For the first time in more than 20 years, Business Roundtable has adopted a statement of principles that no longer says corporations exist primarily to serve shareholders, with customers and employees now playing just as important a role when making business decisions.

The Principles of Corporate Governance announced Monday represents a break for BRT in that it calls for corporations to consider the interests of all stakeholders in their governance decisions, whether those interests be customers, employees, shareholders or communities. Each version of the document issued since 1997 had called on the interests of shareholders to be paramount, but in a statement, the group's board leadership said that vision is at odds with building a healthy society.

"The American dream is alive, but fraying," said Jamie Dimon, CEO of JPMorgan Chase and BRT. "Major employers are investing in their workers and communities because they know it is the only way to be successful over the long term. These modernized principles reflect the business community's unwavering commitment to continue to push for an economy that serves all Americans."

The revised principles come at a time when large corporations are under fire from both sides of the political spectrum, whether it be attacks from Democrats running for president or the populist rhetoric of President Donald Trump. At least one policymaker—Sen. Elizabeth Warren (D-Mass.)—has proposed a law to require large corporations to have a fiduciary duty to all their stakeholders and not just shareholders.

BRT's principles are not a requirement but a commitment by the 181 CEOs who signed the document.

"This new statement better reflects the way corporations can and should operate today," said Alex Gorsky, CEO of Johnson & Johnson and chair of BRT's Corporate Governance Committee. "It affirms the essential role corporations can play in improving our society when CEOs are truly committed to meeting the needs of all stakeholders."

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