Many parts of the business world felt a seismic shift this past August, as the venerable Business Roundtable, a nonprofit group comprising CEOs of major U.S. corporations, released a new statement on the Purposes of Corporation, upending its previous position released more than two decades ago. Unfortunately, this sweeping new statement is long on platitudes and short on specifics.
In a nutshell, the new Roundtable statement contended that the success of numerous stakeholders in corporations was essential “for the future success of our companies,” and identified such stakeholders as employees, customers, suppliers, shareholders and communities.
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