August 1, 2019
Analysis of The Business Roundtable Companies ESG Reporting Practices
Do Stakeholders Define the Purpose of a Corporation?
In 2019, 181 CEOs of the Business Roundtable (BRT) redefined corporate purpose by committing not only to shareholders, but also to customers, employees, suppliers, and communities. This marked a significant shift away from Milton Friedman’s shareholder-first doctrine.
Key Findings
93% (181 of 193) of BRT member companies’ CEOs are signatories to the updated statement of corporate purpose (at time of research in November 2019)
93% (150 of 160) of CEOs of public company members signed on
94% (31 of 33) of CEOs of privately-owned company members signed on
85% (154 of 181) of CEO signatories’ companies publish sustainability /ESG reports
15% (27 of 181) of companies are signatories — but not yet publishing reports
Summary
The BRT’s redefined purpose reflects a broader movement toward stakeholder capitalism, where long-term value creation depends on balancing the interests of multiple groups. This change has major implications for ESG reporting, signaling growing expectations for transparency and accountability. Companies that align with this multi-stakeholder approach are better positioned to build trust, strengthen resilience, and meet investor and societal demands.
What You’ll Learn
This resource paper explores how BRT signatory companies are putting their commitments into practice through sustainability reporting. You’ll learn about adoption trends for global reporting frameworks, how stakeholder accountability is reshaping corporate purpose, and what this shift means for both private and public companies. With insights from G&A’s analysis, you’ll gain a deeper understanding of how the evolving definition of corporate purpose drives reporting practices and stakeholder engagement.
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