The latest wave of corporate virtue signaling should not be taken as a sign that a new era of stakeholder capitalism is upon us. On the contrary, corporate leaders are feeling public pressure and seeking to position themselves as part of the solution to problems that they caused.
CAMBRIDGE – ExxonMobil recently announced a five-year plan to reduce greenhouse-gas emissions and is pumping out ads proclaiming its commitment to a green future. Tobacco giant Philip Morris is touting its plans to help smokers quit. Facebook is calling for new internet regulations. And these moves come less than two years after the Business Roundtable, representing the CEOs of America’s largest corporations, issued a statement calling for business to serve all stakeholders.
CAMBRIDGE – ExxonMobil recently announced a five-year plan to reduce greenhouse-gas emissions and is pumping out ads proclaiming its commitment to a green future. Tobacco giant Philip Morris is touting its plans to help smokers quit. Facebook is calling for new internet regulations. And these moves come less than two years after the Business Roundtable, representing the CEOs of America’s largest corporations, issued a statement calling for business to serve all stakeholders.