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Good morning.
Readers of this newsletter know that I am a fan of the Business Roundtable’s three years ago that the era of shareholder primacy is over and a statement of “corporate purpose” that counts employees, customers, suppliers and the communities in which it operates. In, and the planet are all equal stakeholders in the corporation’s business. In fact, I published a book this year about the sweeping changes in how corporations are meeting their obligations to society. The capitalist of tomorrow.
But for reasons not entirely clear to me, BRT seems to have lost its environmental friendliness. In a Medium article last week to reinforce a statement it issued three years ago, the organization made no mention of the environment. This was followed by opposition to the (funnily named) Inflationary Reduction Act (IRA), which was actually significant climate action legislation.
People at BRT say nothing has changed. And indeed, many of the group’s leading members—GM Chairman Mary Barra and former Walmart Chairman Doug McMillon—have signaled their support for the climate bill and made specific changes within their own companies to support the climate effort. However, BRT itself seems to have changed tactics.
why? There are many possible reasons. The Biden administration’s refusal to acknowledge the important role of fossil fuels in the energy transition has certainly angered many CEOs. The SEC’s relatively hard-line approach to climate disclosure has also sparked hacks. The eagerness to avoid partisan warfare certainly plays a role. And it is clear that the BRT’s traditional opposition to the increased tax burden on its members was a key factor in its opposition to the IRA.
Let’s hope the change to BRT doesn’t mark a broader retreat by US-based businesses from the impressive and laudable efforts to take climate action over the past few years. However, any successful effort to tackle climate change will ultimately require cooperation between business and government. Currently, this cooperation is difficult to find.
More news below.
Alan Murray
@alansmurray
alan.murray@fortune.com
Main news
LGBTQ rights in Singapore
Singapore said on Sunday it would repeal a colonial-era law that criminalized sex between men. Prime Minister Lee Hsien Loong announced the move as he addressed Singapore’s continued efforts to attract global talent. In the past, multinational corporations have had trouble obtaining visas for same-sex partners, and repealing the law is expected to boost business interests in the city-state. Lee said “most Singaporeans now accept” the repeal of the law, but Singapore still does not accept same-sex marriage; In fact, it amends the constitution to say that marriage is between a man and a woman. Bloomberg
CEO failure
In the year In 2015, Dan Price, CEO of Gravity Pay, announced that he was raising his company’s minimum wage to $70,000, generating headlines, speaking engagements and social media fame. It has been popular on social media for years to talk about inequality again and again. But a New York Times An investigation revealed that Price allegedly used his platform to lure women. He resigned last week before the New Yorker’s story was published, saying he had “never physically or sexually assaulted anyone” and “other allegations of inappropriate behavior toward women. [the NYT story] They are simply lies.” New York Times
Gen Z has moved on from Tik Tok
New social media apps like Gen Z’s Beryl, Locket Widget, Yubo, and Poprazzi are catching up with more connections with friends and now influencer content on TikTok and Instagram. “What we’re seeing right now is a shift in Gen Z’s tastes toward deeper, more personalized experiences,” said Matt Moss, founder of Locket. The guard
Around the water cooler
They are releasing Russia’s best and brightest country on record. 6 young Russians explained why they left Yvonne Lau
Elon Musk is reportedly considering investing in a rival to Alena Botros’ brain computing startup Neuralink.
Walmart Expands Employee Abortion Coverage: ‘A Step in the Right Direction, But Simply Not Enough’ by Associated Press
Beyoncé and Serena Williams taught me about ambition and motherhood by L’Oreal Thompson Payton
DC’s pioneering ‘Baby Bonds’ plan aims to narrow wealth gap: ‘Takes such a burden off my shoulders’ by Associated Press
Singapore could overtake Australia and Hong Kong to become Asia’s millionaire capital in less than a decade By Yvonne Lau
This edition of CEO Daily Edited by Claire Zillman.
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