“Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity.” - JD
Jamie Dimon and a who's who of big swinging d*cks (aka "The Business Roundtable") released a statement yesterday. The kind of statement that would have Gordon Gekko going full “Kyle” on some drywall. The blasphemy? Shareholders’ value is no longer the main objective of their companies *audible gasps*.
The Business Roundtable is a group of 181 CEOs from the biggest companies in the US. Led by JPMorgan’s CEO Jamie Dimon, this group includes other notable names such as Blackrock’s Larry Fink and Amazon’s own Jeffery Commerce. After failing to identify an actual leader the Roundtable just kinda said "f*ck it" and rescinded Wells Fargo's invite.
Since the late 80s, the focus of corporations has been to increase value for the shareholder. Known as shareholder primacy, the practice has often been criticized as requiring companies to focus on quarterly earnings results instead of building for the long term.
The latest statement from The Business Roundtable states that corporations have a responsibility to not only serve their investors, but also employees, customers, and society at large. That's f*cking deep, man.
Both Dimon and Fink have urged other CEOs to get involved in social causes and make political statements when it could serve the greater good.
Move Over, Shareholders: Top CEOs Say Companies Have Obligations to Society [WSJ]
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