Corporate Citizens Must Become Global Catalysts
Since the advent of the modern firm, businesses have had to contend with a fundamental paradox: society needs large organizations to solve complex collective problems, but also fears centralized authority and decision-making. It is the latest incarnation of this paradox that is now driving large firms to move beyond the "shareholder first" mantra.
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GENEVA – By last month, 183 corporate CEOs signed on to a statement affirming their commitment to move beyond the “shareholder first” mantra to account for the interests of all stakeholders, including employees, customers, suppliers, and communities – many responded with skepticism. But dismissing the statement by the US Business Roundtable as a mere public-relations stunt fails to recognize the fierce headwinds businesses are facing – and their proven capacity for adaptation.