By Andrew Farrington

Since 1978, the Business Roundtable, an association of chief executive officers of America’s leading companies, has been issuing annual statements regarding the purpose of a corporation. Each statement, from 1978 to 2018, has claimed that “corporations exist principally to serve shareholders.” Business Roundtable Redefines the Purpose of a Corporation to Promote ‘An Economy That Serves All Americans’, Business Roundtable (Aug. 19, 2019). However, on August 19, 2019, the Business Roundtable, led by Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co., redefined the purpose of a corporation to include all stakeholders, namely a corporation’s customers, employees, suppliers, communities, and shareholders. Id. . . .