Shareholders, welcome to Open Borders


#1

This story and accompanying press release is from 19th August, it’s notable somewhat for the timing and other aspects. Here is an example of the reporting.

A statement issued Monday by the Business Roundtable, a leading group representing CEOs that is chaired by JPMorgan Chase chief Jamie Dimon, puts shareholders on more equal footing with others that have an interest in a corporation—so-called stakeholders that includes workers, suppliers, customers and communities.

“Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity,” the statement reads.

https://www.cbsnews.com/news/top-ceos-say-it-should-no-longer-be-only-about-shareholder-value/

First, and correct me if I am wrong, but are these CEO’s essentially outing themselves as being in breech of their legal obligations to shareholders by favouring other parties they share no legal obligations? :thinking:

Second, it’s the timing that strikes me, pre-emptive damage limitation much? - “We know the markets are about to tank but we’re worth a lot more to you than mere stocks and you’ll thank us for sticking around and helping ye all through the thick and thin (sub-subtext: you can not live without us so get use to it)”

Thirdly, haven’t we seen this somewhere before? :ninja:

Full statement: https://opportunity.businessroundtable.org/wp-content/uploads/2019/08/BRT-Statement-on-the-Purpose-of-a-Corporation-with-Signatures.pdf