BlackRock CEO Says Companies Need To Do More Than Deliver Profits

Laurence Fink, CEO of the investment firm BlackRock, is telling other CEOs they need to do more than just deliver profits. In a letter published by The New York Times, Fink says companies must show how they are making positive contributions to society.

EXCERPTS:

TIM HUBBARD: Common sense says, you know, if you have fewer workplace accidents, it’s cheaper to prevent accidents than it is to have them happen. You know, so oil spills and product recalls and all of these things become quite expensive.

HUBBARD: The [Hubbard’s] study showed that if firms and CEOs choose to invest in corporate social responsibility and then perform poorly, they are much more likely to be dismissed.

Listen to the radio version of this story on the NPR website.