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Apple has often stated that it is trying to do the right thing, even if it does not make sense financially, and any shareholder who is not happy with that should get out of the stock.
The iPhone manufacturer yesterday repeated its position and partnered with 180 other large companies to declare that it was time to better understand the purpose of a company.
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Tim Cook was one of 180 CEOs to sign a new document outlining how a business should be managed, says Round table of companies.
The Business Roundtable today announced the release of a new statement on the purpose of a company, signed by 181 CEOs who pledge to run their business for the benefit of all. stakeholders – customers, employees, suppliers, communities and shareholders.
Since 1978, the Business Roundtable has periodically published principles of corporate governance. Each version of the document published since 1997 has endorsed the principles of the primacy of shareholders, namely that corporations exist primarily to serve shareholders. With today's announcement, the new declaration replaces the previous statements and sets a modern standard for corporate responsibility.
The new declaration opens by stating that the economy must work for all.
Americans deserve an economy that allows every person to succeed through hard work and creativity and lives a life filled with meaning and dignity.
Each company is committed to serving five different stakeholders, whose shareholders are just one.
- Provide value to our customers. We will continue the tradition of American companies in terms of satisfying customer expectations, or even exceeding them.
- Invest in our employees It starts with fair compensation and significant benefits. It also includes supporting them through training and education that help develop new skills for a rapidly changing world. We promote diversity and inclusion, dignity and respect.
- Treat equitably and ethically with our suppliers. We are committed to serving as good partners to other businesses, large and small, that help us fulfill our missions.
- Support the communities in which we work. We respect the members of our communities and protect the environment by adopting sustainable practices in all our businesses.
- Generate long-term value for shareholders, who provide the capital that allows companies to invest, grow and innovate. We are committed to transparency and effective engagement with shareholders.
Internal business highlights some of the other companies that have signed or not.
Signatories include CEOs from all sectors, including Amazon, Apple, American Airlines, Caterpillar, IBM, Johnson & Johnson, Pfizer and Walmart. CEOs of defense contractors Lockheed Martin and Raytheon also signed. Among the members of the roundtable of companies that have not signed the new document are the CEOs of Alcoa, Blackstone, GE, NextEra, Parker Hannifin and State Farm.
You can read the full statement and see all the signatories here.
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