Colorado Proposes Tough Law on Executive Accountability
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New York Times: Buttressed by local advocacy groups and criticized by a Colorado business organization, the measure would make business executives criminally responsible if their companies run afoul of the law. It would also permit any Colorado resident to sue the executives under such circumstances. Proceeds from successful suits would go to the state. If passed by voters in November, the proposal would leave top business officers having unprecedented individual accountability, said Mr. Ellingson, a member of Protect Colorado's Future, a coalition of advocacy groups that supports the initiative. Ultimately, the proposal would extend criminal and civil liability to executives who knew about corporate fraud and did nothing to stop it, but who were not necessarily involved in it, said Mark Grueskin, a lawyer for Protect Colorado's Future.
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