Hints and tips:
...Recommended reading ESG must learn from the tech bubble — returns matter (FT opinion) More corporations announce climate change goals, but are they moving fast enough?...
...Ever since the US Business Roundtable (BRT) published its revised statement on the purpose of a corporation in August 2019 the discussion around the topic has taken on a new urgency....
...So said Johnson & Johnson CEO Alex Gorsky, who led the drafting of the BRT’s groundbreaking statement on stakeholder value....
...But supporters of the benefit corporation movement are not letting them off the hook. And the BRT companies are no longer just ignoring — or laughing off — their requests....
...In that case, this week’s BRT announcement may seem prescient....
...“If you take a fair look at what America’s major corporations have been doing [during the pandemic], the record is strong.”...
...Other BRT members such as Marriott, which laid off thousands, have drawn similar criticism....
...Shortly after the BRT came out with its statement, B-Lab, an organisation that administers B-Corp certifications, called for BRT executives to put up or shut up if they were serious about making capitalism...
...After Moral Money colleagues reported that BRT members’ pledges have been met with scepticism, a new report funded by the Ford Foundation said the BRT statement “has failed to deliver fundamental shifts...
...Jamie Dimon was the face of the BRT pledge and now he does not want to report on these vital matters. These times call for an end to virtue-signalling....
...Today we have: What has changed in the year since the Business Roundtable redefined the purpose of a corporation?...
...With this week marking the one-year anniversary of the BRT statement, the Financial Times did a deep dive into what has actually changed and found little evidence of a stakeholder revolution taking hold....
...When the US Business Roundtable recast its statement on the “purpose of a corporation” in August, the Financial Times cautiously endorsed the shift from shareholder primacy to a broader commitment to all...
...“When reading a corporation’s sustainability report and then comparing it to its risk disclosures — or worse, its media coverage — we might as well be reading about entirely distinct companies.”...
...For Luigi Zingales, the Chicago Booth professor, the BRT’s effort was “at best misleading marketing, at worst a dangerous power grab”....
...In August, the Business Roundtable, the influential US business group, amended its two decade-old declaration that “corporations exist principally to serve their shareholders”....
...Is that essentially what you think the BRT and American corporations should be adopting?...
...The Business Roundtable, a lobbying group representing the US’s blue-chip corporations, presented the proposals on Wednesday, as Washington grapples with a new fiscal crisis over the need to raise the country...
...and a top BRT official....
...The Business Roundtable, a lobbying group representing the US’s blue-chip corporations, said in its “Taking Action on Energy” report that uncertainty over energy policy was hampering investment in everything...
...Since 2007, a Metrobus (BRT) system has been operating at full capacity along a dedicated lane crossing the Bosphorus Bridge....
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