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John Elkington

John Elkington

A world authority on corporate responsibility and sustainable development.

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The Tide Turns At Last

John Elkington · 19 August 2019 · Leave a Comment

This really is rather epic

I am quoted in this Fast Company piece on a milestone announcement by the Business Roundtable. Literally 25 years after I came up with the Triple Bottom Line, the Business Roundtable in the USA has made an announcement potentially reversing over 50 years in which Milton Friedman’s doctrine of shareholders-above-everything-else has prevailed.

The article by Rick Wartzman opens as follows:

For the past two decades, the official stance of America’s top corporate executives has been that the interests of shareholders came before the interests of all others—workers, consumers, the cities and towns in which their companies operated, and society as a whole.

The Business Roundtable, a lobbying group composed of the nation’s leading CEOs, just announced that its members “share a fundamental commitment to all of our stakeholders”—each of whom “is essential”—while pledging “to deliver value to all of them, for the future success of our companies, our communities, and our country.”

With its “Statement on the Purpose of a Corporation,” the Roundtable has affirmed the need for “meeting or exceeding customer expectations”; “investing in our employees,” including by “compensating them fairly and providing important benefits,” as well as offering training and education so that they can “develop new skills for a rapidly changing world”; “dealing fairly and ethically with our suppliers”; “supporting the communities in which we work”; and “generating long-term value for shareholders.”

Jamie Dimon, the CEO of JPMorgan Chase and the Roundtable’s chairman, says he hopes that this declaration “will help to set a new standard for corporate leadership.”

It is, without question, a huge deal.

Read the full piece here. Just over a year after my ‘product recall‘ of the Triple Bottom Line, via the Harvard Business Review, it feels as if the world is beginning to catch up.

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Introduction

I began this blog with an entry reporting on a visit to the Woods Hole Oceanographic Institution on Cape Cod, on 30 September 2003. The blog element of the website has gone through several iterations since, with much of the older material still available.

Like so many things in my life, blog entries blur the boundaries between the personal and the professional. As explained on this site’s Home Page, the website and the blog are part platform for ongoing projects, part autobiography, and part accountability mechanism.

In addition, my blogs have appeared on many sites such as: Chinadialogue, CSRWire, Fast Company, GreenBiz, Guardian Sustainable Business, and the Harvard Business Review.

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John Elkington is a world authority on corporate responsibility and sustainable development. He is currently Founding Partner and Executive Chairman of Volans, a future-focused business working at the intersection of the sustainability, entrepreneurship and innovation movements.

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john@johnelkington.com  |  +44 203 701 7550 | Twitter: @volansjohn

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