CEO Group Says Maximizing Shareholder Profits No Longer a Primary Goal

Labor News

In this 2014 file photo, JPMorgan Chase Chairman and CEO Jamie Dimon listens as President Barack Obama speaks to leading CEOs at the Business Roundtable headquarters in Washington. (Jacquelyn Martin/AP)

Reprinted from The Washington Post by Jena McGregor on August 19, 2019.

The organization representing the nation’s most powerful chief executives is rewriting how it views the purpose of a corporation, updating its decades-old endorsement of the theory that shareholders’ interests should come above all else.

The new statement, released Monday by the Business Roundtable, suggests balancing the needs of a company’s various constituencies and comes at a time of widening income inequality, rising expectations from the public for corporate behavior and proposals from Democratic lawmakers that aim to revamp or even restructure American capitalism.

“Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity,” reads the statement from the organization, which is chaired by JPMorgan Chase CEO Jamie Dimon. …

Washington Post 8/19

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