Posted on 08/19/2019 4:48:41 PM PDT by Red in Blue PA
NEW YORK (Reuters) - Corporate America is responsible for providing economic benefits to all, not just its investors, the Business Roundtable group said on Monday.
The group’s “statement of corporate purpose” was signed by the heads of more than 180 U.S. companies, including the CEOs of Amazon.com Inc (AMZN.O), American Airlines (AAL.O), the largest airline in the world; and JPMorgan Chase & Co (JPM.N), the biggest American bank.
Although largely symbolic, the group’s statement goes against a roughly 30-year viewpoint that corporations exist to serve shareholders.
That notion has guided every major business decision, from how much a CEO is paid to whether a company invests in its employees or fires them.
The statement comes amid calls for greater corporate responsibility from Democratic candidates for president and employee activists who want companies to take stances on issues outside of the corporate sphere.
(Excerpt) Read more at reuters.com ...
Make a list of the companies in this article and make sure they are not in your portfolio.
It’s easy to say that bs when you are a CEO and can crush the small guy. What do they care?
IF you’re not working for the boss’s (shareholders) best interest and direction, you’ll likely not be there long.
Or to put it another way, top US CEOs declare war on the common citizen.
Calling my broker tomorrow to dump these stocks.
“Make a list of the companies in this article and make sure they are not in your portfolio.”
No kidding.
Good, then im sure they’ll all agree to cap their salary at 100k a year.
You first assholes.
Work for a freaking dollar a year.
Profits first IS social responsibility.
Sounds like responsible Boards of Directors need new CEOs.
Like the American voter, the stockholders have it within their power to change the leadership to reflect their best interest.
If they choose not to, so be it.
Wonder how their shareholders feel about social justice above profits!!!
Champagne socialists and limosine libs.
Crony capitalists all.
Shareholders would disagree.
Let the ceos and ohers do their charity causes in their private personal time like everyone else. Or quit and go work for a cause group full time.
Interesting that there’s no link to the actual statement at the above link.
Don’t want to make it easy to see who signed, do they....
Sounds like a bunch of commies.
Take out social and what do you have? Justice so who decides?
The reporting is not really accurate. What they said is that they should cultivate good employees and give customers a fair deal, rather than ruthlessly screwing both the employees and the customers and giving whatever loot they get to the stockholders.
These are just good business practices for making more money in the long term. You don’t want to be Chainsaw Al.
It’s illegal to not uphold your fiduciary responsibility to your investors. All their bonds should be downgraded.
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