You make some very good points. But this one struck a chord with me. I've always wondered about this.
Whether it's Bill Gates or one of the Rockefellers, it seems history is full of very wealthy people - your "acquirers" - who ruthlessly plundered during that acquisition period, only to try to buy their way into heaven later by giving a lot of it to charity.
I'm thinking, if they're such good people, why did they take it all in the first place? Why didn't they just treat their customers, employees, business partners and suppliers decently and avoid the excess acquisition in the first place?
Some did give throughout their lives. Others underwent changes along the way. I'm a huge fan of Bill Gates but I would never endorse his way of leading during his early years with Microsoft. I think he changed over the years and much of that I credit to the influence of his wife. I do believe since retiring he has done amazing things for the world and is paying society back every day. Yes, it's better if one can pay back all along the way.
Many of those of us in business are influenced by those we work for and are around early in our careers. I certainly wasn't taught social responsibility by my parents. However, my first job in industry was for a company that did things the right way and then when we were acquired it was by an organization that encouraged us to treat people well.
With public companies, the responsibilities need to be shared by the Boards and the shareholders as well. I don't know many that will support reducing earnings to provide better benefits to employees. Often the company leadership is fighting an uphill battle, but, in my opinion, that's the responsibility of leaders. Still, it's tough to do the right thing, when it may cost you your job. Fortunately, I was never in the compromised position.
I have to state strongly too that just as it requires the support of boards and shareholders, it requires your entire team and as much as anything the support of your spouse. I've observed a lot of business people who were inclined to do better but were influenced heavily by spouses who were money driven in every way. How many spouses will support continuing to pay employees during a pandemic when the money is coming from yours and your spouses pockets? I'm blessed with one who does with no hesitation.
In any company you have a culture and you build it carefully if wise. When challenged you find out how you did. It makes one so appreciative when a CEO comes to you, knowing how you hate to borrow, and her family many times wealthier than you are, and says whatever is needed to keep paying salaries, she'll personally give you whatever you need without anyone else knowing. Or when your top four or five employees tell you they'd be fine not paid for a while or many other managers offer to take pay cuts if it will help their employees. Fortunately we had to do none of the above, but it sure was nice to have those cards in our pocket. Whether you work for them or with them or they work for you, those around you are a large part of who you are.
