CEOs are finally admitting to shortchanging society. It's about time

On Monday, 181 of the nation's leading CEOs issued a statementpledging that, above all else, corporations must have a commitment to all their stakeholders, including customers, workers, suppliers and the communities where they operate.

It's about time. For more than two decades, this group — known as the Business Roundtable — had asserted that the principle purposeof a corporation was to "generate economic returns to its owners." This previous assertion of "shareholder primacy" was self-serving and enormously destructive. Leading CEOs, including many who signed the new statement, have caused grave damage to the American economy and society. And that damage continues.

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