March 07, 2024
The Hill
Five years ago, 181 CEOs signed a groundbreaking statement promising to lead their companies for the benefit of not just shareholders but also stakeholders — including customers, workers, suppliers, and the larger community.
While the pledge generated positive attention, it’s been the target of a major criticism: companies ultimately won’t do anything that undermines their own bottom lines. At the end of the day, CEOs have a fiduciary responsibility to their shareholders.
But, in Washington, the usual tension between social responsibility and shareholders’ interests has been momentarily suspended. In a high-stakes legislative fight, American corporations have the opportunity to support a law that would dramatically cut child poverty, while also substantially reducing their own tax burdens.
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