this post was submitted on 24 Jan 2024
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Which if my math is correct, at an average US household income of $75k that is equivalent to a whopping $30.
As always, when the fine is less than the extra profits earned by breaking the law that's just the cost of doing business. Until these fines are like 10x+ the extra profits earned this is going to be the normal.
I've always advocated for fines to be assessed as a percentage of global annual revenue.
"Oh, your global revenue was $100B? That will be $1b please."
EU takes 10% of the profits if rules like GDPR and other Digital acts are breached.
But only at the first offence. The second time they take 20%.
its €10M or 2% turnover whichever is higher, doubling for more sever infringements. Fining based on turnover is the way to go as it eliminates wriggling out of fines and makes them hurt.
The fines need to be large enough to upset the shareholders if they are going to have any effect.
I'd say that the board members also have to have some personal liability (criminal of course, but also limited financial liability and a temporary or permanent ban on serving on any board or executive (legally responsible) position, depending on circumstances. Incentives must be aligned, and not something that they can justify as a cost of doing business.