Move Over, Shareholders: Top CEOs Say Companies Have Obligations to Society

The Business Roundtable on Monday changed its statement of “the purpose of a corporation.

” No longer should decisions be based solely on whether they will yield higher profits for shareholders, the group said. Rather, corporate leaders should take into account “all stakeholders”—that is, employees, customers and society writ large.

ICYMI: The Business Roundtable’s pronouncement is a major pivot in how businesses are governed and executives evaluated with potentially tectonic legal and economic changes that we will observe for decades.

They're still just trying to get out of paying taxes, living wages for all employees etc.

It will be interested to see if he will put in practice what he said.....

So less or no more insane Billions in SHARES BUYBACK?

This is long overdue in the corporate culture. Big business has to carve out capital investment in workforce development (education), environmental health and cityscapes in order for society, as a whole, to flourish Sustainability

And Pensions are coming back any day now...

We’ve been down this road before....just Google Berle-Dodd or Anthony Crosland. But capitalists aim to make profits by accumulating capital and that isn’t changing.

What’s it tell you that Business consideration of customers, you and me, and of our Country is a shift. The change needed is to reverse the SOC ruling that a business is a legal entity separate from the owners and operators. That’s how we got all of their crime and no punishment.

So basically public relations to protect the bottom line.

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