CAMBRIDGE, Massachusetts: ExxonMobil recently announced a five-year plan to reduce greenhouse gas emissions and is pumping out ads proclaiming its commitment to a green future.
There is now growing agreement that maximising shareholder value should not be a corporation’s sole aim. Less obvious, however, is what model should be adopted instead. Some companies might funnel millions of dollars to their CEOs’ pet project , or to “philanthropic” causes that are really just veiled forms of influence-peddling.
More importantly, legislation is needed to set clearer red lines. It should not be left to CEOs to decide whether to engage in aggressive tax avoidance and then pay themselves with the proceeds.
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