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BlackRock CEO tells companies to contribute to society
Author: Peter Horst, Forbes, Published on: 16 January 2018
"BlackRock CEO Tells Companies To Contribute To Society. Here's Where To Start," 16 Jan 2018
...On January 12, BlackRock CEO Larry Fink sent a letter to CEOs of public companies telling them that they’re responsibility not only to deliver profits, but also to make “a positive contribution to society.”... Fink lays out a number of requests which one might find surprising from a $6 trillion asset manager. He cites the pre-occupation with short-term, reactive measures to drive quarterly profits and asks CEOs to focus on “investments in employee development, innovation and capital expenditures that are necessary for longer-term growth.”...
Fink [called]... for CEOs to seize the mantle of leadership in making the world a better place, beyond simply delivering profits. He sees governments as failing in their duty to address the major challenges that loom in the future: “As a result, society is increasingly turning to the private sector and asking that companies respond to broader societal challenges.”... He cites environmental impact, workforce diversity, community engagement and employee re-training as among the larger issues companies must grapple with.
... The challenge he lays out is to... deliver financial returns and make the world better at the same time... Here is a set of key steps to follow: start with core values and beliefs; assess your risk profile; pick a focused, credible issue; get the right guidance... [refers to Dove & PepsiCo]