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A group of senior leaders across the country is redefining its vision of the role of corporations in American society, abandoning the idea that large companies should focus primarily on maximizing shareholder benefits.
In a revised "Statement of Corporate Objectives" signed by 181 CEOs, Business Roundtable, which represents leaders of the country's largest companies, said companies should focus on "all stakeholders" when they make decisions.
"The major employers are investing in their workers and their communities because they know that this is the only way to succeed in the long run," said Jamie Dimon, CEO of JP Morgan Chase and Business Roundtable Manager. "These modernized principles reflect the unwavering commitment of the business community to continue to press for an economy that serves all Americans."
The company's "corporate governance principles" underline since 1997 that companies must primarily serve their shareholders. But the group's new statement represents a shift in corporate motivation and comes as more and more corporations are under pressure from their employees to take a stand on political and social issues.
According to the new statement, companies should commit to investing in employees, treating suppliers in a "fair and ethical" manner, supporting the external communities in which they work and providing added value to consumers.
"Americans deserve an economy that allows every person to succeed through hard work and creativity and to lead a life full of sense and dignity," reads the release of the Business Roundtable. "We believe that the free market system is the best way to generate good jobs, a strong and sustainable economy, innovation, a healthy environment and economic opportunities for all."
The group emphasizes the service of all stakeholders, saying that each is essential.
"We are committed to bringing value to each and every one of them for the future success of our businesses, our communities and our country," the group said.
In recent years, a growing number of companies have been invited to talk about issues ranging from immigration to gun control.
Workers at companies like Wayfair and Amazon have call for companies to break their ties with federal agencies implementing President Trump's zero-tolerance immigration policy, while Walmart is under pressure to stop selling firearms following the shooting this month. in El Paso (Texas) and Dayton (Ohio).
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