Washington, D.C., August 19, 2019 —The Council of Institutional Investors (CII) today expressed concern on a new Business Roundtable (BRT) statement on the purpose of a corporation. companies should serve not only their shareholders, but also deliver value to their customers, invest in employees, deal fairly with suppliers and support the communities in which they operate. Corporation Purpose Business Roundtable “Statement on the Purpose of a Corporation” Proposes New Paradigm. As the world has faced the COVID-19 pandemic, we’ve been committed to supporting the many stakeholders we serve during this unprecedented time. It all starts with investing in colleagues who are valued for the role they play in supporting veterinarians, pet owners and food producers in keeping animals healthy. What is the purpose of a corporation? in monetary donations for COVID-19-related response efforts. The Business Roundtable elevated customers, suppliers, and communities to the same level as shareholders in a “modernized” statement on the purpose of corporations.One hundred and eighty one CEOs signed the statement, including BlackRock’s Larry Fink and Vanguard’s Mortimer Buckley. Business Roundtable companies have invested in workers, taken a leading role in fighting the pandemic, and supported the communities where they serve. WBA, through our purpose to help people across the world lead healthier and happier lives, has been called upon as never before to respond to this public health crisis in partnership with our many stakeholders. We’ve … Energy companies have vowed to keep power on for customers who are unable to pay. Vistra Corp. embraces its obligation to be part of the solution whether that be related to social equity, climate change, pandemic or another important issue. US Business Roundtable statement on the Purpose of a Corporation. When the COVID-19 pandemic hit, we knew we needed to be there for the tens of millions of people around the world who count on us for financial security and support – everyone from our employees and customers to our communities and shareholders. The Statement will not only affect corporate purposes generally, but also have a very uncertain impact on the fiduciary obligations of the board of directors. We’ve made progress but we know that there is more work to do. As a signatory and in the spirit of the Business Roundtable’s ‘Purpose of a Corporation’ statement, we continue to be focused on our commitment to caring for people and communities around the world, and creating better communities through health and wellness. Earlier this year the members of the Business Roundtable (BRT), 181 U.S. CEOs, released a statement that redefines the purpose of a corporation.. President and CEO, The U.S. Chamber of Commerce supports every effort to preserve, strengthen, and expand the American dream, and put it within the reach of every child, family, worker, and entrepreneur. Pfizer Inc. believes there is a misconception that what is good for patients and what is good for shareholders are fundamentally at odds. With these concerns in mind, Business Roundtable is modernizing its principles on the role of a corporation. Roundtable CEOs are helping workers adjust to the rapid pace of change in the economy while working to revitalize local economies and ensure more inclusive prosperity. The Business Roundtable, a large group of top CEOs, recently issued a statement defining the purpose of the corporation in stakeholder terms, a direct and intended reversal from an earlier statement that defined the duty of directors as serving the interests of stockholders. Business Roundtable CEOs Reflect on the Anniversary of the Updated Statement on the Purpose of a Corporation, Promoting Responsible Shareholder Engagement. Companies have retooled operations to fill critical medical supply shortages, while others are at the forefront of efforts to develop a COVID-19 vaccine. It was hard to envision then how much the world would change in just one year. From our founding, our work at AES has always had a deeper meaning. One hundred and eighty one CEOs signed the statement, including BlackRock’s Larry Fink and Vanguard’s Mortimer Buckley. These standards not only promote integrity and accountability for investors, they are paramount to advancing the long-term economic interests of America’s workers, families and communities. It’s how we make a positive impact in the world. I've detected at least three lines of thought in response to the Business Roundtable's decision to update its "Statement on the Purpose of a Corporation." Washington, D.C., August 19, 2019 —The Council of Institutional Investors (CII) today expressed concern on a new Business Roundtable (BRT) statement on the purpose of a corporation. Living up to the values laid out in Business Roundtable’s Purpose of a Corporation statement is more important and relevant than ever. On Monday 19th August 2019, the Business Roundtable published a new Statement on the Purpose of a Corporation signed by 181 CEOs who commit to lead their companies for the benefit of all stakeholders – customers, employees, suppliers, communities and shareholders. Business Roundtable is an association of chief executive officers of America’s leading companies working to promote a thriving U.S. economy and expanded opportunity for all Americans through sound public policy. Business Roundtable promotes a thriving U.S. economy and expanded opportunities for all Americans through sound public policies. For more than 90 years, McKinsey has sought to help create positive, enduring change in the world, by putting clients’ long-term interests first, and cultivating an environment where talent of all backgrounds can thrive and contribute to issues that matter. U.S. corporations play a vital role in American society as engines of creativity, innovation and economic opportunity. Then again, it could turn out to be the most uplifting. That commitment starts with continuing to reliably deliver the energy that powers our customers and surrounding communities while ensuring the safety of our people and their families. It establishes that corporations, whose products and actions touch so many people, have both the opportunity and the responsibility to act on behalf of all stakeholders to not only grow earnings but improve lives. And as always, they remained focused on our members’ well-being at a time of great need. Business Roundtable CEOs reflect on the significance of the Statement on the Purpose of a Corporation and share how they have taken action the past year. Many are giving generously to support their communities. The statement undercuts notions of managerial accountability to shareholders, in CII’s view. “I welcome this thoughtful statement by Business Roundtable CEOs on the Purpose of a Corporation. This is a journey Deloitte has been on for years. Then again, it could turn out to be the most uplifting. Every day at BCG we seek to live our purpose – unlocking the potential of those who advance the world. Auto insurers are issuing premium rebates and credits back to their customers. Business Roundtable CEOs are using their collective voice to advocate for policies that affect their employees, customers, suppliers and communities, most recently, calling on Congress to find common ground on police reform. They have raised wages and delivered bonuses to frontline workers. The long-term success of these companies and the U.S. economy depends on businesses investing in the economic security of their employees and the communities in which they operate. CEO, The COVID-19 pandemic has underscored the need for American businesses to lead with purpose, leveraging sustainable and inclusive business practices to address the broader needs of all citizens. President and CEO, By taking a broader, more complete view of corporate purpose, boards can focus on creating long-term value, better serving everyone – investors, employees, communities, suppliers and customers.” The new Business Roundtable Statement on the Purpose of a Corporation has received a great deal of support, as well as questions and criticisms. S&P Global recognizes the importance of data and analytics on the changing economic environment and critical supply chains and is providing complimentary access to research, reports and tools. In its place, the CEOs of Business Roundtable adopted a new Statement on the Purpose of a Corporation declaring that companies should serve not only their shareholders, but also deliver value to their customers, invest in employees, deal fairly with suppliers and support the communities in which they operate. The corporate response to the global pandemic—from protecting and supporting employees, to serving customers and communities, to directly addressing the impact on public health—underscores the critical role companies can play in service to their stakeholders. At CBRE, we used the Purpose to guide our response to both crises. Business Roundtable’s “Statement on the Purpose of a Corporation” (1997) The Business Roundtable is recognized as an authoritative voice on matters affecting large corporations and, as such, is keenly interested in a proper understanding of the purpose of corporate governance. The commitment made by some of our nation’s foremost business leaders to serve all of an organization’s stakeholders has become more important than ever. Business Roundtable is a group of nearly 200 CEOs representing the largest U.S. companies. I'm so pleased that the Business Roundtable boldly reframed the essential nature of corporate purpose a year ago, and I’m proud to have joined more than 180 CEOs in stating our commitment. ITC Holdings Corp. continues to keep reliable power flowing to providers of heath care, telecommunications, other essential services and households. Business Roundtable is recognized as a leading, authoritative voice on effective corporate governance. Walgreens Boots Alliance, Inc. McKinsey was proud last year to join the Business Roundtable's Statement on the Purpose of the Corporation. As the global leader in animal health, our business purpose is very much a social purpose at Zoetis. To achieve this goal, our corporations need leadership teams with the broadest and deepest perspectives and backgrounds. America’s CEOs remain steadfast in our commitment to pursue economic prosperity and expanded opportunity for our employees, customers and the communities we serve. Business Roundtable that have addressed corporate gover-nance issues include The Business Roundtable’s statement on Corporate Governance and American Competitiveness (March, 1990), Statement on Corporate Responsibility (October, 1981) and The Role and Composition of the Board of Directors of the Large Publicly Owned Corporation (January, 1978). As business leaders representing every sector of the American economy, Business Roundtable CEOs are committed to upholding the highest standards of corporate governance. I was proud to be among the CEOs to sign the Business Roundtable Statement on the Purpose of a Corporation. That’s up to the 181 CEOs, members of Business Roundtable (BRT), who released their new “Statement on the Purpose of a Corporation” this week. Business Roundtable CEOs are committed to doing their part to listen, learn and use collective influence and scale to advance racial justice and equal opportunity for all Americans. Billion America’s largest employers are taking action to protect their employees and customers, while delivering for the nation under tough circumstances with a dedicated workforce. The new Business Roundtable Statement on the Purpose of a Corporation has received a great deal of support, as well as questions and criticisms. Leadership in Action. Business Roundtable CEOs have also been using their influence to press policymakers for assistance to individuals and small businesses hard-hit by the crisis. Business Roundtable CEOs are contributing resources, creativity and innovations to help meet unprecedented challenges facing the country. The Statement purports to redefine the purpose of a corporation as a commitment to all of its stakeholders, including customers, employees, suppliers, communities and, finally, shareholders. the nation’s companies have held to their commitment and risen to the challenge. Some of us are doing so while simultaneously advancing science in an effort to help bring an end to the pandemic. The Business Roundtable (BRT), the CEO association of almost 200 of America’s most prominent companies, on Aug. 19, 2019, announced in its new Statement on the Purpose of a Corporation a renewed commitment to its customers, employees, suppliers, … Statement on the Purpose of a Corporation Americans deserve an economy that allows each person to succeed through hard work and creativity and to … previous BRT 4commitments, including the 2019 Statement on the Purpose of a Corporation, which “have fallen short of the promise” 5 and appeared to be only thinly veiled publicity stunts, 6 your new commitments may not translate into action. Since 1978, Business Roundtable has periodically issued Principles of Corporate Governance that include language on the purpose of a corporation. US Business Roundtable statement on the Purpose of a Corporation. Creating long-term shareholder value is a top responsibility and focus for CEOs. in financial commitments for racial equity and justice efforts, Business Roundtable CEOs are using their collective voice to advocate for policies that affect their employees, customers, suppliers and communities, Promoting Responsible Shareholder Engagement, Statement on the Purpose of a Corporation, calling on Congress to find common ground on police reform. I signed as a promise of accountability for a future we intend to build together. in financial commitments for racial equity and justice efforts. Business Roundtable Statement on the Purpose of a Corporation Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity. When the Business Roundtable updated its Statement on the Purpose of a Corporation a year ago this week, its members surely didn’t anticipate a global pandemic, a recession of historic proportions and a movement for racial justice becoming mainstream. CBRE created a COVID-19 Relief Fund with company and employee contributions to support employees facing hardship and local communities. Verisk Analytics strives to provide customers with continuous innovation over a long period of time. Million Statement on the Purpose of a Corporation Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity. Business Roundtable is a group of nearly 200 CEOs representing the largest U.S. companies. Through our Principles of Corporate Governance, the Roundtable has for decades provided public companies with modern guidance and best practices to uphold high ethical standards and deliver long-term economic value. As a result, we see the principles enshrined in the BRT's statement as even more relevant - and urgent - than they were when crafted twelve months ago. The AES Corporation. Companies have powerfully demonstrated their commitment to work for the benefit of all stakeholders through the current crises. The Business Roundtable has ... in which the group representing nearly 200 chief executives of large companies updated how it views the purpose of a corporation. International Paper is addressing a critical community need by providing boxes to food banks, which have experienced a tremendous spike in demand during the pandemic. There has been a great deal of media attention on the political impact of the Statement of Purpose – which maintains a company has obligations to customers, employees, suppliers and communities in addition to shareholders – but Business Roundtable companies have invested in workers, taken a leading role in fighting the pandemic, and supported the communities where they serve. In recent weeks, as the nation reckons with racial inequity injustices, CEOs are making new commitments to ensure diversity in their companies. Statement on the Purpose of a Corporation Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity. Statement on the Purpose of a Corporation. Roundtable-1997.pdf. The Business Roundtable’s Statement on the Purpose of a Corporation, especially the increased emphasis on commitment to communities, was very well timed. The Business Roundtable’s Statement on the Purpose of a Corporation, especially the increased emphasis on commitment to communities, was very well timed. Just six months ago, the Business Roundtable, a group of CEOs from 181 leading US companies, said it was re-defining the purpose of the corporation for the benefit of not just shareholders, but also communities, employees, suppliers, and customers. We do this through our work on critical global challenges—such as COVID-19, climate, racial equity and justice, education and health—and by working to improve ourselves, including on diversity and our climate footprint. Corporations provide opportunity and financial security to millions of Americans. Energy companies have vowed to keep power on for customers who are unable to pay. President and CEO, Like so many others, we believe that corporations can - and must - support and deliver for all of the stakeholders who engage with private enterprise: customers, business partners, shareholders, employees and the community at-large. We joined the Business Roundtable and other like-minded organizations in signing the Purpose of a Corporation in 2019 to demonstrate our belief in having a positive impact on all of our stakeholders. We believe the free-market system is the best means of generating good jobs, a strong and sustainable economy, innovation, a One year later – through a period of unprecedented crises – companies have demonstrated a commitment to the values embedded in the Statement. There's … This is our opportunity to show that business can be a force of good by leading the way to a better, stronger, post-pandemic future. CEO, They are helping local communities address economic and racial inequality, establishing multimillion-dollar scholarship programs for college-bound Black students and promising recipients full-time jobs, and committing millions of dollars to support Black and minority-owned U.S. businesses. The new Business Roundtable Statement on the Purpose of a Corporation has received a great deal of support, as well as questions and criticisms. On August 19, 2019, 181 CEOs of America’s largest corporations overturned a 22-year-old policy statement that defined a corporation’s principal purpose as maximizing shareholder return. CBRE Group, Inc. On the one-year anniversary of the historic reconsideration of the Business Roundtable’s purpose of a corporation, we’re excited to be part of a broader movement in American business that shares the same principles that have been part of Delta’s culture since our founding 95 years ago – the idea that putting people before profits is, in fact, in the best interests of our planet, our communities, our employees, and our shareholders. Together, we will emerge from this crisis stronger than ever. Business Roundtable 1. On Monday, Business Roundtable released a “Statement on the Purpose of a Corporation.” The Purpose Statement represents a bold vision of the 21st Century corporation and highlights the signatories’ commitment to all their stakeholders, which they divide into five categories: customers, employees, suppliers, communities and long-term value creation for shareholders. USAA. President and CEO, Breaking with decades of long-held corporate orthodoxy, the Business Roundtable issued a statement on “the purpose of a corporation,” arguing that companies should no … Mattel. Then we created special pandemic-relief programs to give members financial breathing room while we boosted our philanthropy to provide more help for military families and the communities where we work and live. Concurrent health, economic and racial crises have made clear how various systems are connected – and that multi-stakeholder capitalism is the answer to addressing our challenges holistically. Companies have retooled operations to fill critical medical supply shortages, while others are at the forefront of efforts to develop a COVID-19 vaccine. The Business Roundtable Statement on the Purpose of a Corporation is below and the full list of signatories is available here. We’ve welcomed the debate and the opportunity to engage both supporters and critics. In the months that followed the release of our Statement, Business Roundtable CEOs took action to invest in worker training and education, raise wages, support new employee health and wellness benefits, promote more sustainable businesses and give back to the communities they serve. ... Business Roundtable CEOs Reflect on the Anniversary of the Updated Statement on the Purpose of a Corporation. The challenges our country has faced the past year have tested us as individuals, families, businesses and communities. READ MORE. During a time of tremendous challenge, Business Roundtable CEOs have shown what it means to live the principles we announced almost a year ago. On Monday 19th August 2019, the Business Roundtable published a new Statement on the Purpose of a Corporation signed by 181 CEOs who commit to lead their companies for the benefit of all stakeholders – customers, employees, suppliers, communities and shareholders. Zoetis starts by investing in employees who are valued for their support of veterinarians, pet owners and food producers. Business Roundtable Redefines the Purpose of a Corporation to Promote ‘An Economy That Serves All Americans’ AUG 19, 2019 Updated Statement Moves Away from Shareholder Primacy, Includes Commitment to All Stakeholders WASHINGTON – Business Roundtable today announced the release of a new Statement on the Purpose of a Corporation Today, Business Roundtable — an association of CEOs of the US’ leading companies, working to promote a thriving US economy and expanded opportunity for all Americans through sound public policy — released a new Statement on the Purpose of a Corporation.The statement was signed by 181 CEOs committing to lead their companies for the benefit of all stakeholders — customers, … As engines of creativity, innovation and economic opportunity animal health, our work AES. 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