Efforts to force companies to pursue a wider social purpose “go too far”, the boss of John Lewis said last night.
Dame Sharon White rejected calls for a change in legislation that would require firms to advance the interests of society and the environment as well as delivering returns for shareholders.
Addressing the Resolution Foundation, a think tank, she said: “Is there a case as some have argued for companies actually changing their fiduciary duty to extend not only to shareholders but to workers and to society? My own view is that that is a step too far.”
If the shareholders want to do that then they can of course. But the entire point of property ownership is that you get to direct the use of that property. So, the owners of a company get to direct it…..