Business Roundtable Announces Rethink of Putting Profits First
As the social responsibilities of corporations receive more attention, and stakeholders hold companies liable for any negative externalities borne by society, business executives have begun paying more attention to outside concerns over how their companies should be run.
The recently released, “Statement on the Purpose of a Corporation,” notes that companies have a fundamental commitment to all stakeholders, to deliver value, invest in employees, deal fairly with partners, and support local communities, while growing shareholder value. This commitment is signed by many of the largest firms, domestic and international.
Jamie Dimon, CEO of JPMorgan Chase says, “The American dream is alive but fraying. These modernized principles reflect the business community’s unwavering commitment to continue to push for an economy that serves all Americans.”
It could be viewed cynically as simply”virtue signaling” by profit-maximizing corporations, but it feels different. This is a significant capitulation. The environment surrounding corporate social responsibility has changed. Many companies have felt the heat when their unsavory or irresponsible business practices were revealed. The market has begun enforcing a certain standard of conduct, and company executives have begun adopting more compliant behavior.
Timothy Calkins, CFA
Co-Chief Investment Officer
Timothy serves as a member of the Nottingham Investment Policy Committee. He brings over 22 years of investment experience to the team. Timothy is responsible for corporate and municipal credit research & trading, as well as contributing to our economic outlook and interest rate expectations. He also leads our alternative investment research and custom allocations, with a focus on private credit and liquid alternatives. Timothy’s membership and active participation with the Buffalo Angels group keep him connected to the local start-up community.
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