Government Social Responsibility
Citizens and business leaders have increasingly come to accept that corporations should contribute to the public good, rather than focusing only on maximizing shareholder value. But as demand for more corporate social responsibility has grown, the supply of leadership from governments has shrunk.
NEW YORK – Nowadays, most companies go to great lengths to showcase their environmental, social, and governance (ESG) advocacy alongside their earnings. According to the 2019 Fortune 500 CEO Survey, 44% of business leaders believe that their “company should actively seek to solve major social problems as part of [its] core business strategy.” That is four points higher than the previous year, which suggests that a growing body of CEOs are rejecting the Nobel laureate economist Milton Friedman’s famous dictum that, “there is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits.”
NEW YORK – Nowadays, most companies go to great lengths to showcase their environmental, social, and governance (ESG) advocacy alongside their earnings. According to the 2019 Fortune 500 CEO Survey, 44% of business leaders believe that their “company should actively seek to solve major social problems as part of [its] core business strategy.” That is four points higher than the previous year, which suggests that a growing body of CEOs are rejecting the Nobel laureate economist Milton Friedman’s famous dictum that, “there is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits.”