Signed by nearly 200 chief executive officers including Amazon's Jeff Bezos, Apple's Tim Cook, General Motors' Mary Barra and Oracle's Safra Catz, the group seeks to "move away from shareholder primacy," a concept that had existed in the group's principles since 1997, and move to "include commitment to all stakeholders." The Business Roundtable also acts as a major lobby that aims to extend or maintain administrators' rights/power in large companies. The Initiativeâs main areas of focus include economic policy, housing, education, ⦠Members of the Roundtable are organizations committed to improving the entrepreneurial environment. Houston Business Roundtable Working together on issues and initiatives, safety and health, workforce development. Roundtable members are thought leaders, advocating for policy solutions that foster U.S. economic growth and competitiveness. Members of the Business Roundtableâmade up of CEOs from many of the largest U.S. corporationsârecently released a new statement of purpose saying business should consider all stakeholders, rather than focusing on shareholders. The Business Roundtable played a key role in defeating an anti-trust bill in 1975 and a Ralph Nader plan for a consumer protection agency in 1977. [8], The March Group consisted of chief executive officers who met informally to consider public policy issues; the Construction Users Anti-Inflation Roundtable was devoted to containing construction costs; and the Labor Law Study Committee was largely made up of labor relations executives of major companies. BRT promotes public policy favorable to business interests such as NAFTA, while also promoting broader public policy initiatives such as No Child Left Behind and opposing others such as the Trump administration's family separation policy. AAON, Inc. Ackerman McQueen. The Business Roundtable is one of Washingtonâs top business lobbies, composed of the chief executives from dozens of the United Statesâ largest corporations. The Business Roundtable is mentioned by G. William Domhoff in, Cowan, A.L. The good news is that new structures and tools exist to help the members of the Business Roundtable turn their principles into practice. Business Roundtable members are the chief executive officers of leading U.S. companies. (2008). Business Roundtable members that didn't sign the new document include the CEOs of Alcoa, Blackstone, GE, NextEra, and Parker Hannifin. In August of this year, however, the Business Roundtable issued a statement âredefiningâ the purpose of the corporation âto promote an economy that serves all Americans.â The new statement refers to âa fundamental commitment to all of our stakeholdersâ and mentions customers, employees, suppliers, communities and ⦠Sociological Forum, 15(2), 312. American Fidelity Corp. [21], Members of the board of directors include Jamie Dimon, Mary Barra, Michael S. Burke (AECOM), Safra Catz, Mark Costa (Eastman Chemical Company), Lynn Good, Alex Gorsky, Greg Hayes, Marillyn Hewson, Tom Linebarger, Kevin Lobo (Stryker Corporation), Doug McMillon, Larry Merlo, Dennis Muilenburg, Douglas L. Peterson, Chuck Robbins, Ginni Rometty, Arne Sorenson, Randall L. Stephenson, Mark Sutton (International Paper), and Mark Weinberger. In fiscal policy, the Roundtable was responsible for broadening the 1985 tax cuts signed into law by Ronald Reagan, lobbying successfully for sharp reductions in corporate taxes. ALLETE Clean Energy. It notes that "business play a vital role in the economy" because of jobs, fostering innovation and providing essential services. Business Roundtable CEOs Reflect on the Anniversary of the Updated Statement on the Purpose of a Corporation, Promoting Responsible Shareholder Engagement. [1][2][3][4], In 1972, the March Group, co-founded by Alcoa chairman John D. Harper (April 6, 1910 - 26 July 1985)[5][6] Earlier this week, the Business Roundtable, an association of CEOs for some of the nationâs largest companies, pledged to run their businesses in the ⦠ON THE FIRST ANNIVERSARY OF BUSINESS ROUNDTABLEâS UPDATED STATEMENT ON THE PURPOSE OF A CORPORATION, CHAIRMAN DOUG MCMILLON AND BOARD MEMBER MARY BARRA REFLECT ON THE IMPORTANCE AND SHARE HOW COMPANIES HAVE DEMONSTRATED THEIR COMMITMENT TO WORK FOR THE ⦠[15][16], The Business Roundtable wrote a letter to members of the House strongly endorsing the Customer Protection and End User Relief Act (H.R. Atlantic Monthly Press. Established in 1972 by 200 leading executives from ⦠The BDR promotes and shares best practices in supply chain diversity excellence through the production of white papers. The members of the Hawaiâi Business Roundtable believe that a strong public education system is the foundation for building a better future for Hawaiâi. Who We Are The Business + Higher Education Roundtable (BHER) is a non-partisan, not-for-profit organization bringing together Canadaâs largest companies and leading post-secondary institutions. In June 2018, Business Roundtable issued a statement urging the White House âAdministration to end immediately the policy of separating accompanied minors from their parents,â and condemned the practice as âcruel and contrary to American values.â Authored by the organization's Immigration Committee chairman, Chuck Robbins, the statement also commended bipartisan lawmakers for working together to reform immigration policies, and was widely supported by the Business Roundtable chair and membership. [14] And they got the upper hand: the SEC rule was finally dropped after intense lobbying and lawsuits. The Roundtable also successfully opposed changes in corporate governance that would have made boards of directors and CEOs more accountable to stockholders. The Business Roundtable is an organization of CEOs of the largest companies in the U.S.A. -- firms that generate a combined US$7 trillion in revenues, employ 15 million people, invest $ 147 billion annually in R&D, and provide healthcare and retirements benefits for tens of millions of Americans. The Business Roundtable is an association of chief executive officers (CEOs) representing the top corporations in the United States, joined together to examine and advocate for public policy that will "foster vigorous economic growth and a dynamic global economy." Citicorp CEO, John Reed, chairperson of the Roundtables Accounting Task Force, argued that Clinton's plan would have had negative effects on U.S. competitiveness. We envision small business organizations, collectively advocating for more than 30 million American small businesses. In 1990, the Roundtable urged George Bush to initiate a free trade agreement with Mexico. In 1993, the Roundtable lobbied for NAFTA and against any strong side agreements on labor and the environment. "[18][19][20], Former US secretary of labor and professor of public policy at Berkeley University, Robert Reich, accused both Corporate social responsibility, and the Business Roundtable's commitment to it, of being a "con". As we enter our 30th year of service, the Roundtable has proven to be ⦠But the Roundtable's most significant victory was in blocking labor law reform that sought to strengthen labor law to make it more difficult for companies to intimidate workers who wanted to form unions. "[11], On August 19, 2019, the group updated its decades-old definition of the purpose of a corporation, doing away with its bedrock principle that shareholder interests must be placed above all else. "JOHN D. HARPER, 91, SERVED AS CHAIRMAN OF ALCOA UNTIL 1975"; "Retired Alcoa Board Chairman John D. Harper Dies at Age 75"; "Business leaders say Obama's economic policies stifle growth", "Shareholder Value Is No Longer Everything, Top C.E.O.s Say", "Business Roundtable Statement on Immigration", "BRT Letter to House on the Customer Protection and End-User Relief Act", "Business Roundtable Redefines the Purpose of a Corporation to Promote 'An Economy That Serves All Americans, "The CEOs of nearly 200 companies just said shareholder value is no longer their main objective", "Move Over, Shareholders: Top CEOs Say Companies Have Obligations to Society", Business Roundtable, Official website, Leadership, https://en.wikipedia.org/w/index.php?title=Business_Roundtable&oldid=991841014, Business organizations based in the United States, Lobbying organizations in the United States, Conservative organizations in the United States, Articles with unsourced statements from January 2020, Creative Commons Attribution-ShareAlike License, This page was last edited on 2 December 2020, at 02:30. Lichtman, A. J. The right turn in economic policy: Business elites and the new conservative economic. The new Business Roundtable Statement on the Purpose of a Corporation has received a great deal of support, as well as questions and criticisms. White Protestant Nation: The Rise of the American Conservative Movement. Citing Jeff Bezos, Mary Barra and Dennis Muilenburg (former Boeing CEO), all Business Roundtable's members, Reich criticized their respective companies' recent decisions: Whole Foods, an Amazon subsidiary, announced the intention to cut medical benefits for its entire part-time workforce; Mary Barra, despite GM's hefty profits and large tax breaks, rejected worker's demands that GM raise their wages and stop outsourcing their jobs; Muilenburg could walk away from Boeing with $60m of severance pay, the 737 Max scandal notwithstanding. 181 members of the Business Roundtable, an association of CEOs âto promote a thriving U.S. economy and expanded opportunity for all Americans through sound public policy,â claimed to move away from the concept that corporations exist to serve shareholders, a principle the group has endorsed since 1997. (p. 338), Customer Protection and End User Relief Act (H.R. "[17] The letter concluded that the Business Roundtable "supports efforts to increase transparency in the derivatives markets and enhance financial stability for the U.S. economy through thoughtful new regulation while avoiding needless costs. The Business Roundtable is an association of chief executive officers (CEOs) representing the top corporations in the United States, joined together to examine and advocate for public policy that will "foster vigorous economic growth and a dynamic global economy." But it places shareholder interests on the same level as those of customers, employees, suppliers and communities. [17] According to the Business Roundtable letter, a survey of chief financial officers and corporate treasurers "underscores the urgent need for the end-user provisions" in this bill because "eighty-six percent of respondents indicated the fully collateralizing over-the-counter (OTC) derivatives would adversely impact business investment, acquisitions, research and development, and job creation. BRT promotes public policy favorable to business interests such as NAFTA, while also promoting broader public policy initiatives such ⦠4413; 113th Congress), https://query.nytimes.com/gst/fullpage.html?res=9D0CE1D81E3EF934A35750C0A967958260, https://query.nytimes.com/gst/fullpage.html?res=9F0CE2DC163FF935A15750C0A965958260. Unlike the U.S. Chamber of Commerce, whose members are entire businesses, BRT members are exclusively CEOs. The New Zealand Initiative is a pro-free-market public-policy think tank and business membership organisation in New Zealand. The Roundtableâs focus on education ⦠Weâve welcomed the debate and the opportunity to⦠Amazon. [9] Harper was the newly founded group's first president, followed by Thomas Murphy of General Motors, Irving Shapiro of DuPont, then Clifford Garvin of Exxon. Business Roundtable members are taking action to support employees and their needs, whether that means: Increasing minimum wages and adjusting starting-wage scales upward to increase employeesâ economic security from the start; Investing in opportunities for employees to gain new skills, grow personally and professionally ⦠American Airlines. Today, President Obama spoke to members of the Business Roundtable, an association of CEOs of American businesses, and reiterated his plan to extend tax cuts for middle-class families. Since 2015, BHER has worked to harness the strengths of Canadaâs business and post-secondary education sectors to build ⦠[22], Greenhouse, L. (1991, March 7). The Roundtable's Health, Welfare, and Retirement Income Task Force, chaired by Prudential Insurance CEO Robert C. Winters, cheered President Bush's plan, which consisted mainly of subsidies to the health care industry. The Billion Dollar Roundtable was created in 2001 to recognize and celebrate corporations that achieved spending of at least $1 billion with minority and woman-owned suppliers. The Business Roundtable was strongly against that rule, as its president John Castellani reported to The Washington Post about removing this rule: "this is our highest priority [...] Literally all of our members have called about this". "We commit to deliver value to all of them, for the future success of our companies, our communities and our country. Acorn Growth Companies. This focus on workers, environment, and community as well as the bottom line is ⦠He explained how preventing tax hikes for middle-class families is good for business leaders as well as the broader ⦠"We believe the solutions lie not in tearing down the present system, but in building upon it. [citation needed] It also helped dilute the Humphrey-Hawkins Full Employment Act. "[17], On August 19, 2019, the Business Roundtable released a new "Statement on the purpose of a Corporation." Collectively, they represent every sector of the economy and bring a unique and important perspective to bear on policy issues that impact the economy. Chairmanâs Message Dear Business Roundtable Members & Prospective Members: The Oklahoma Business Roundtable is an association of business leaders and economic development partners dedicated to the future economic growth of Oklahoma. President's Council The President's Council is comprised of individuals from leading real estate ownership, financial, management and advisory entities that are generally more regional in scope. [7] and General Electric CEO Fred Borch, the Construction Users Anti-Inflation Roundtable, founded by retired U.S. Steel CEO Roger Blough, and the Labor Law Study Group (LLSG) merged to form the Business Roundtable. Post-secondary members reflect the diversity of Canadaâs higher education community, ranging from colleges with long-standing networks in their local business and innovation communities to major ⦠The Business Roundtable (BRT) is a nonprofit association based in Washington, D.C. whose members are chief executive officers of major United States companies. But the Roundtable voted to oppose the bill, and through its aggressive lobbying, it prevented the bill's Senate supporters from rounding up the 60 votes in the Senate necessary to withstand a filibuster. 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