| Today’s crises are prompting leaders to rethink how business gets done. |
Shareholder primacy is dead. How does the business sector rethink purpose? |
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BUSINESS & MARKETS VIDEO (7 MIN) Putting Corporate Purpose Into Action How should businesses respond to a world reeling from multiple catastrophic crises? Before the problems of 2020 hit, the Business Roundtable, composed of CEOs from America’s leading companies, redefined the purpose of a corporation. In August of 2019, they did away with a focus on shareholder primacy and instead committed to a free market economy that serves all Americans. It was a bold declaration that reverberated across the business world. With today’s situation, how have things changed? Joshua Bolten, president and CEO of the Business Roundtable, talks with Judy Samuelson, executive director of the Aspen Institute Business and Society Program. Watch. |
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CORPORATE LEADERSHIP ARTICLE (10 MIN READ) Corporate Leadership In Turbulent Times This pivotal year is laying bare inadequacies in American systems, including in the business sector. Business as usual is no longer sufficient, so many in the private sector are reimagining their roles. One such leader is Lata Reddy. She’s senior vice president of inclusive solutions at Prudential Financial and chair of the Prudential Foundation. She helps harness the power of capital markets to drive financial and social mobility. How is one of the oldest and largest US companies facing structural racism head on? What lessons can we learn from leadership during turbulent times? We caught up with Reddy as she reflects on how Prudential sees its role in driving systems change. Reddy is a Fellow in the third class of the Aspen Institute-New Schools Fellowship and a member of the Aspen Global Leadership Network. |
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| Read more about corporate purpose and the anniversary of 9/11. |
| | Economic System Change Is Imperative September 13 On Sunday — 50 years after Milton Friedman’s doctrine was published in The New York Times — tens of thousands of businesses across the world will call for a reset of the global economic system. The action will be taken in support of Imperative 21’s RESET campaign, which calls for the creation of a more just economy: designed for interdependence, invested in justice, and accountable to stakeholders, not shareholders. Imperative 21, which is a business-led network of coalitions, is an Aspen Institute friend and partner. Access their activation kit and watch their video. |
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| | Stakeholder Capitalism vs. Milton Friedman September 15 Fifty years ago economist Milton Friedman published his doctrine which emphasized the importance of maximizing value for shareholders. It quickly became accepted wisdom in the business world. Last year, the Business Roundtable challenged it with an updated statement on the Purpose of a Corporation. Darren Walker and James Stewart examine how fresh approaches could forge a new inclusive future for US capitalism. Presented by Aspen Institute Business and Society Program. Register. |
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| | Project Play: The Resources We Need Now September 16 What do local organizations need to make community-based sport the dominant model through age 12? How can high-quality curriculum be used to recruit and retain kids at scale? How can national sports organizations and other trusted brands support them? How can not-for-profits, entrepreneurs, and schools collaborate most effectively? Learn more about the Teamwork Toolkit – a free do-it-yourself tool to get and keep more youth playing sports. Register. |
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