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American companies: "Let us no longer be led by shareholders"

2019-08-19T18:04:51.885Z

Large American companies are no longer guided by making a profit for shareholders. Representatives of the largest companies in the United States write this in a statement on the website of business club Business Roundtable.


Large American companies are no longer guided by making a profit for shareholders. Representatives of the largest companies in the United States write this in a statement on the website of business club Business Roundtable.

Instead of focusing primarily on shareholders, companies should look at all stakeholders, including employees, customers and society as a whole.

It is a considerable change from the previous motto of the business club. Until now the motto was a quote from the American economist Milton Friedman: "The only duty of a company is to create maximum value for the shareholders."

Among the signatories of the renewed manifesto are CEOs such as Tim Cook (Apple), Jeff Bezos (Amazon) and James Quincy (Coca-Cola).

"The American dream is still alive, but waning," writes Jamie Dimon, CEO of bank JP Morgan Chase and chairman of Business Roundtable. "Large employers invest in their employees and the community, because it is the only way to be successful in the longer term."

Source: nunl

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