Time to modify corporate charters?

I hear wingers talk about how the free market can reduce waste and danger. Sure we can go down that road a piece, if they allow us to remove the corporate exemptions to personal fortunes, outside of sheer negligence that was clearly illegal. Also, make illegal any political contribution.

With the major safeguard being adequate insurance, or bond. Also, institute capital punishment for corps after wrongdoing.

Our Founding Fathers built in a lot of protection from corporations, after their experiences with the global monstrosity East India Trading Company, against which they fought a Revolution...

But over the years, with lots of bribery and confusion, the corporations whittled away at these protections, until today, we have barely a fig leaf between the People and Corporate Slavery.

And a LOT of betrayal from our 'fellow Americans' who just couldn't wait to sell us all out.

...that if a corporate board of directors, corporate management, etc. mismanage the company, behave unethically, etc. The stockholders can vote them out. That was true at one time, but before the advent of hostile takeovers, corporate raiders, etc. Once that happened, governing boards created a plethora of defenses (golden parachutes, poison pill, etc.) to prevent that from happening....but while they did that they also wiped out the ability of shareholders to vote out the current board/management. Thus they have no accountability.

Bottom line, their needs to be a complete overhaul of laws dealing with corporations that helps against hostile takeovers but at the same time puts boards/management under accountability...but they will do anything in their power to prevent that.

to the existing charters. Aren't they supposed to consider the common good for the privilege of incorporation?

I learned many years ago that part of their charter had to include the consideration of the common good. Incorporation bestowed benefits that nonincorporated businesses did not have and therefore they had to meet certain standards. I just thought everyone was ignoring that provision.

I learned in school. I googled "corporate charter and common good" and found it discussed in sites that call for revocation of corporate charters. They make reference to the concept of common good being in the charters in the early days of the country. They had several stipulations that gave the people power over corporations because they feared being taken over by them. It appears that there does not even have to be a reason to revoke charters.

The charters have been weakened over the years.