Companies should focus on social responsibilities as well as profits, the Busine...
The statement marks the first time the nearly 50-year-old group has said shareholder value is not the No. 1 one priority. It comes at a time when companies are increasingly taking stances on issues outside of the corporate sphere due to pressure from activists amplified over social media and calls from their own employees.
“This new statement better reflects the way corporations can and should operate today,” Johnson & Johnson Chief Executive Officer Alex Gorsky said in a news release. “It affirms the essential role corporations can play in improving our society when CEOs are truly committed to meeting the needs of all stakeholders.”
The statement outlines five priorities, including commitments to invest in employees by providing fair wages and “important benefits,” support communities where they operate and dealing ethically with suppliers.
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