Top U.S. CEOs say companies should put social responsibility above profit | Rueters

Corporate America is responsible for providing economic benefits to all, not just its investors, the Business Roundtable group said on Monday.

The group’s “statement of corporate purpose” was signed by the heads of more than 180 U.S. companies, including the CEOs of Amazon.com Inc., American Airlines, the largest airline in the world; and JPMorgan Chase & Co., the biggest American bank.

Although largely symbolic, the group’s statement goes against a roughly 30-year viewpoint that corporations exist to serve shareholders. The statement comes amid calls for greater corporate responsibility from Democratic candidates for president and employee activists who want companies to take stances on issues outside of the corporate sphere.

Now it’s a matter of seeing if these companies stand by their words.

Source: https://www.reuters.com/article/us-jp-morgan-business-roundtable/top-u-s-ceos-say-companies-should-put-social-responsibility-above-profit-idUSKCN1V91EK