Tech Giants Amazon, Apple should focus on Planet before Profits, BRT Members claim
Corporate Social Responsibility is one of the major factors that every business has to keep in mind these days. Ever since the Business Roundtable (BRT) changed its definition of the “purpose of a firm”, US firms aligned with BRT have asked tech giants, including Amazon and Apple to focus more on planet rather than profits.
As per the BRT, all the firms that come under it and hold strong positions in the market must adhere to the responsibility that comes along with being major influencers and contributors in the world.
Multinational campaigners like Danone’s US arm and a unit of Unilever have told some of the biggest companies like Amazon and Apple to prioritise planet before profits.
In the Sunday edition of The New York Times, a group of nearly 30 American business leaders took a step ahead in fulfilling their CSR by bringing out a full page ad giving details about ethical ways to do business. The group includes the leaders of outdoor clothing brand Patagonia, Ben and Jerry’s (part of Unilever), The Body Shop owner Natura and Danone’s US business.
The BRT group, to whom the advert was aimed, comprises of 181 US companies which are the biggest in their respective fields. Since 1997, the BRT has agreed on one basic principle, “The paramount duty of management and of boards of directors is to maintain the corporation’s stockholders”.
BRT does not go with the theory of late economist Milton Friedman, who stated that the main focus of a firm should be to seek profits for shareholders as that alone will help the firm to keep people employed, to prosper and improve the economy. Instead, they believe in the concept of conscious capitalism, which proposes that a company has a broader responsibility to society.
In a recent letter addressed to the founder and chief executive of Amazon, Jeff Bezos, and the Apple boss, Tim Cook, BRT stated, “We’re a part of a group of qualified B Companies who’re strolling the stroll of stakeholder capitalism. We’re hit companies that meet the best possible requirements of verified sure affect for our staff, shoppers, providers, communities and the surroundings. We perform with a greater style of company governance – which supplies us, and may just provide you with, a technique to struggle short-termism and the liberty to make choices to steadiness benefit and function.”
B Corps “triple final analysis” puts equivalent emphasis on social and environmental considerations as on income.
Andrew Kasoy, the co-founder of B Lab which is a charity tasked with the growing B Corp movement, appreciated the demand raised by the US companies from Amazon and Apple.
Large Scale Anti-Government Protests Erupt in Egypt
Anti-government protests in Egypt are on the rise after hundreds of protestors in the Egyptian governorate of Giza came out on streets on Sunday. In-lieu of the highly anticipated protests, security in the country was heightened to control the demonstrations. Despite the increased security, the…
Saudi Crown Prince’s Ties with Western Allies in Jeopardy
The Middle East region has been trying to modernise its thinking and political relations lately. With two Gulf countries normalising relations with Israel, it looks like the region is transforming. However, this progressive thinking and willingness to accept changes is not a forte of every…