The US Business Roundtable, which represents the chief executives of 192 large US companies, including Bank of America, JPMorgan, Morgan Stanley, Citi, Wells Fargo and several other large financial firms, released a new ‘Statement of purpose of a corporation’ in August. It has ruffled quite a few feathers.
The Roundtable’s new statement now reads: “Business leaders should commit to balancing the needs of shareholders with customers, employees, suppliers and local communities,” as opposed to its former statement from 1997 that said: “The principal objective of a business enterprise is to generate economic returns to its owners.
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