I think this is a very interesting and important topic. Some quick thoughts:
I didn’t understand the ‘share-specific obligations’ idea. How might such an obligation look like?
Re ‘company-wide obligations’: maybe that could also be implemented as a contract? E.g. the CEO signs a contract that says that if the company gets caught doing X, they will give a huge amount of money to a certain charity. (And then if the company ever gets caught doing X, the charity will have an incentive to sue the company for that money.)
Regarding different classes of shares: what about having a class of shares that have only voting rights and no dividend rights? Then the founder can keep a majority of the voting power without needing to also have a large financial stake. (I guess this situation can be approximated without inventing a new type of shares by having, say, 1000x more non-voting shares than voting shares.)
I think this is a very interesting and important topic. Some quick thoughts:
I didn’t understand the ‘share-specific obligations’ idea. How might such an obligation look like?
Re ‘company-wide obligations’: maybe that could also be implemented as a contract? E.g. the CEO signs a contract that says that if the company gets caught doing X, they will give a huge amount of money to a certain charity. (And then if the company ever gets caught doing X, the charity will have an incentive to sue the company for that money.)
Regarding different classes of shares: what about having a class of shares that have only voting rights and no dividend rights? Then the founder can keep a majority of the voting power without needing to also have a large financial stake. (I guess this situation can be approximated without inventing a new type of shares by having, say, 1000x more non-voting shares than voting shares.)