Top leaders say companies must put social responsibility ahead of profits

NEW YORK (Reuters) – Businesses should focus on social responsibility as well as profits, the Business Roundtable, a group of executives headed by the president of the largest US bank and the CEO of the largest airline, said on Monday. of the world.

The company's purpose statement, which avoids the primacy of shareholders, has been signed by leaders of more than 180 US companies, including CEOs of Amazon.com Inc. (AMZN.O), American Airlines (AAL.O), the largest airline in the world; and JPMorgan Chase & Co (JPM.N), the largest US bank.

This statement marks the first time that the nearly 50-year-old group has stated that shareholder value is not priority # 1. This comes at a time when companies are increasingly taking a position on issues outside of the industry. sphere of business under the pressure of activists amplified on social media and the calls of their own employees.

"This new statement better reflects how companies can and should work today," Johnson & Johnson said.JNJ.N) The CEO, Alex Gorsky, said in a press release. "It affirms the critical role that companies can play in improving our society when leaders are truly committed to meeting the needs of all stakeholders."

The declaration sets out five priorities, including the commitment to invest in employees by providing fair wages and "significant benefits", supporting the communities in which they operate and dealing ethically with suppliers.