Jim O’Neill says the coronavirus pandemic has created an opportunity for governments and companies to address social and environmental goals, and that companies could be moving into a new era of “stakeholder capitalism.”
The coronavirus pandemic has created an opportunity for governments and companies to address social and environmental goals, former Goldman Sachs Asset Management Chairman Jim O'Neill told CNBC."The whole role of share buybacks and the way that companies so dramatically are focused on managing their balance sheets, for example, I think that could become a bit a thing of the past," he said.
In an interview with CNBC, economist Jim O'Neill said the pandemic has highlighted inequalities in the workforce and created an opportunity for governments and companies to address broader social goals. "People that run really successful businesses have to be thinking about something a bit more than just an outright obsession with maximization of profit and playing their own role in trying to deal with some societal challenges," he said.
O'Neill, who is currently Chair of Chatham House, said companies could be moving into a new era of "stakeholder capitalism," where they must act beyond the interests of their shareholders. "The whole role of share buybacks and the way that companies so dramatically are focused on managing their balance sheets, for example, I think that could become a bit a thing of the past," O'Neill said.
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