In 2019, 181 of America’s top CEOs made a bold, collective statement to the world: A company’s purpose had to be more than just making a return for its investors. This powerful group argued that there are other stakeholders in the equation that companies need to be answerable to, including customers, employees, suppliers, and the communities these companies serve. This statement flew in the face of the long-running capitalist mantra of maximizing shareholder value, and many experts argued that it was about time.
Being the CEO of a publicly traded company today is a whole different ball game than what it was even two decades ago. Consumer activism is far more prevalent today thanks to access to social media. One study estimates that about 38% of all Americans boycott at least one company at any given point in time, with the number of boycotters growing double digits annually. The Fairtrade movement, which ensures that suppliers such as farmers get paid fairly, has been…
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Source : fastcompany.com
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