How Long Will This Last?
The CEOs of 200 companies have issued a new purpose for the corporation that gives shareholders a back seat. It’s heartwarming publicity but the proof will be in performance. Will it last only as long as the next stock meltdown and pressure from institutional investors? A CEO of a troubled company would be foolhardy to ignore the primacy of owners. It might cost the executive a job and a career. From a PR perspective, what the executives want to do is on the mark, but the world intrudes quickly, especially in an era when large shareholders have become activists about company performance. Will the CEOs get sustained board support for their new view? Time will tell. Pardon me if I’m skeptical that this pledge will be kept for the long term.
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