The larger story here isn't simply the hypocrisy of the Business Roundtable, but the fact that it's driving a movement to make executives less accountable to shareholders. https://twitter.com/DavidSegalRI/status/1247604839246368771

They're promoting what they call "long-term value." Which is implicitly contrasted with the short-term profits that shareholders want.

Check out BR's statement to the SEC where they say they want to "facilitate the ability of corporate boards and management to drive long-term value, which serves all corporate stakeholders including investors, employees, communities, suppliers and customers."

This push for deregulation actually doesn't contradict the Business Roundtable's corporate responsibility statement from back in August.

But let's be honest: the Business Roundtable is not pursuing greater accountability. They're basically promising that if we give more autonomy to management, then CEOs and directors will use their powers for good.

This does signal a historical change. Finally big business is slowly working to undermine the rules that empower shareholders. It comes at what might be the close of the age of shareholder value.

The Business Roundtable and their allies want to put that power back in the hands of business leaders. But, of course, that's not the only solution. More democratic systems of corporate governance are possible.