/