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Filling a perceived moral vacuum in Washington, CEOs warned of threats to democracy and announced pledges to tackle racial inequality. Many have made it clear in public their position on Trump’s approach to the climate crisis and immigration.
There is a new administration in the White House, and on a number of political fronts President Joe Biden and Corporate America are more closely aligned. But when it comes to thinking about the role their businesses play in society, business leaders shouldn’t go back to their old ways.
“[This] becomes an opportunity to pursue this personal reflection, ”Deepak Malhotra, professor of business administration at Harvard Business School told me.
Why it matters: The public increasingly relies on businesses to make the right calls on political and social issues. According to the Edelman 2021 Confidence Barometer released earlier this month, businesses have replaced government as the most trusted institution during the Covid-19 pandemic.
In the wake of the riot of pro-Trump supporters who stormed the U.S. Capitol, a survey of 40 CEOs conducted by Jeffrey Sonnenfeld of the Yale School of Management found that 96 percent of respondents believed Trump should be dismissed and removed from office.
Those same leaders now have a role to play in the impeachment process, Sonnenfeld told me. The Senate trial is scheduled to begin on February 9.
“I think they should formally and informally continue to push for accountability,” Sonnenfeld said. “Our system of government is in large part the reason for their commercial success – and they know it.”
Then there are the looming debates on issues like the climate. Over the past four years, companies have grown accustomed to claiming leadership as the Trump administration withdraws.
“Business suddenly overtook government by a wide margin,” said Malhotra.
A given: companies will be forced to continue to actively engage on social issues simply because of changing consumer tastes. As was made clear after the police assassination of George Floyd last summer, which drew millions of protesters, young customers are increasingly demanding that the brands they support support causes like Black Lives Matter; workers demand the same from their employers.
“Businesses were forced to take these issues into account, not specifically because of President Trump, but because of what was happening on the streets and in communities, and within their own workforce.” , Malhotra said.
Watch this space: Normally, the role of business in society would be discussed over the next week in the Swiss Alps as leaders meet at the World Economic Forum in Davos. Unsurprisingly this year, the January edition of WEF is a fully digital affair, although the group hopes to host an in-person event in Singapore this summer.
Discussions on the topic, with executives like BlackRock CEO Larry Fink, Bank of America CEO Brian Moynihan, and Salesforce CEO Marc Benioff, continue. Keep an eye out for Before the Bell for highlights.
Is Apple’s iPhone 5G Selling? We are about to find out
Wall Street was counting on a surge in iPhone 12 sales to boost Apple profits. This week, investors will learn if such predictions come true.
Apple reports profits after US markets close on Wednesday. Considering the 75% increase in the company’s shares over the past year – in part due to the anticipation of wild iPhone 12 sales – this will be a major market event.
It all depends on demand from China, according to Daniel Ives, analyst at Wedbush Securities, highlighting any comments on the country’s economic comeback.
“China remains a key ingredient in Apple’s recipe for success, as we estimate that approximately 20% of iPhone upgrades will come from this region in the coming year,” Ives said in a report. recent note to customers.
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