From Project Syndicate:

The Business Roundtable, an association of the most powerful chief executive officers in the United States, announced this month that the era of shareholder primacy is over.

Does this signal a new era where companies consider a broader range of values and stakeholders than just the latest stock value? Stakeholders could include employees, customers, and maybe even present and future generations of the public at large, for example. Let’s not get too crazy and include plants, animals, and rocks just yet. Not so fast – according to this article, this is just a reaction to the growing power of institutional investors such as pension funds. Rich and powerful managers and board members are trying to protect their own jobs and fortunes like they always do.