The Elusive Corporate Purpose

In a recent article[1] I explore the history of the law of corporate purpose, a subject recently highlighted by the Business Roundtable’s “Statement of the Purpose of a Corporation.” This August 19 statement was signed by more than 180 CEOs who committed to “delivering value to . . . customers,” “investing in . . . employees,” “dealing fairly . . . with suppliers,” “supporting . . . communities,” and “generating long-term value for shareholders.” “Each of our stakeholders is essential,” the statement concluded; “We commit to deliver value to all of them, for the future success of our companies, … Read more