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 ...
Profit is a social responsibility.
The 'net has become a mere faded shadow of its former self.
My CEO was once asked who was more important; the employees, the customers, or the stockholders.
His reply: “The employees, the customers, and the stockholders comprise an equilateral triangle with the stockholders at the top”!
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 Business Roundtable is a corrupt organization. Only the largest “Big Government loving” companies are allowed to join.
They want to make business difficult for their medium and small sized competitors.
Interpretation: CEO’s realize “give me dat” sentiments are in ascendancy and that federal supremacy is here to stay. Corporate chieftains are saying what they have to say to avoid being crushed outright. Skimming off shareholder value and diverting it into the protection racket is a small price to pay. They want to stay alive long enough to pop a golden parachute.
You will likely be in jail for not doing your legal fudicary duty to shareholders.
I’m willing to wager a different message is given in board meetings.
Let me know if they give any of their employees raises or is it just going to be bribing politicians to pass regulations that make it hard/impossible for smaller companies to compete?
The CEO's are simply finding a way to justify eliminating accountability to investors. The CEO's each want their own private fiefdom accountable to nobody!
Let shareholders decide what is a socially responsible use of what ought to be their profits. They don’t need corporate leftists making that decision for them.
“Make a list of the companies in this article and make sure they are not in your portfolio”
Idiots.
Companies are supposed to be in business to make a profit, and good return for their shareholders.
F that guy and his virtue signalling
Yep.
They need to be personally sued for neglecting and damaging stockholders’ equity.
Was looking for one particular company in that list. It’s on there. I guarantee most of the employees, if they find out about this, will not be amused.
So you support the offshoring of labor to lower-cost countries to boost profits, then, right?
I’m the CEO of a company and I care about my employees, but I and my executive staff get paid on profitability. My responsibility is to my stock holders, the people who risk their cash.
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