~ September 17, 2020 ~
Milton Friedman's framing of corporate governance has influenced the debate for fifty years. This week, we focus on what that has meant for both the economy and society, and how we can reframe the role of corporations in order to shape a more constructive future.
Business Roundtable Institute for Corporate Ethics: R. Edward Freeman

What is stakeholder theory and how does it differ from the Friedman model underlying the past half-century of economic policy? Learn more on the approach, practice, and future of this idea from "the father of stakeholder theory" in this extensive video series. (also see The Social Responsibility of Business Is to Create Value for Stakeholders)
Quartz at Work: Judith Samuelson

"What is possible if we treat this remarkable moment we are struggling through as an opportunity for real change"? And how can we transform the system Friedman inspired into the one we want? (also see Stakeholder Capitalism vs. Milton Friedman: A Discussion with Darren Walker and James Stewart)
The Aspen Institute: The Aspen Institute Business & Society Program, Korn Ferry

Reimagining executive pay: What should boards ask in order to align purpose and rewards, define fairness, simplify pay structure and turn down the volume on Total Shareholder Return?
The New York Times: Leo E. Strine Jr., Joey Zwillinger

"Mr. Friedman's cramped vision enhanced the power of the stock market and silenced the voice of workers, leading to profound inequality." What would it mean for companies to "help restore the ideals of fairness, equality and economic common sense"? (also see A Free Market Manifesto That Changed the World, Reconsidered)
How has a half-century of shareholder thinking impacted the economy, workers, and inequality? And what does it mean for workers, and society, if a rising tide does not lift all boats? (also see America's 1% Has Taken $50 Trillion From the Bottom 90%)
Harvard Business Review: Joseph L. Bower, Lynn S. Paine

"The time has come to challenge the agency-based model of corporate governance." This classic article asks, how could a focus on company health, rather than shareholder wealth, address the problems of shareholder maximization?
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