Planet under Pressure

produce solutions to problems of people
and planet and in the process to produce
profits, but profits are not per se the
purpose of companies.”
In his 2019 letter, Fink made the same
point as Mayer: “Purpose is not a mere
tagline or marketing campaign; it is
a company’s fundamental reason for
being … Purpose is not the sole pursuit of
profits but the animating force for achieving
them” [emphasis in original]. In other
words, purpose is not a replacement for
profits but how profits are earned over
the long term.
On August 19, 2019, the Business Roundtable
published its “Statement on the
Purpose of a Corporation.” It noted that
since 1997, its Principles of Corporate
Governance had “endorsed principles of
shareholder primacy – that corporations
exist principally to serve shareholders.
With today’s announcement, the new
Statement supersedes previous statements
and outlines a modern standard
for corporate responsibility.” This
statement was signed by 181 CEOs, who
committed to:
• Delivering value to customers
• Investing in employees
• Dealing fairly and ethically with
suppliers
• Supporting the communities in
which they work
• Generating long-term value for
shareholders
In its “Davos Manifesto 2020: The Universal
Purpose of a Company in the Fourth
Industrial Age,” released December 2,
2019, the World Economic Forum made
a similar declaration. It reiterated this
in its April 2020 “Stakeholder Principles
in the COVID Era.”
The Statement of
Purpose needs to be
followed by highquality
Integrated
Reporting to
demonstrate how
a company is
achieving its Purpose
Once 10 companies have done this the foundation
has been laid to push for broad and rapid adoption
Examples will exist for other
companies to learn from
It will have been
proven in practice
>>
Global Goals Yearbook 2020 135