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Economy
Related: About this forumGroup of top CEOs says maximizing shareholder profits no longer can be the primary goal of corporati
Source: Washington Post
Group of top CEOs says maximizing shareholder profits no longer can be the primary goal of corporations
By Jena McGregor August 19 at 5:00 AM
The organization representing the nations most powerful chief executives is rewriting how it views the purpose of a corporation, updating its decades-old endorsement of the theory that shareholders interests should come above all else.
The new statement, released Monday by the Business Roundtable, suggests balancing the needs of a companys various constituencies and comes at a time of widening income inequality, rising expectations from the public for corporate behavior and proposals from Democratic lawmakers that aim to revamp or even restructure American capitalism.
Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity, reads the statement from the organization, which is chaired by JPMorgan Chase CEO Jamie Dimon.
The group says its members share a fundamental commitment to all of our stakeholders, and commit to doing well by their customers, employees, suppliers and local communities. Each of our stakeholders is essential, the group adds. We commit to deliver value to all of them, for the future success of our companies, our communities and our country.
-snip-
By Jena McGregor August 19 at 5:00 AM
The organization representing the nations most powerful chief executives is rewriting how it views the purpose of a corporation, updating its decades-old endorsement of the theory that shareholders interests should come above all else.
The new statement, released Monday by the Business Roundtable, suggests balancing the needs of a companys various constituencies and comes at a time of widening income inequality, rising expectations from the public for corporate behavior and proposals from Democratic lawmakers that aim to revamp or even restructure American capitalism.
Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity, reads the statement from the organization, which is chaired by JPMorgan Chase CEO Jamie Dimon.
The group says its members share a fundamental commitment to all of our stakeholders, and commit to doing well by their customers, employees, suppliers and local communities. Each of our stakeholders is essential, the group adds. We commit to deliver value to all of them, for the future success of our companies, our communities and our country.
-snip-
Read more: https://www.washingtonpost.com/business/2019/08/19/lobbying-group-powerful-ceos-is-rethinking-how-it-defines-corporations-purpose/
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Group of top CEOs says maximizing shareholder profits no longer can be the primary goal of corporati (Original Post)
Eugene
Aug 2019
OP
abqtommy
(14,118 posts)1. Sounds like somebody's reading the writing on the wall...
leanforward
(1,077 posts)2. Finally
Next let them look at top salaries/bonuses.
Crank those salaries/bonuses way down.
Hoyt
(54,770 posts)3. Went to a conservative school in late 60s. We talked of "satisfying profits" considering all
stakeholders, not maximizing profits.
Now, its like maxing put the next 3 months, rather than looking long-term. Hope it changes.
blm
(113,100 posts)4. Elizabeth Warren and Katie Porter finally broke thru to Jamie Dimon.
blm
(113,100 posts)7. Some Wall Street figures begrudgingly admit Warren was right.
Mike 03
(16,616 posts)5. Now we're talking!
This is going to rattle the talking heads on business stations like Bloomberg. "Who ever heard of such a thing?" Now maybe we can start talking about corporate responsibility towards the environment.
Seriously, if they mean it, this could be game-changing.
Fullduplexxx
(7,870 posts)6. Now that theyve drained the treasury
ihaveaquestion
(2,560 posts)8. Talk is cheap
I'll wait to see what they actually do.
blm
(113,100 posts)9. They need to realize there is no other choice.
People are waking up to their scams.