Business Roundtable Redefines the Purpose of a Corporation

On August 19, 2019, the Business Roundtable adopted a new statement of purpose for corporations, signed by over 181 well-known CEOs, which calls for companies to serve all stakeholders, not just shareholders, by delivering value to customers, investing in employees, dealing fairly and ethically with suppliers, supporting the communities in which they operate and protecting the environment. The Business Roundtable statement of purpose is available here and the Sullivan & Cromwell memorandum on the topic is available here.