, in a recent letter to investors, that “a company which feels it has to define the purpose of Hellmann’s mayonnaise has, in our view, clearly lost the plot.”
Directors will be held to account for reaching social purposes rather than financial goals. Shareholders will have a duty to advance corporate purpose as well as their right to derive financial benefit from ownership. Auditing committees, consisting of both insiders and outsiders, will hold companies to account for their impact on “people and planet” equipped with new measurement systems and the ability to deprive the business of its corporate charter.
The second is that the “purpose” movement is much more than stakeholder capitalism in new clothes. The advocates of stakeholder capitalism only want to undo the Chicago School revolution of the 1970s that put shareholder value at the heart of the corporation. The advocates of social purpose want to go much further and undo the liberal revolution of the 1850s.
At best, the purpose-driven formula is a recipe for paralysis as companies debate world-betterment ad infinitum . At worst, it will lead to the rule of the “purpose police,” a self-selecting group of politicians, regulators, and managers who take it upon themselves to define what social purpose means in practice and then harass companies who fail to meet their prescribed goals.
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