Nearly 200 CEOs from the country's largest companies announced Monday that shareholder value is no longer their top priority, instead placing a greater focus on an "economy that serves all Americans."
In a statement on "The Purpose of a Corporation" by Business Roundtable — a group made up of more than 180 leaders from companies including Apple, Amazon, Walmart, Pepsi, and more — the executives said they share "a fundamental commitment to all of our stakeholders."
"Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity. We believe the free-market system is the best means of generating good jobs, a strong and sustainable economy, innovation, a healthy environment and economic opportunity for all," the statement reads.
Over the last 40 years, the group has issued various documents on the principles of corporate governance, with an emphasis on serving shareholders and maximizing profits, but this new statement supersedes that notion, setting the standard for modern corporate responsibility.
"The American dream is alive, but fraying," Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co. and Chairman of Business Roundtable, said in a statement. "Major employers are investing in their workers and communities because they know it is the only way to be successful over the long term. These modernized principles reflect the business community's unwavering commitment to continue to push for an economy that serves all Americans."
Alex Gorsky, Chairman of the Board and Chief Executive Officer of Johnson & Johnson, mirrored those sentiments, saying the statement "reflects the way corporations can and should operate."
Tricia Griffith, President and CEO of Progressive Corporation, said that the best-run companies "do more" than simply generate profit for shareholders by investing in their employees and communities and putting the customer first. "it's the most promising way to build long-term value," she added.
While the goals of the statement are admirable, critics are highly skeptical of the corporations' motives and doubtful they'll actually follow through.
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In an op-ed published by Crain's Chicago Business, columnist Joe Cahill argues these "busy corporate leaders" are likely only adding these new obligations to their "already-full plates" for political reasons
"CEOs face a rising tide of public discontent over a world economic system that many consider skewed to favor multinational corporations over ordinary citizens and communities," Cahill wrote.
"They've seen that tide of resentment put Donald Trump in the White House, where he's pursued policies that threaten international trade flows essential to global companies. And they're hearing Democratic presidential contenders call for more government intervention in markets.
"Income inequality and the widening pay disparities between CEOs and average workers fan the flames, while episodes like the Boeing 737 Max tragedies and Facebook's manipulations of private information reinforce impressions that companies care only about profits," he added.
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Others criticized the fact that Business Roundtable merely released a statement rather than making any real changes.
"Voluntary pledges didn't end child labor, sweatshops, 18-hour workdays, elderly penury, noxious air, poisoned rivers, toxic financial products or much besides," Anand Giridharadas, author of "Winners Take All: The Elite Charade of Changing the World," wrote on Twitter. "Why do we trust them to end an age of corporate greed and vast inequality?"
"It would be one thing if they said we're endorsing having the Delaware courts change this particular legal doctrine, or we're endorsing a bill in Congress," Walter Olson, a senior fellow at the libertarian Cato Institute, told the New York Post. "It's not really clear whether they're intending to replace any part of the system or do the same things are before, but … smile more."
Let's hope these business leaders put their money where their mouth is.
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Say hello to my little friend...literally.
TikTok shocked by 15-year-old unhinged viral clip of kids performing Scarface in school play
Think about the most outrageous film that could be adapted to the stage. Now, imagine the cast of that theatrical production is entirely children, ranging in age from 7 to 10. Now, film it and let the world react.
That’s what director Marc Klasfeld had in mind when he held auditions with professional child actors for a shocking video, meant to look like an elementary school production of the cult film-favorite Scarface. In a now 15-year-old interview with Entertainment Weekly, when asked why he thought this was a good idea, Klasfeld admits, "I thought this would be a nice fit into the kind of YouTube arena of viral videos. And I was right."
The result? Kids yelling “mother-fudger,” piles of popcorn meant to look like cocaine, and outrageous, lengthy scenes of children pointing Super Soakers at one another.
Marc, mostly known as an accomplished commercial and music video director, later adds, "I enjoy making provocative art. I like stirring debate and causing conversation. You're going to get two sides of the coin no matter what you do. People are going to love and hate everything. People loved and hated Avatar. People loved and hated the Jennifer Aniston movie. And people love and hate this. I guess that's a part of having something that's successful out there. There’s got to be certain people that hate it for people to love it."
Once they got their perfect cast, it didn’t take long to put together. He shares, "It was a one-take, so it was pretty much just choosing the right take. About a month altogether."
People sure did react, as it acquired millions of views and comments from all over the Internet. Some were horrified, some were outraged, and many thought it was the funniest thing they'd ever seen. But Marc emphasizes that the kids in the video were not scandalized. "They’ve heard the f-word. They’ve seen more violence in their everyday lives for as long as they can remember. So for this, they’ve seen worse things than this all the time. So this wasn’t that big of a deal for them."
Enter TikTok. The clip (which just popped up again recently on Facebook) was reposted a few years back, and, once again, the comments continue to run the gamut from indignation to full praise. One TikTok user exclaimed, "Bro, I can’t even remember my grocery list, how the fudge did these kids memorize this whole scene lol?"
Others expressed confusion: "I'm not sure whether to be angry or amazed." Some chose anger: "Just imagine, you know these kids watched the movie to get the characters right. And the parents cheering? Yeah, yeah."
Many commenters believed it was a real school play and commended the production for "keepin' it real": "That school keeps it real. Nowadays, kids know so much about guns and drugs, might as well teach them that bad choices don’t end well."
Yet another enjoyed it but was concerned that the parents of the children would not. "Love the tray full of popcorn. But my God, I would hate to see the hell these parents probably raised."
For the most part, the reviews were glowing. Many complimented the acting, and one claimed they definitely would have "preferred this play over their own school production of Macbeth."
And perhaps the biggest compliment? "Al Pacino will be proud."