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A New Purpose for the Corporation
Photo by Jeenah Moon/Reuters via the Wall Street Journal
Photo by Jeenah Moon/Reuters via the Wall Street Journal
Offering an update of their statement on “the purpose of a corporation”, the Business Roundtable, an influential group of some of America’s top chief executives, noted that “we share a fundamental commitment to all of our stakeholders”—and not just their shareholders.
"The American dream is alive, but fraying," Business Roundtable chair Jamie Dimon (MBA 1982), said in a statement. "Major employers are investing in their workers and communities because they know it is the only way to be successful over the long term. These modernized principles reflect the business community’s unwavering commitment to continue to push for an economy that serves all Americans."
An article in Fortune details the discussion that led to this new statement of principles, which began with an examination led by Johnson & Johnson CEO Alex Gorsky, who noted it was a necessary undertaking because “people are asking fundamental questions about how well capitalism is serving society.” Dimon told the magazine that it is “an acknowledgment that business can do more to help the average American.”
HBS alumni members of the Business Roundtable also include Kewsong Lee (MBA 1990) of the Carlyle Group, Jim Robo (MBA 1988) of NextEra Energy, and Wendell Weeks (MBA 1987) of Corning.
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