Top CEOs Redefine the Purpose of a Corporation
This week, Business Roundtable, a coalition of hundreds of the U.S.’ major CEOs, issued a statement redefining the “Purpose of a Corporation.” 181 CEOs, including Jeff Bezos, Tim Cook, Jamie Dimon, signed on to the statement, which updates language to make shareholder value no longer the prime target for a corporation’s existence. In summation, the 2019 version says that corporations need to commit to “…delivering value to our customers… investing in our employees… dealing fairly and ethically with our suppliers… supporting the communities in which we work… [and] generating long-term value for shareholders.”
On this snippet from Business Casual, MarketScale’s B2B morning radio show, hosts Daniel Litwin and Ben Thomas offer differing perspectives on the impact of this language change, how effective it will really be, and whether or not it was a wise move.
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