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Posted: 2019-01-17 22:31:17

"As a CEO myself, I feel firsthand the pressures companies face in today's polarised environment and the challenges of effectively navigating them," Fink said. He also pushed back against the notion, long espoused by the economist Milton Friedman, that a company's only social responsibility is its profits.

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Fink also mentioned that millennial workers are demanding new things from the companies where they are employees, customers or shareholders. They make up more than one-third of the workforce, and increasingly focus on how companies affect society.

"Profits are in no way inconsistent with purpose," Fink wrote, adding: "Purpose is not the sole pursuit of profits but the animating force for achieving them."

The New York Times earlier reported on Fink's letter.

Jeff Sonnenfeld, an expert on leadership who teaches at the Yale School of Management, highlighted that the letter calls for more than just social responsibility from companies.

"Some argue that CEOs aren't selected to be a political voice. I think that's wrong." he said. "It's part of the job.''

Fink also returned to a theme he often focuses on: The need for companies to better prepare their employees for retirement. This is particularly important in the US, he said, because the shift to defined contribution plans is "leaving too many workers unprepared" for retirement.

Washington Post

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