03 Jul JAY FELDMAN
Project description
Read the following article by Jay Feldman and answer the questions that follow:
There was a time in the not so distant past when many, if not most, publicly held corporations, including the one for which I worked, embraced in their mission statements, codes of conduct and similar pronouncements a responsibility to serve multiple stakeholders: their stockholders, of course, but also their employees as well as customers, suppliers and the community in which they operated. Today, all too many companies, in deed and often in word, articulate a single-minded obligation to serve only their investors by focusing exclusively on profitability.
As a result, we have witnessed corporate downsizings and outsourcing of jobs; restructuring of pension plans or their complete termination; reductions in health care benefits; and wage stagnation in spite of increased productivity. Domestic suppliers have been squeezed or, more often, replaced by cheap foreign sources. Customers seeking service are confronted with automated answering machines and foreign call centers. Environmental concerns are viewed as obstacles to profitability.
At the same time, the senior managers of these enterprises have seen their compensation grow exponentially as a reward for their perceived contributions to the bottom line.
Sadly, what these corporations fail to appreciate is how their obsession with the bottom line is shrinking their markets, both domestic and foreign. The large number of people unemployed, underemployed, afraid of losing their jobs or without the means to pay all their bills perpetuates the present worldwide economic crisis.
Add to this the unwillingness of businesses to pay their fair share of taxes to support education, health care and the infrastructure that is critical to their success. In the end, these self-serving practices endanger the very profitability their practitioners seek to enhance.
We need to return to the earlier model of the corporation as a good citizen. Doing so can help ensure the long-term viability of our free enterprise system.
JAY N. FELDMAN
Port Washington, N.Y., Aug. 27, 2012
The writer is a retired corporate lawyer.
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