Hello to the Seton Hall Micah Family,
First, please find attached a press release from RENEW International describing the new partnership with the former Woodstock Business Conference and the newly renamed Ignatian Business Chapters (IBC). Together with IBC, we will continue our monthly readings and reflection.
The Scranton chapter of the IBC recommended this month's article. The material appeared in a January issue of The New York Times. "BlackRock's Message: Contribute to Society or Risk Losing Our Support" was written by Andrew Ross Sorkin.
Before reading, look at the first question posed by John Fontana in the Be Attentive, Be Intelligent, Be Reasonable, Be Responsible section. He asks, "As you noticed the headline, what response did it evoke?"
The title is provocative and is contrary to the widely held belief that corporate leaders' sole responsibility is profitability to shareholders. The statement from BlackRock, one of the largest institutional investors, challenges this philosophy, and emphasizes that senior executives must also be concerned about the common good, a fundamental principal of Catholic Social Teaching.
BlackRock's demand may be a watershed moment for capitalism. Their plan to hold corporations accountable might be frightening. But, this position aligns itself well with the changing mood in the country about social responsibility; also, as the author states, BlackRock is making a candid assessment of the business world and, perhaps, simultaneously taking a veiled shot at Washington.
How this approach evolves should be interesting. After all, many companies in which BlackRock invests follow the long espoused view that the duty of a corporation is to produce profits for shareholders.
What do you think about this position? We should try to follow BlackRock and see if they can implement the strategy.
Until next month.
2017-18 Ignatian Business Chapter Reading Materials (Seton Hall Chapter)
2016-17 Woodstock Business Conference Reading Materials (Seton Hall Chapter)
- Entrepreneurship, Accountability and Stewardship
2015-2016 Woodstock Business Conference Reading Materials