{"id":42619,"date":"2022-03-31T14:01:47","date_gmt":"2022-03-31T18:01:47","guid":{"rendered":"https:\/\/nationalcenter.org\/?p=42619"},"modified":"2022-09-21T15:55:00","modified_gmt":"2022-09-21T19:55:00","slug":"stakeholder-capitalism-serves-the-personal-policy-preferences-of-ceos","status":"publish","type":"post","link":"https:\/\/nationalcenter.org\/ncppr\/2022\/03\/31\/stakeholder-capitalism-serves-the-personal-policy-preferences-of-ceos\/","title":{"rendered":"Stakeholder Capitalism Serves the Personal Policy Preferences of CEOs"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">\u201cSo-called \u2018stakeholder capitalism\u2019 is neither pursued for the benefit of stakeholders nor is it any kind of capitalism at all,\u201d writes Free Enterprise Project (FEP) Director <a href=\"https:\/\/nationalcenter.org\/ncppr\/staff\/scott-shepard\/\">Scott Shepard<\/a> in his <a href=\"https:\/\/www.realclearmarkets.com\/articles\/2022\/03\/31\/stakeholder_capitalism_neither_capitalism_nor_for_stakeholders_824608.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s2\">latest commentary for Real Clear Markets<\/span><\/a>.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cWhen CEOs pretend to act on behalf of stakeholders,\u201d Scott continues, \u201cthey merely enact their own personal policy preferences at company and shareholder expense, in violation of their fiduciary duties.\u201d<\/span><\/p>\n<div id=\"attachment_42549\" style=\"width: 224px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/nationalcenter.org\/ncppr\/staff\/scott-shepard\/\"><img aria-describedby=\"caption-attachment-42549\" decoding=\"async\" loading=\"lazy\" class=\"wp-image-42549 size-medium\" src=\"https:\/\/nationalcenter.org\/wp-content\/uploads\/2022\/03\/Scott-Shepard-214x300.jpeg\" alt=\"Scott Shepard\" width=\"214\" height=\"300\" srcset=\"https:\/\/nationalcenter.org\/wp-content\/uploads\/2022\/03\/Scott-Shepard-214x300.jpeg 214w, https:\/\/nationalcenter.org\/wp-content\/uploads\/2022\/03\/Scott-Shepard.jpeg 300w\" sizes=\"(max-width: 214px) 100vw, 214px\" \/><\/a><p id=\"caption-attachment-42549\" class=\"wp-caption-text\">Scott Shepard<\/p><\/div>\n<p class=\"p1\"><span class=\"s1\">Scott traces the origins of the stakeholder model from its inception by World Economic Forum founder Klaus Schwab to its eventual adoption by most major American corporations, and unpacks the fraudulent essence and adverse consequences of stakeholder capitalism\u2019s core tenets. Having floated around in academic theory for half a century, the concept of stakeholder capitalism came into prominence in 2019 when the Business Roundtable \u201c<a href=\"https:\/\/purpose.businessroundtable.org\/\"><span class=\"s3\">pretended<\/span><\/a>\u00a0to \u2018redefine\u2019 the purpose of the American corporation,\u201d Scott explains.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cIt is impossible to serve all stakeholders,\u201d Scott writes, further clarifying how even BlackRock\u2019s Larry Fink \u2013 a major proponent of stakeholder capitalism \u2013 \u201cadmitted this (however accidentally) in his most recent \u2018Letter to CEOs.\u2019\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cWhen CEOs, boards of directors and investment- and pension-fund managers act in their own personal policy interests instead of the interests of ultimate shareholders (<i>i.e.,\u00a0<\/i>capitalists), then, they have committed insurrection against those capitalists,\u201d writes Scott.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">To read the full piece and learn more about the deceptive dangers of \u201cstakeholder capitalism,\u201d click <a href=\"https:\/\/www.realclearmarkets.com\/articles\/2022\/03\/31\/stakeholder_capitalism_neither_capitalism_nor_for_stakeholders_824608.html\"><span class=\"s2\">here<\/span><\/a>.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><em><a href=\"https:\/\/nationalcenter.org\/ncppr\/staff\/ethan-peck\/\">Ethan Peck<\/a> is an associate for the National Center\u2019s <a href=\"https:\/\/nationalcenter.org\/programs\/free-enterprise-project\/\">Free Enterprise Project<\/a>, the conservative movement\u2019s only full-service shareholder activism and education program.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cSo-called \u2018stakeholder capitalism\u2019 is neither pursued for the benefit of stakeholders nor is it any kind of capitalism at all,\u201d writes Free Enterprise Project (FEP) Director Scott Shepard in his latest commentary for Real Clear Markets. \u201cWhen CEOs pretend to act on behalf of stakeholders,\u201d&#8230;<\/p>\n","protected":false},"author":25,"featured_media":42620,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[74,35,30],"tags":[77],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Stakeholder Capitalism Serves the Personal Policy Preferences of CEOs - The National Center<\/title>\n<meta name=\"description\" content=\"In promoting &quot;stakeholder capitalism,&quot; America&#039;s wokest CEOs portray themselves as standing up for all stakeholders. 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