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Business Roundtable

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262: 380:. According to the Business Roundtable letter, a survey of chief financial officers and corporate treasurers "underscores the urgent need for the end-user provisions" in this bill because "eighty-six percent of respondents indicated the fully collateralizing over-the-counter (OTC) derivatives would adversely impact business investment, acquisitions, research and development, and job creation." The letter concluded that the Business Roundtable "supports efforts to increase transparency in the derivatives markets and enhance financial stability for the U.S. economy through thoughtful new regulation while avoiding needless costs." 440:," a concept that had existed in the group's principles since 1997, and move to "include commitment to all stakeholders." It notes that "businesses play a vital role in the economy" because of jobs, fostering innovation and providing essential services. But it places shareholder interests on the same level as those of customers, employees, suppliers and communities. "Each of our stakeholders is essential," the statement says. "We commit to deliver value to all of them, for the future success of our companies, our communities and our country." 289:. But the Roundtable's most significant victory was in blocking labor law reform that sought to strengthen labor law to make it more difficult for companies to intimidate workers who wanted to form unions. The AFL-CIO produced a bill in 1977 that passed the House. But the Roundtable voted to oppose the bill, and through its aggressive lobbying, it prevented the bill's Senate supporters from rounding up the 60 votes in the Senate necessary to withstand a 477:, an Amazon subsidiary, announced the intention to cut medical benefits for its entire part-time workforce; Mary Barra, despite GM's hefty profits and large tax breaks, rejected worker's demands that GM raise their wages and stop outsourcing their jobs; and Muilenburg, who, as Reich predicted, would depart 367:
In April of 2024, the Business Roundtable filed suit against the Federal Trade Commission (FTC) after the FTC issued a ban on noncompete agreements which the FTC cited as "widespread and often exploitative practice imposing contractual conditions that prevent workers from taking a new job or starting
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In June 2018, Business Roundtable issued a statement urging the White House “Administration to end immediately the policy of separating accompanied minors from their parents,” and condemned the practice as “cruel and contrary to American values.” Authored by the organization's Immigration Committee
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CEO Robert C. Winters, cheered President Bush's plan, which consisted mainly of subsidies to the health care industry. The nation's health care system works well for the majority of Americans, the Roundtable announced in a June 1991 statement. "We believe the solutions lie not in tearing down the
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who met informally to consider public policy issues; the Construction Users Anti-Inflation Roundtable was devoted to containing construction costs; and the Labor Law Study Committee was largely made up of labor relations executives of major companies. Harper was the newly founded group's first
492:, in September 2020, addressed the BRT in correspondence. The "withering, 11-page letter to past and present leaders of the Business Roundtable (BRT)" states that the BRT violates its August 2019 pledge to prioritize stakeholder value, calling the mandate an "empty gesture". 348:
adopted the so-called "shareholders’ access to proxy" rule, which aimed to empower shareholders in the proposition and nomination of administrators of big corporations. The Business Roundtable was strongly against that rule, as its president John Castellani reported to
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CEO, John Reed, chairperson of the Roundtables Accounting Task Force, argued that Clinton's plan would have had negative effects on U.S. competitiveness. The Roundtable's Health, Welfare, and Retirement Income Task Force, chaired by
377: 454:. He no longer appeared on the BRT membership roster in 2021. In July 2021, prior to stepping down as CEO, Bezos nonetheless added "Strive to be Earth’s Best Employer" to Amazon's set of leadership principles. 355:
about removing this rule: "this is our highest priority Literally all of our members have called about this". And they got the upper hand: the SEC rule was finally dropped after intense lobbying and lawsuits.
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of 2001 was signed into law in January 2002, the Roundtable issued a press release stating that it had "strongly supported passage of the legislation" and was "actively working with states on implementation."
391:, in 2021, the BRT lobbied House and Senate Democrats "against raising taxes on corporations, high-income earners and small businesses" to finance the Build Back Better initiative proposed by 1759: 1749: 1779: 300:, lobbying successfully for sharp reductions in corporate taxes. In trade policy, it argued for opening foreign markets to American trade and investment. In 1990, the Roundtable urged 1754: 1628: 364:, the statement also commended bipartisan lawmakers for working together to reform immigration policies, and was widely supported by the Business Roundtable chair and membership. 315:
that would have made boards of directors and CEOs more accountable to stockholders. In 1986, the Roundtable convinced the Securities and Exchange Commission to forgo new rules on
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found that the 2019 "Statement on the Purpose of a Corporation" represented no meaningful commitment by the BRT membership, citing the pledge made as "mostly for show".
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that is favorable to business interests, such as lowering corporate taxes in the U.S. and internationally, as well as international trade policy like the
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via ParentAdvocates.org, under headline, "The Business Roundtable Supports the No Child Left Behind Legislation". Retrieved August 21, 2019.
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It has issued press releases, submitted editorials, given congressional testimony, and distributed position advertisements. After the
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Jenkins, C., & Eckert, C. M. (2000). "The right turn in economic policy: Business elites and the new conservative economic".
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and against any strong side agreements on labor and the environment. The Roundtable also supported the new NAFTA deal in 2019.
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On August 19, 2019, the Business Roundtable released a new "Statement on the Purpose of a Corporation." Signed by nearly 200
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theory was widely adopted in 20th century North American boardrooms. The BRT statement, signed by nearly 200
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In fiscal policy, the Roundtable was responsible for broadening the 1985 tax cuts signed into law by
1339:"'This Is a Fundamental Issue:' Why Cisco CEO Chuck Robbins Challenged Trump on Border Separations" 690: 681: 437: 392: 351: 180: 1657:"The Finance 202: Elizabeth Warren charges CEOs with fixating on profits despite do-gooder pledge" 344:
that aims to extend or maintain administrators' rights/power in large companies. For example, the
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In 2019, the BRT redefined its definition of the purpose of a corporation as participating in
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interests must be placed above all else, as defined in 1970 by conservative economist and
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The Business Roundtable wrote a letter to members of the House strongly endorsing the
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On August 19, 2019, the BRT redefined its decades-old definition of the purpose of a
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to initiate a free trade agreement with Mexico. In 1993, the Roundtable lobbied for
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from major U.S. corporations in 2019, makes a "fundamental commitment to all of our
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In September 2019, Bezos was cited as the "first CEO to break his pledge" by the
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and promoted during the 1980s in the teachings and writings of economist
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White Protestant Nation: The Rise of the American Conservative Movement
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Customer Protection and End User Relief Act (H.R. 4413; 113th Congress)
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Creating Shareholder Value: The New Standard for Business Performance
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with $ 62 million in compensation and pension benefits, despite the
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by Robert A. G. Monks and Nell Minow; HarperBusiness; 1991, pg. 49.
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Greenhouse, Linda; Times, Special To the New York (March 7, 1991).
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As of 2024, corporate CEO members of BRT's board of directors are:
863:"WASHINGTON TALK; Perils to Conservatives In a Conservative Court" 744: 521: 305: 260: 204: 168: 125: 1732: 1433:"Why big business is trying to sink Biden's $ 3.5T spending plan" 1383:"Business groups sue to block FTC's ban on noncompete agreements" 473:, Reich criticized their respective companies' recent decisions: 457:
Former U.S. secretary of labor and professor of public policy at
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Suiting Themselves: How Corporations Drive the Global Agenda
1023:"Retired Alcoa Board Chairman John D. Harper Dies at Age 75" 990:"JOHN D. HARPER, 91, SERVED AS CHAIRMAN OF ALCOA UNTIL 1975" 1588:"Amazon sets a new tone as Jeff Bezos era comes to an end" 273:
The Business Roundtable played a key role in defeating an
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Shepardson, David; Rucinski, Tracy (January 10, 2020).
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Yaffe-Bellany, David; Gelles, David (August 19, 2019).
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The Roundtable also successfully opposed changes in
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On October 13, 1972, the March Group, co-founded by
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It also helped dilute the 20: 1077:Businessrountable.org "Archived Content" 195:president, followed by Thomas Murphy of 1770:1972 establishments in Washington, D.C. 1560:Hiltzik, Michael (September 16, 2019). 775: 346:U.S. Securities and Exchange Commission 225:, replacing its bedrock principle that 1508:Fitzgerald, Maggie (August 19, 2019). 1408:Cutler, Alexander M. (June 16, 2014). 897:Cowan, Alison Leigh (March 26, 1993). 1285:Gangitano, Alex (December 11, 2019). 809:Gangitano, Alex (December 11, 2019). 436:, the group seeks to "move away from 389:National Association of Manufacturers 214:characterized the group as President 7: 1655:Newmyer, Tory (September 18, 2020). 783:Hiltzik, Michael (August 19, 2021). 287:Humphrey-Hawkins Full Employment Act 111:North American Free Trade Agreement 1109:Montgomery, Lori (June 23, 2010). 14: 1775:501(c)(6) nonprofit organizations 1765:Organizations established in 1972 1611:The biggest business con of 2019 1534:Benoit, David (August 19, 2019). 899:"Methods in Stock Option Madness" 103:United States Chamber of Commerce 1790:Corporate executive associations 1681:Colvin, Geoff (August 5, 2021). 1359:Robbins, Chuck (June 19, 2019). 1137:Murray, Alan (August 19, 2019). 467:corporate social responsibility 1586:Palmer, Annie (July 1, 2021). 1381:Peck, Emily (April 24, 2024). 1337:Murray, Alan (June 20, 2019). 16:American nonprofit association 1: 1311:"ISSUE: No Child Left Behind" 265:27th U.S. Secretary of Labor 190:The March Group consisted of 1239:Reversing Runaway Inequality 171:chairman John D. Harper and 1806: 1488:www.businessroundtable.org 532:White House Chief of Staff 203:, then Clifford Garvin of 130:White House Chief of Staff 483:Boeing 737 MAX groundings 1089:Power and Accountability 943:Lichtman, A. J. (2008). 405:chief executive officers 385:U.S. Chamber of Commerce 334:No Child Left Behind Act 247:chief executive officers 192:chief executive officers 95:chief executive officers 712:Eli Lilly & Company 696:Christopher J. Nassetta 622:Progressive Corporation 399:2019 corporation pledge 317:merger and acquisitions 1785:Life sciences industry 1712:businessroundtable.org 1462:businessroundtable.org 1050:Beder, Sharon (2012). 949:Atlantic Monthly Press 840:businessroundtable.org 658:Tractor Supply Company 555:Thasunda Brown Duckett 526:BRT CEO and president 507:BRT board of directors 270: 118:stakeholder capitalism 101:companies. Unlike the 1464:. Business Roundtable 1412:. Business Roundtable 727:Vista Equity Partners 264: 89:association based in 51:Nonprofit association 1431:Bernstein, Leandra. 1172:. October 13, 1999. 682:Procter & Gamble 501:Corporate Governance 326:Prudential Insurance 313:corporate governance 199:, Irving Shapiro of 1661:The Washington Post 1540:Wall Street Journal 1324:The Washington Post 691:Rockwell Automation 459:Berkeley University 438:shareholder primacy 393:President Joe Biden 368:a new business." 352:The Washington Post 283:consumer protection 277:bill in 1975 and a 233:economics laureate 212:The Washington Post 181:United States Steel 76:Business Roundtable 64:.businessroundtable 23: 22:Business Roundtable 1714:. January 12, 2024 1206:The New York Times 1170:Simon and Schuster 994:The New York Times 932:Sociological Forum 903:The New York Times 842:. January 12, 2024 497:Harvard Law School 383:Together with the 271: 93:whose members are 1617:December 29, 2019 1566:Los Angeles Times 1241:. August 27, 2019 1063:978-1-84977-268-6 1028:Los Angeles Times 996:. July 28, 1985. 789:Los Angeles Times 716:Jennifer Rumsey, 471:Dennis Muilenburg 451:Los Angeles Times 243:shareholder value 72: 71: 43:Business lobbying 39:Trade association 1797: 1735: 1730: 1724: 1723: 1721: 1719: 1704: 1698: 1697: 1695: 1693: 1678: 1672: 1671: 1669: 1667: 1652: 1646: 1645: 1643: 1641: 1624: 1618: 1609: 1603: 1602: 1600: 1598: 1583: 1577: 1576: 1574: 1572: 1557: 1551: 1550: 1548: 1546: 1531: 1525: 1524: 1522: 1520: 1505: 1499: 1498: 1496: 1494: 1480: 1474: 1473: 1471: 1469: 1454: 1448: 1447: 1445: 1443: 1428: 1422: 1421: 1419: 1417: 1405: 1394: 1393: 1391: 1389: 1378: 1372: 1371: 1369: 1367: 1356: 1350: 1349: 1347: 1345: 1334: 1328: 1320: 1314: 1308: 1302: 1301: 1299: 1297: 1282: 1276: 1275: 1273: 1271: 1257: 1251: 1250: 1248: 1246: 1231: 1225: 1224: 1222: 1220: 1197: 1191: 1190: 1188: 1186: 1160: 1154: 1153: 1151: 1149: 1134: 1128: 1127: 1125: 1123: 1106: 1100: 1085: 1079: 1074: 1068: 1067: 1047: 1041: 1040: 1038: 1036: 1019: 1013: 1012: 1010: 1008: 986: 980: 979: 977: 975: 961: 952: 941: 935: 928: 922: 921: 919: 917: 894: 888: 887: 885: 883: 858: 852: 851: 849: 847: 832: 826: 825: 823: 821: 806: 800: 799: 797: 795: 780: 736:American Express 706:Johnson Controls 495:In August 2021, 490:Elizabeth Warren 267:Alexander Acosta 239:Alfred Rappaport 173:General Electric 91:Washington, D.C. 68: 65: 63: 47:Public relations 24: 1805: 1804: 1800: 1799: 1798: 1796: 1795: 1794: 1740: 1739: 1738: 1731: 1727: 1717: 1715: 1706: 1705: 1701: 1691: 1689: 1680: 1679: 1675: 1665: 1663: 1654: 1653: 1649: 1639: 1637: 1626: 1625: 1621: 1610: 1606: 1596: 1594: 1585: 1584: 1580: 1570: 1568: 1559: 1558: 1554: 1544: 1542: 1533: 1532: 1528: 1518: 1516: 1507: 1506: 1502: 1492: 1490: 1482: 1481: 1477: 1467: 1465: 1456: 1455: 1451: 1441: 1439: 1430: 1429: 1425: 1415: 1413: 1407: 1406: 1397: 1387: 1385: 1380: 1379: 1375: 1365: 1363: 1358: 1357: 1353: 1343: 1341: 1336: 1335: 1331: 1326:; May 13, 2010. 1321: 1317: 1309: 1305: 1295: 1293: 1284: 1283: 1279: 1269: 1267: 1259: 1258: 1254: 1244: 1242: 1233: 1232: 1228: 1218: 1216: 1199: 1198: 1194: 1184: 1182: 1180: 1162: 1161: 1157: 1147: 1145: 1136: 1135: 1131: 1121: 1119: 1116:Washington Post 1108: 1107: 1103: 1086: 1082: 1075: 1071: 1064: 1049: 1048: 1044: 1034: 1032: 1031:. 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Moeller 675: 666: 664:Otis Worldwide 660: 651: 649:ConocoPhillips 642: 636:Ramon Laguarta 633: 624: 615: 606: 600:Adena Friedman 597: 588: 579: 577:JPMorgan Chase 570: 561: 552: 543: 541:General Motors 534: 524: 513: 508: 505: 499:'s Program on 445: 442: 423:General Motors 400: 397: 373: 370: 258: 255: 197:General Motors 164: 161: 157:JPMorgan Chase 141:General Motors 128:(CEO); former 70: 69: 58: 54: 53: 36: 32: 31: 28: 15: 13: 10: 9: 6: 4: 3: 2: 1802: 1791: 1788: 1786: 1783: 1781: 1778: 1776: 1773: 1771: 1768: 1766: 1763: 1761: 1758: 1756: 1753: 1751: 1748: 1747: 1745: 1734: 1729: 1726: 1713: 1709: 1703: 1700: 1688: 1684: 1677: 1674: 1662: 1658: 1651: 1648: 1636: 1635: 1630: 1623: 1620: 1616: 1615: 1608: 1605: 1593: 1589: 1582: 1579: 1567: 1563: 1556: 1553: 1541: 1537: 1530: 1527: 1515: 1511: 1504: 1501: 1489: 1485: 1479: 1476: 1463: 1459: 1453: 1450: 1438: 1434: 1427: 1424: 1411: 1404: 1402: 1400: 1396: 1384: 1377: 1374: 1362: 1355: 1352: 1340: 1333: 1330: 1327: 1325: 1319: 1316: 1312: 1307: 1304: 1292: 1288: 1281: 1278: 1266: 1262: 1256: 1253: 1240: 1236: 1230: 1227: 1215: 1211: 1207: 1203: 1196: 1193: 1181: 1179:9780684844565 1175: 1171: 1167: 1166: 1159: 1156: 1144: 1140: 1133: 1130: 1118: 1117: 1112: 1105: 1102: 1099: 1098:9780887305344 1095: 1092: 1090: 1084: 1081: 1078: 1073: 1070: 1065: 1059: 1056:. 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Barra 535: 533: 529: 528:Joshua Bolten 525: 523: 519: 518:Chuck Robbins 515: 514: 512: 506: 504: 502: 498: 493: 491: 488:U.S. Senator 486: 484: 480: 476: 472: 468: 464: 460: 455: 453: 452: 443: 441: 439: 435: 432: 428: 424: 420: 417: 413: 410: 406: 398: 396: 394: 390: 386: 381: 379: 371: 369: 365: 363: 362:Chuck Robbins 357: 354: 353: 347: 343: 338: 335: 330: 327: 322: 318: 314: 309: 307: 303: 299: 298:Ronald Reagan 294: 292: 288: 284: 280: 276: 268: 263: 256: 254: 252: 248: 244: 240: 236: 232: 228: 224: 219: 217: 213: 208: 206: 202: 198: 193: 188: 186: 182: 178: 174: 170: 162: 160: 158: 154: 150: 146: 142: 138: 134: 133:Joshua Bolten 131: 127: 123: 122:Chuck Robbins 119: 114: 112: 108: 107:public policy 104: 100: 99:United States 96: 92: 88: 85: 81: 77: 67: 59: 55: 52: 48: 44: 40: 37: 33: 29: 25: 19: 1728: 1716:. Retrieved 1711: 1702: 1692:September 6, 1690:. Retrieved 1686: 1676: 1664:. Retrieved 1660: 1650: 1638:. 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Index

Trade association
Business lobbying
Public relations
Nonprofit association
www.businessroundtable.org
nonprofit
lobbyist
Washington, D.C.
chief executive officers
United States
United States Chamber of Commerce
public policy
North American Free Trade Agreement
stakeholder capitalism
Chuck Robbins
Cisco
White House Chief of Staff
Joshua Bolten
Mary Barra
General Motors
Tim Cook
Apple
Jamie Dimon
JPMorgan Chase
Alcoa
General Electric
Fred Borch
United States Steel
Roger Blough
chief executive officers

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