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Six years ago, Larry Fink, founder and CEO of BlackRock, sent a letter that sent shock waves through the financial community. In it he said, “Society is demanding that companies, both public and private, serve a social purpose. To prosper over time, every company must not only deliver financial performance, but also show how it makes a positive contribution to society. Companies must benefit all of their stakeholders, including shareholders, employees, customers, and the communities in which they operate.”
Jeffrey Sonnenfeld, a senior associate dean at the Yale School of Management, told the New York Times, “It will be a lightning rod for sure for major institutions investing other people’s money. It is huge for an institutional investor to take this position across its…
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