From WSJopinion: I oppose 'stakeholder capitalism' because I don’t want American capitalists to play a larger role in defining and implementing the country’s political and social values, writes Vivek Ramaswamy
On August 19, 2019, Business Roundtable redefined its mission, pushing for CEOs to benefit stakeholders, as well as shareholders who own the company. Image: AP‘Stakeholder capitalism” is officially here. That’s the fashionable notion that companies should serve not only their shareholders, but also other interests and society at large.
Last month Airbnb’s leaders announced a new mandate that the company “benefit all our stakeholders over the long term,” including through tying executive compensation to the company’s social goals. The same week, BlackRock chief Larry Fink issued an open letter to CEOs explaining that companies his massive firm invests with will soon have to abide by the rules of a Sustainability Accounting Standards Board regarding climate change, labor practices...
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