CommSec interview with Peter Coleman, page-6

Better aligned with best practice...

"The CEOs who signed the Business Roundtable statement are essentially signing up to inclusive capitalism, recognising that the best way long-term interests of their businesses – and market capitalism – are served is by defining their companies’ purposes and their range of key stakeholders more broadly than in the past.

That’s not inconsistent with the longer-term term interests of their companies – and directors owe their primary responsibility to the company rather than its shareholders – nor with the long-term interests of shareholders.

Without licences to operate, whether legal or social, businesses can’t succeed. And as our banks have discovered, a narrow view of their purpose and the elevation of the short-term interests of shareholders (and senior executives) can be horrendously damaging and costly."

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