Joining co-hosts: Dennis McCuistion and Jim Falk are:
- C. Keith Cargill: President/ CEO Texas Capital Bank, and
- Raj Sisodia, PhD: Olin Distinguished Professor of Global Business, Babson College; Co Author of Conscious Capitalism, and Co- Founder of the Conscious Capitalism Movement.
The Business Roundtable (BRT), which includes CEO’s of some of the largest companies in America recently revised their definition of the purpose of a corporation.
For the first time in the history of BRT, the major focus is not just on profitability as embodied by Nobel economist Milton Freidman, who believed, “… there is one and only one social responsibility of business, to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in fair competition without deception or fraud.”
And for over 47 years the Business Roundtable, an association of CEOs of 193 companies with over $7 trillion in revenue and almost 15 million employees, followed his advice. Shareholder primacy was first and foremost for most American businesses.
The new purpose, signed by 181 of their members declares that its “new” purpose is to:
Deliver value to our customers.
Invest in our employees.
Deal fairly and ethically with our suppliers.
And finally to, support the communities in which we work and generate long-term value for shareholders.
While this may be a smart move on the part of the BRT members, as today’s consumers want to buy from companies that reflect their business values, there are some who remain skeptical.
Our guests believe that while it may be challenging to accomplish these promises quickly, to compete and be effective and serve clients, a culture of respect, collaboration, engagement and passion for the mission of the company is crucial. It’s also necessary as more companies want to attract millennial talent. And millennials want to do business with companies that have purpose, a social conscience and practice social responsibility.
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Niki McCuistion, CSP
Co-founder/ Executive Producer
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