The statement marks the first time the nearly 50-year-old group has said shareholder value is not the No. 1 one priority. It comes at a time when companies are increasingly taking stances on issues outside of the corporate sphere due to pressure from activists amplified over social media and calls from their own employees.
“This new statement better reflects the way corporations can and should operate today,” Johnson & Johnson Chief Executive Officer Alex Gorsky said in a news release. “It affirms the essential role corporations can play in improving our society when CEOs are truly committed to meeting the needs of all stakeholders.”
The statement outlines five priorities, including commitments to invest in employees by providing fair wages and “important benefits,” support communities where they operate and dealing ethically with suppliers.
So do it. Don’t need any government involvement. Just do it
And religious leaders should put making money above spiritual enlightenment 🙄 YourInTheWrongLineOfWorkBuddy
🤦♂️
They should give up thier insanely overpaid salaries if they actually believe this. However the scent of bullshit Is strong with this one.
Start with not using illegal aliens for cheap labor.
Lol
Will they then commit to stop making products overseas and bring production back to the US?
Reminds me of the Environmental advocates that own their own islands, travel by private plane & R chauffeured around in gas guzzling tanks. When is the media going to ask those who push agendas to live up to them?
No one is stopping them. Oh wait, Fiduciary Responsibility, it's a LAW. That's right they are legally required to try to earn a profit for their Investors.
Sick aholes
They would rather push their Marxist agenda.
Lenin was the greatest dreamer with his Communist slogan: From each according to his abilities, to each according to his needs. But the experience of the USSR proved that it is still harmful to Dream.
USA the richest country in the world must keep income taxes and other taxes at a low percentage,,Hight taxes must be imposed on millionaires
What u should be doing is sharing some of their profit with the employees and not taking multi million dollar bonus. The employees are the ones that make the company work. If they want to be socially responsible
Shareholders say 'We'll sell our stake if you do'
When they do that it’s DOGMA FASCISM POLITICAL IDEOLOGY ANARCHY!! The beginning of a very quick end!! There won’t even BE ANY profits!!
Reuter’s who you working for Christopher Steele
Really?
Plenty of companies do exactly that. Take googles DO NO HARM and yet they’re the leading thiefs of personal data and election fraud anywhere
Don't be stupid. Their only responsibility is to increase share price. Otherwise they're out. And let's not listen to another MIT jackass.
I don't consider exploding lithium batteries to be socially responsible. 'Social responsibility' is another slippery slope. Almost always not the solution and it just funnels money over to the usual top dogs.
Almost 20 years ago I worked in an International Company that espoused much the same about social responsibility. In some ways they were honest about it. The really did take safety and environmental impact extremely seriously, but they were not so generous about wage increases.
As well as worker safety, and also product quality, and there's also environmental protection. Every few years companies will drag this old coat out of the closet and try it on. Means less than nothing
So companies should strongly support gun rights, oppose abortion , debunk climate change, etc ?....
All the money has been spent on buybacks. They now want new metrics for their bonuses.
too little too late, you greedy swine
RudySnippe FuturICT Elected Governments, who are accountable to their civil population in the general long term interest, should be the responsable ones, and who should be able to supervise corporations, who take risks and should be profitable while competing and cooperating.
They won’t be ceos for long. Their first responsibility is shareholder values. Period.
They could start by paying themselves less, and their workforce more.
Yeah, they “say” a lot of things. What’s your point?
Stockholders...….
Top CEOs are asking to be fired.
Then he should quit and work for a non-profit.
Nah
When you miss the profit target - something you CAN measure, you say, “but we were socially responsible” (something you CANNOT measure) You’ll need a board full of SJWs to keep your job after that pitch
Tear.
Sure they do.....hahahahaha!
What they are worried about is that they have been crushing workers for the last 40 years, there is nothing left to extract and the population is spending only on essentials more and more. So these privileged butt wipes can cry all they want, THEY created this situation.
Sounds like some 'Top CEOs' may be looking for work soon.🤣
Just getting a head start on the oligarch positions
Also Top CEO's.
Ummm...I read the article, terrible reporting, it's all over the place and does not really jive with the headline...
Now do Trump.
Social responsibility regarding the environment over shareholder profit would be nice
Empty, meaningless words. They will continue to profit off third world exploitative labor at the expense of Americans. They don't give a shit about social responsibility. They only care about the bottom line, and they've been bullied into wokeness by pseudo-boycotts.
Lol who? Don’t talk,put it out there
Said no Board of Directors or Shareholders ever.
To be filed under: Things that will never happen.
Literally get woke, go broke.Dummies
In order to stay in business, these 'top' CEOs push regulations to minimize competition so that they can prioritize political objectives with their companies. RegulatoryCapture CronyCapitalism matthewstoller
Atlas has shrugged.
Right! Nice try tho 🤔
Nice try, like Cathay Pacific in China?
OMG! Businesses are going PC now? End of capitalism? Say hello to Marxism : 'From each according to his ability, to each according to his needs'
Nonsense ...
Saying is not doing It’s like telling your mom you’re never going to play video games anymore total BS
They're paying lip service because they know the pitchforks are comin'
Yeah, right. Tell the stock holders that.
Top CEOs are worried that when the crash hits, a great many will be very angry at the 1%. Their sudden concern for “social responsibility” is clearly disingenuous.
'We should, but we won't! LOL'
Yeah right.
Never happening
LOL!
I wonder if shareholders approve of this. Corporate activism!
Yes/No but it should be a major factor.
HAHAHAHAHAHAHAHA! Then you wake up and discover you've wet the bed.
It would be socially responsible of the CEOs to reject excessive pay, bonuses and golden parachutes. Company profits are a different matter, those are sacrosanct parts of free enterprise. There has never been a prosperous country without prosperous companies.
Spare me
Top CEOs make pro forma statement in attempt to paint themselves as 'good guys', but continue to screw over the average working folks in order to get their bonuses.
This is why all corporations should be made illegal---Non-entities pushing a hatred and divisiveness with no repercussions for the individuals involved....Time to hang them all.
Are you focusing on profits now that you have a $4.7 billion lawsuit payout? corporateaccountability
TaraVanHo
We believe you!
Not when most humans are selfish, insatiable hogs. They are deeply in love with money - greed the root of all evil.
I’ll believe it when J&J and a slew of other US healthcare-related corps change their status to BCorporation. Until then, just hot air.
Well if the CEOs had this attitude the crash of 2008 would not have happened
Their greed is the reason we are in this trade war. It's also how you engineer a market crash before the next election. Is the Fed on board too?
So, you mean they were reading a college book on Economics I out loud? This is common knowledge. No one does anything about it because greed and profits are stronger than 'social responsibility.'
IMO, in general, top CEOs usually keep their positions by making their “boss” happy, the shareholders. Their brain is hard wired, to spout just about anything, if it means a bigger bonus and more job security. There are a few ethical top CEOs, and we need many more of them.
trump would never agree.
Yeah agreed backing the concept of sanctified capitalism but not suffocate companies with a lot...
😂😂😂😂😂 That's a good one!
RudyHavenstein 🤡🎪🤡🎪
Their targets are not based on SR.
Ask shareholders what they think about it.
Nice PR stunt. After they have spent most of the money they won through Tr*mp's tax cuts for buying their companies' shares instead giving at least part of it to the employees.
Cue the brigade of angry old wingnuts to come forth with furious denunciations while intoning mightily abut duties to maximize prices and profits.
Considering CEO's pay is 278% higher than average workers, maybe they can work on their greed factor.
Did Bernays tell you to say that?
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