GOP State Treasurers Urge Business Group to Put Shareholders First

A group of Republican state treasurers called on the Business Roundtable to reverse a position it took five years ago that says a corporation’s purpose is to serve employees and communities as well as shareholders.

Amid growing public discontent over income inequality and rising costs for health care and higher education, the Business Roundtable, which represents some of the world’s largest companies, said in 2019 that it would shelve the long-held view that companies should prioritize shareholders’ interests. The decision was backed at the time by 181 signatories, including JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon and BlackRock Inc. CEO Larry Fink.