"The Global Financial Crisis has spawned an industry of analysis and calls for reform. While the forces that shaped the GFC had been emerging long before 2008, we see the GFC as a perfect storm that woke us up to the flaws in the way that we think about business. We believe that the GFC will be seen as a historical turning point in how we think about business and its role in society."
The Power of AND, R. Edward Freeman, Kirsten E. Martin, & Bidhan L. Parmar
Even the Business Roundtable, an organization of about two hundred CEOs of the largest U.S. companies, has affirmed the idea that the old narrative of business is incomplete. Traditionally, the Roundtable had been firmly behind a 'shareholder-centric" view of business. More recently, in August 2019, they issued a statement that said:
While each of our companies serves its own corporate purpose, we share a fundamental commitment to all of our stakeholders. We commit to:
* Delivering value to our customers. We will further the tradition of American companies leading the way in meeting or exceeding customer expectations.
* Invest in our employees. This starts with compensating them fairly and providing important benefits. It also includes supporting them through training and education that help develop new skills for a rapidly changing world. We foster diversity and inclusion, dignity, and respect.
* Dealing fairly and ethically with our suppliers. We are dedicated to serving as good partners to other companies, large and small, that help us meet our missions.
* Supporting the communities in which we work. We respect the people in our communities and protect the environment by embracing sustainable practices across our businesses.
* Generating long-term value for shareholders, who provide the capital that allows companies to invest, grow, and innovate. We are committed to transparency and effective engagement with shareholders.
* Each of our stakeholders is essential. We commit to deliver value, for the future success of our companies, our communities, and our country.
Hat Tip ~ The Power of AND ~ R. Edward Freeman
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