The Business Roundtable, a group of chief executive officers of nearly 200 major U.S. corporations, issued a statement Monday with a new definition of the "purpose of a corporation."
Jamie Dimon, CEO, JP Morgan Chase, speaking at the Business Roundtable CEO Innovation Summit, December 6, 2018.Shareholder value is no longer the main focus of some of America's top business leaders. "While each of our individual companies serves its own corporate purpose, we share a fundamental commitment to all of our stakeholders," said the statement, which signed by 181 CEOs. "We commit to deliver value to all of them, for the future success of our companies, our communities and our country."
"Major employers are investing in their workers and communities because they know it is the only way to be successful over the long term. These modernized principles reflect the business community's unwavering commitment to continue to push for an economy that serves all Americans," said Dimon.Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity.
Delivering value to our customers. We will further the tradition of American companies leading the way in meeting or exceeding customer expectations.
That's illegal and this is fake news.
Interestingly, it’s America’s business leaders who are taking the initiative in defining the country’s moral identity and not the politicians.
Good luck with that...
The pitchforks are coming.
As a shareholder, this is a bit ... worrisome. The CEOs apparently don’t know the difference between a mission, objective, strategy and tactic. HINT: Shareholder value better darn well be their main OBJECTIVE
did they figure out how to leech even more money out of the world or are they just blowing smoke up our asses as usual and hoping we don't notice
Feeling the Bern as it were?
Not that I'm implying anything, surely not, but this gentleman from half a century ago had a lovely way to deal with fascists and corporate wankers that decided profit was more important than the planet. It costs about 1200 to build one now, apparently!
So does that mean will executive compensation will now be based on meeting performance goals vs financial engineering of the common stock price?
They did NOT. The BusinessRoundtable statement did not give weighting to the list of objectives, so there is no way to draw this conclusion w/o unfounded assumptions. business law
Talk talk. Let’s see the action. Nothing changes.
I’ll remember that next time one of them shows up on CNBC to tell me what I should be doing with my money
You don’t say.........🤔
Could it be their main objective is to create wealth only for themselves?
Spreading their Globalist Socialist Agenda of world dominance is their goal. Not making their shareholders money, but robbing them of their money to spread their control of people's lives worldwide.
Let’s mandate a ratio of lowest paid work pay to CEO pay or stop with the virtue signaling
Considering the way they act, it has never been their main objective.
It never has been. CEO pay is the only thing they care about.
What is it then? Feeling the pitchforks? WellsFargo
For the long term success of a business, the most important elements are your customers, Corp culture, and best talent teams. If a enterprise too much focus on returning a dividend, then they forget about growth and ability to thrive.
This 'statement' has no legal weight; in fact maximizing profits for shareholders IS the job of a CEO. Voters want the tax relief Trump promised that instead went to those greedy bastards. Fool us once...
Suuuure...all of a sudden? Poof? I doubt it~maybe because ewarren is gaining in the polls & they're scared Have worked for companies since 90's where 'productivity' always over profit to the point of really hurting people~ when you're working as fast & furiously as you can...
It’s about time! America!!
CSR is becoming a new standard but it all leads to the primary goal of shareholder value
Bullshit!
Part of investing in employees should include lowering the cost of insurance deductibles. When combined with the premiums employees pay, it has become more like catastrophe insurance. jpmorgan
Is anyone buying this bullshit?
Believe it when WE see it !!!!!
Atlas just shrugged
$$$$$ in CEO'$...pocket$ & exce$$ive buy-out & retirement package$ for Big-Wig $elve$!
About time, because it’s gonna get tough in a few months for everyone!
Maybe they are realizing that 'investing in employees, delivering value to customers, dealing ethically with suppliers and supporting outside communities' is the way to best grow the business for the long term.
Like Mr. Macy said in the movie Miracle on 34th Street. The real one. Regards, Slim.
Really?
Wishing this to be true...
In other words, they made billions by pocketing their 14% corporate tax reduction within the past year and a half, realized we're heading to the mother of all recessions and are now promising to share non-existent future profits with their employees. UnFreakingBelievable
And if Tampa residents cared about recruiting and developing employees, they might care if you really had anything in life for its human quality. For black people, there, it's worse for them
Chances are that Southerners are not sophisticated shareholders, anyway. The people in Tampa don't care about customer satisfaction because they have to like you as a customer. If they don't, you will receive appalling rude and arrogant disservice.
Get it ? BernieSanders ewarren Shareholder value no longer main focus of America’s top business leaders. Investing in employees, delivering value to customers, and supporting outside communities are now at the forefront of CEOs' minds mkmfitzgerald
If their job is not to deliver a return to the shareholder, then why are we the shareholders paying them so much ?
Understandably, America's CEO's don't want Tampa or Florida, especially when residents believe that things be done according to their own sense of life, self-determination, and deep country Southern values. People in Tampa don't care about customer satisfaction.
Yeah sure.
Becos of shareholders revolt on CEO pay.
Has anyone sent a copy of this to 45 yet?!!! TrumpRecession ETTD
Say one thing, then do another.
Riiiiiiiiiight...just keep telling yourself that 👍🏻
Sure Jan in the biggest baddest way.
Oh the humanity....
So the managers are saying to hell with the owners. We are going to run this organization our way.
Isn't it amazing that some of the most greedy, entitled men on earth have suddenly been moved to altruism? Don't bet the farm.
It never was, it has only been their own value that is the main objective. They are just finally admitting it publicly. If that has not been the case explain their pay and all their cronies on the boards approving their pay and golden parachutes. AmericanGreed
Fire them
All well and good until the money stops flowing. Principles will suddenly change back to investor focused.
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