On August 19, 2019, the Business Roundtable (BRT), the association of CEOs of the largest U.S. companies, announced a new Statement on the Purpose of a Corporation (the Statement), outlining a new standard for corporate responsibility. The Statement, signed by 181 CEOs, purports to commit the companies to place customers, employees, suppliers, and the communities they serve on par with shareholders. The Statement also represents a shift to a shared prosperity approach to business, replacing the group’s long-held idea of shareholder primacy.
Why the Change?
Much has been written about the BRT’s claim “that business as usual is no ...
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