Business Roundtable today revised its “statement of purpose” to say companies exist to benefit customers, employees, suppliers and communities, not just stockholders.
Signed by 181 CEOs, the revamped code “outlines a modern standard for corporate responsibility” according to BR’s statement.
“Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity,” opens the new statement from the group which represents companies with more than $7T in annual revenues. “We believe the free-market system is the best means of generating good jobs, a strong and sustainable economy, innovation, a healthy environment and economy opportunity for all.”
Since 1977, each version of BR’s statement of purpose has “endorsed principles of shareholder primacy—that corporations exist to serve shareholders.”
Jamie Dimon, BR chairman and JPMorgan Chase chief, said the “modernized principles reflect the business community’s unwavering commitment to continue to push for an economy that serves all Americans."