Target proves yet again that companies are better off avoiding the minefield of social activism and just concentrating on making money for shareholders.
In 2019, the Business Roundtable, an association of America’s highest profile CEOs published a manifesto proclaiming profits, which benefit shareholders, were no longer their primary concern. Going forward, member companies would also consider the needs of other stakeholders: workers, the community, the environment and anyone else deemed worthy. They called it “a modern standard of corporate accountability.”
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Allison Schrager is a senior fellow at the Manhattan Institute and a contributing editor of City Journal.
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