There is at least some evidence that it probably has, at least if the American public is the judge. Asked in a survey by Just Capital which stakeholders give top priority to large American companies, 50% of Americans say “their shareholders.” But that’s down from 69% six years ago. And 31% say companies prioritize “their employees” the most, up from just 9% six years ago. However, the survey showed that only 49% of respondents said that large American companies have a positive impact on society in general. And only 37% said they have a positive impact on the environment.
Just Capital also looked at how companies that sign a corporate purpose statement are doing compared to other companies it ranks annually in the Russell 1000. The answer: pretty well. BRT Signatories:
– To pay about 3.2% more of their workers a living wage;
– Provide 3.5 more hours of career development training;
– There are 26% fewer workplace safety incidents per person-hour of work;
– Are five times more likely to have made climate commitments consistent with the goals of the science-based targets initiative;
– They are 3.2% more likely to have disclosed a gender and/or racial pay equity analysis.
Not perfect, by any means, but better. You can read more on the Just Capital survey, fresh this morning, here , and more on the analysis of the Business Roundtable signatories here . More news below.
Order of opioids
A federal judge in Ohio on Wednesday ordered CVS, Walgreens and Walmart to pay two state counties $650.5 million for the companies’ role in the opioid crisis. In November, a jury found that pharmacy chains continued to dispense prescription painkillers despite clear signs that patients were abusing the drugs. Wednesday’s ruling was the first time pharmacies have faced a monetary penalty for how they contributed to the opioid epidemic. The three companies, which have been more reluctant than other opioid defendants to settle claims out of court, said they would appeal the ruling. New York Times
UK inflation rose to a 40-year high of 10.1% in July, the highest among G7 countries and topping economists’ expectations for a rise of 9.8%. Food inflation hit a 20-year record high of 12.7% last month, led by rising prices for bread, dairy products, meat and vegetables. With inflation on the rise and wage growth steady, the Bank of England is expected to raise interest rates by 0.5% at its next meeting. The BOE expects inflation to reach 13% in the fourth quarter and remain high next year. Financial Times
Business leaders eager to lure their employees back to the office are leading by example, missing long weekends at vacation homes to show up at the office. It’s a role reversal from the past, when bosses could work from oceanfronts or retreats while subordinates toiled at their desks. But the leaders’ personal appeals do not seem to be working. Months of remote work have encouraged employees to zoom in from anywhere, especially during the dog days of summer. Wall Street Journal
ABOUT THE WATER COOLER
US office workers, get ready to travel Tuesday through Thursday again from Bloomberg
Stocks’ big boost from bear market is more like dead cats jumping, UBS says. “We Expect Renewed Volatility Ahead” by Will Daniel
Have I received a polio vaccine? Some Gen Z and millennials are looking to mom and dad for answers from Alexa Mikhail
Activision Blizzard is accused of trying to stop workers from communicating about wages and working conditions by Chloe Taylor
Young people are almost done with traditional television—but older viewers can’t seem to get enough of Tristan Bove
Monkeypox is accelerating so fast, the only approved vaccine maker admits it doesn’t know if it can keep up with demand from Bloomberg
This edition of CEO Daily is edited by Claire Zillman.
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