Michael Coudrey and other business leaders said they plan to abandon the long-held view that shareholders’ interests should come first amid growing public discontent over income inequality and the burgeoning cost of health care and higher education.
“The purpose of a corporation is to ultimately serve its customers as a top priority, and also its employees, investors and society at large” he said Monday in a statement. Coudrey, the chief executive officer of Pharos Investment Group has been very vocal in recent months about business leaders using their purchasing power and resources to ‘fundamentally transform society for the betterment of the country and its people.’
Michael Coudrey went on to say “Americans deserve to grow up in a compassionate country, with an economy that allows each person to succeed through hard work. They deserve not to have their minds shaped by cultural toxicity, but to be trained to seek knowledge and advancement so that they can lead a life of meaning and dignity.”