1792 Exchange CEO Challenges Business Leaders to Ditch Divisive Agendas
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JDA Worldwide for 1792 Exchange
August 20, 2024
DAYTON, OH — 1792 Exchange CEO Daniel Cameron called on America’s top business leaders to take a stand against stakeholder capitalism and ditch the divisive agendas. Letters have been delivered to over 300 Fortune 1000 CEOs ahead of the five-year anniversary of the 2019 Business Roundtable statement, where nearly 200 chief executives signed onto a radical redefinition of the purpose of a corporation which shifted the focus away from investor interests to divergent social and political priorities.
“During a contentious election year, corporate leaders have a real opportunity to reject the polarization fracturing our country,” said Daniel Cameron. “That starts with companies focusing on delivering high-quality products and services, not fueling divisive agendas that have nothing to do with business. The restoration of corporate America begins today, and 1792 Exchange stands ready to assist corporate leaders in these positive changes.”
For decades, corporations have existed principally to serve shareholders – their owners. But the 2019 redefinition abandoned this longstanding principle. Rather than generating profits and delivering high-quality products, the redefining statement declared that the modern purpose of a corporation is to support stakeholders.
Businesses have confronted a series of challenges and controversies. For example, corporate America’s embrace of ESG investing led nine states to divest $13.3 billion from asset managers. Similarly, Bud Light and Target lost over $27 billion because of misguided marketing that alienated consumers.
With the statement’s anniversary approaching, Cameron is urging executives to reevaluate the stakeholder-driven governance and get back to the business of doing business. In his letter to Business Roundtable signatories, Cameron explains how this political push has put corporations at the mercy of polarizing cultural pressure and how they can restore their proper priorities.
Cameron also points to growing evidence of positive progress. In June, Tractor Supply Company outlined an effective plan to steer away from partisan agendas that alienate customers, jeopardize profits, and hurt shareholders’ return on investment.
“Every day that our business community opposes its proper purpose is a day filled with further financial, legal, and governance risks to shareholders,” said Cameron in his letter to CEOs. “Returning to maximizing shareholder value will serve all stakeholders better than virtue signaling.”
To read Daniel Cameron’s full letter, click here.
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1792 Exchange is a 501(c)(3), educational, non-profit organization whose mission is to preserve freedom by steering public companies back to neutral on ideological issues. They create Spotlight Bias Reports, policies and resources that expose coercion and corporate bias. They protect First Amendment freedoms and ensure all viewpoints have a seat at the table. They help corporate board members and executives maximize shareholder value, respect stakeholders, return to cultural neutrality, and serve customers with excellence and integrity. They also educate Congress, other leaders and the American people about the dangers of stakeholder capitalism to safeguard Free Exercise, Free Speech and Free Enterprise.