chief executive officer Jamie Dimon has led calls for companies to consider the needs of workers, communities, and customers as well as those of shareholders.That is how activist investor John Harrington interprets a recent decision by JPMorgan's board – chaired by Dimon – not to convert itself to a"public benefit corporation," a Delaware legal structure gaining attention among would-be financial reformers.
Harrington said the document's details and the board's decision show the limits of the sentiments espoused by Dimon and other top CEOs when they issued their"Statement on the Purpose of a Corporation" in 2019 calling on companies to look out for all stakeholders.In a statement sent by a spokesman, JPMorgan said,"Serving the interests of all stakeholders – not just shareholders – is essential to having an economy that creates opportunity for everyone and how we do business.
Separately, some activists have urged companies to add workers to their boards of directors. But of 10 shareholder resolutions filed in 2020 on the topic, none won more than 8% support of votes cast, according to a review by Proxy Insight.
😂😂😂