New Views On Corporate Purpose Miss The Mark

Law360 (November 26, 2019, 1:53 PM EST) -- Many parts of the business world felt a seismic shift this past August as the venerable Business Roundtable, a nonprofit group comprising CEOs of major U.S. corporations, released a new "Statement on the Purpose of a Corporation," upending its previous position released more than two decades ago.

Unfortunately, this sweeping new statement is long on platitudes and short on specifics.

In a nutshell, the new Business Roundtable statement contended that the success of numerous stakeholders in corporations was essential “for the future success of our companies,” and identified such stakeholders as employees, customers, suppliers, shareholders and communities.

Back in 1997, the Business Roundtable issued...

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