Episode 3: Shareholder capitalism vs the rise of stakeholder capitalism
In 2021, Guy Cormier wrote an opinion piece published in the National Observer titled It's Time to Give Capitalism a Do Over.
Mr. Cormier’s editorial is part of a debate that's been gaining momentum in the past few years. Broadly speaking, the debate is between traditional shareholder capitalism and the rise of stakeholder capitalism. A 1997 U.S. Business Roundtable argued that the paramount duty of directors is to serve the interests of shareholders. Guy Cormier has a very different view.
Guy Cormier is the president and CEO of Desjardins Group. Desjardins is a Canadian Financial Services co-operative based in Quebec. It is the largest federation of credit unions in North America. Last year, in 2021, it made nearly $3 billion in after-tax income.
Disclaimer: The views and opinions expressed in this podcast are those of the guest and do not necessarily reflect that of CPA Canada.
