What role should investors play in urging business leaders to take ESG issues more seriously? 🎧
BRIAN KENNY: On October 13th, 1972, the CEOs of General Electric, US Steel, and Alcoa announced the establishment of the Business Roundtable. A group comprised entirely of CEOs of large corporations, whose purpose was to promote a thriving U.S. economy and expanded opportunities for all Americans through sound public policies. It was pretty clear from the get go that those policies would by and large support the interests of business.
BRIAN KENNY: The advice that he’s giving in these letters is not financial advice. It’s not operational advice. It’s not necessarily what you might think you would get from your largest investor about how to run your business better, necessarily. What are some of the things that he’s saying and why might it make people anxious or a little confused?
BRIAN KENNY: Yeah. And we’re hearing a lot about this. This is one example, but it’s in the air. I mean this notion of the role of business and society, how should business be thinking about what they can do to solve big, complicated problems. We talk about it a lot at Harvard Business School. So Larry is sort of tapping into this theme, kind like the Business Roundtable did that I mentioned in the introduction.
BRIAN KENNY: And the case talks about activist investors. We’ve heard about activist investors, they are a disruptive force within industries, but that’s kind of their purpose, right? BRIAN KENNY: You’ve been on the show a couple of times before. And we’ve, I think in each instance, we’ve talked about ESG quite a bit. That’s something that you study deeply, and that is a theme that recurs in a lot of your cases.
BRIAN KENNY: I’m wondering if there are leaders of other firms, other asset management firms who have taken an approach similar to what Larry’s done. BRIAN KENNY: So, you can have too much purpose at the expense of profit or too much profit at the expense of purpose? I’m just trying to-GEORGE SERAFEIM: Absolutely. And it can be a balancing act.
GEORGE SERAFEIM: And that’s why I put it on the title, Brian, which is “Purpose and Profit.” Because the fundamental idea is the following that if you’re actually trying to have more positive impact on the world by driving your purpose, that is not sustainable from the perspective of durability or scalable, if it’s not profitable. The way that you’re actually having more positive impact on the world is when you’re creating solutions that are durable over time.
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