The Business Roundtable, an organization of leading U.S. corporate executives, last month issued a new version of its Statement on the Purpose of a Corporation.
The 181 chief executives who signed the statement, first issued in 1978 and updated periodically, “commit to lead their companies for the benefit of all stakeholders — customers, employees, suppliers, communities and shareholders,” according to a public announcement from the Business Roundtable.
Each version of the Statement on the Purpose of a Corporation issued since 1997 said corporations “exist principally to serve shareholders.” The newest version redefines that role.
The signers of the statement included seven Michigan-based executives:
- Whirlpool Corp. Chairman and CEO Marc Bitzer
- Steelcase Inc. President and CEO James Keane
- Stryker Corp. Chairman and CEO Kevin Lobo
- Ford Motor Co. President and CEO James Hackett
- General Motors Co. Chairman and CEO Mary Barra
- Dow Inc. CEO Jim Fitterling
- ITC Holdings Corp. President and CEO Linda Apsey
— Reported by Mark Sanchez