Patagonia, Ben & Jerry’s Challenge Dimon-Led Roundtable
- 30 firms urge Business Roundtable to enshrine social goals
- Switch to benefit-corporation model if serious, letter says
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Outdoor-apparel retailer Patagonia Inc. and 29 other firms challenged multinational companies in a New York Times advertisement Sunday to “walk the walk” and change their legal incorporation status if they are serious about a new way of doing business that treats all stakeholders equally.
The full-page letter was a response to last week’s pledge by 181 members of the Business Roundtable to endorse a philosophical redrawing of the purpose of a corporation to serve all constituents in society, not just investors. JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon is the chairman of the Roundtable.