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The End of Shareholder Primacy: CEO Daily

1 month ago   |   By Fortune

Good morning.
Some breaking news: The Business Roundtable, which represents the largest U.S. companies, is releasing a new statement of corporate purpose this morning, and scrapping its old one.
The old one, drafted in 1997, puts shareholders first, above all other corporate stakeholders. The new one, which is 300 words long and can be found here , doesn't mention shareholders until word 250. Before that, the group refers to creating “value for customers,” “investing in employees,” fostering “diversity and inclusion,” “dealing fairly and ethically with suppliers,” “supporting the...
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Top CEOs are reclaiming legitimacy by advancing a vision of what's good for America

1 month ago   |   By Washington Post

By disavowing shareholder primacy and embracing a broader vision of corporate purpose, a group of top chief executives has now enhanced political legitimacy.
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Group of top CEOs says maximizing shareholder profits no longer can be the primary goal of corporations

1 month ago   |   By Washington Post

The new statement, released Monday by the Business Roundtable - whose members are CEOs of America's largest companies - suggests balancing the needs of a company's various constituencies and comes at a time of widening income inequality, rising expectations for corporate behavior and proposals from Democratic lawmakers that aim to restructure American capitalism.
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America's CEOs Seek a New Purpose for the Corporation

America's CEOs Seek a New Purpose for the Corporation

1 month ago   |   By Fortune

For Milton Friedman, it was simple. “There is one and only one social responsibility of business,” the Nobel economist wrote in 1970: to “engage in activities designed to increase its profits.” Companies must obey the law. But beyond that, their job is to make money for shareholders.
And Friedman's view prevailed, at least in the United States. Over the following decades, “shareholder primacy” became conventional business wisdom. In 1997, the influential Business Roundtable , an association of the chief executive officers of nearly 200 of America's most prominent companies, enshrined the...
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