Although largely symbolic, the group’s statement goes against a roughly 30-year viewpoint that corporations exist to serve shareholders.
The chairman of the Business Roundtable, JPMorgan CEO Jamie Dimon, said there is a growing wealth gap in the United States, and prioritizing all stakeholders will lead to a healthier economy. The group’s statement could be significant because the previous tenet - shareholder primacy - fueled a range of decisions now commonplace at publicly traded companies, said Barbara Dyer, an MIT Sloan School of Management professor.
Maura Cowley, a director with the Sierra Club Resist campaign, said the statement lacks substance because some of the companies that signed it are “actively making the climate crisis worse.”
Listen to this, it's nothing new. Lots of companies have stepped up. So awesome. 😊😋 Trump 2020
50 years ago, this was already a topic in Europe. Bilan sociétal in French, Sozialbilanz in German. It was time, the Top U.S. CEOs discovered the issue.
Without profit organisations will turn into social liabilities. Focus on profit.
Time to rollback the corporate tax rate to more sensible levels.
translation: CEOs trying to buy guillotine insurance. it will not work.
Best crash indicator so far...
I'll file this in the 'I'll believe it when I see it' folder.
What if someone from Reuters took a real econ class?
Hahahahahaha yeah right
Excellent idea that's long overdue. As our population and resource use increases so does our understanding that we are on a spaceship with few external resources to call on and so must protect what we have. Nothing complicated here. Sorry those with a greedy bent.
HAHAHAHAHAHAHA... Jamie Dimond doing anything but ripping off anybody and everybody is laughable! He is a criminal and had a big hand in the 2nd Depression in this country. He should be in jail!
Believe it when we see it.
CEOs can’t (and didn’t) pledge that. The companies are owned by the shareholders and only they can make that decision. Sadly, like our federal democracy, there are people believing suddenly that a few people at “the top” can just change the decision structure of everything.
😂😂😂😂😂😂 OMFG, good one.
ckchumley jakejakeny I would view it as a betrayal as a shareholder, and would seek their ouster. These CEO's can leave an join a charitable group or religious order, if they wish to perform good works. Having an overpaid CEO virtue signal for a living is odious.
the Word Corporation comes from Latin & translates/means : Dead Man Talking , any further questions ?
indyref2NOW Scotland should stand for itself! Not more England!
And all 181 are full of it and that’s fine. They should be.
that's nice. how bout they just pay their fair share in taxes
Wait a sec...that face...isn't that the CEO who got slammed by Congresswoman katieporteroc 4 not being able 2 figure out how 2 manage one of his lowly paid employee's financial budget in the red? He's 1 of the business peeps making this pledge? Joke. Has he raised min wage yet?
let actions speak louder than words.
Depends a lot on what they consider “social responsibility” as to if this is good news or bad for the working person.
That will never happen unless Bernie or Warren wins
Those creeps would all sell their own children if it served their shareholders interests.
Wasn’t this the mindset that destroyed the corporate establishment in Atlas Shrugged?
Jamie Dimond? Surely you gest.
And in private?
Better late than never... But I'll believe it when I see it. What happened this past year, with the huge corporate tax cut? Perfect time to invest in their workers. But no! They bought back stock at a record pace!! So save us the talk and start acting!
I'd settle for them just putting Americans first
So...what are they waiting for?
That can only go so far because they have a responsibility to share holders who want to see a return on their investment. In some cases social actions can bring good will and lead to profits a win for all but they can't throw it away! Reuters should be mature enough know to this
Of course they say this now, they don’t want to lose that trillion dollar tax cut once the orange menace is voted out in 2020.
Excuse me but if you run a PUBLIC COMPANY and place social justice over the DUTY you have to your shareholders not only should you be fired but probably charged with openly violating your fiduciary responsibility..
PAY YOUR TAXES
Blah blah blah blah blah...
They don’t give a shit about working wages, or working conditions. But hey at least they no longer want to destroy earth.
Wonder why the sudden change of heart.
They say it, but what do their lobbyists do?
Are y’all stupid It would be one thing if this victim vs oppressor cult was based on reality But it’s not, and identity politics is rotting people’s brains
Did they agree no more buybacks?
BS.
Then just do it!
I remember 30 years ago when I said, take care of the employees, everybody will then profit, I was laughed out of the room.
xaipe3 Nobody believes them. They have had enough time to act and the time is up.
That is written in the socialist manual as part of turning ideology in the USA!!
Shareholders Dgaf.
That’s not what they said.
How about starting by returning the corporate tax windfall to the people!
But not their profit
They obviously didn't consult with the CEO of my company.
“I don’t want to make a profit, I want to be one” Timothy Leary
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