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Good morning.
At least there is some evidence that the American people are the judge. In a poll by Just Capital, when asked which stakeholders of large US companies are their top priority, 50% of Americans say “their shareholders”. This is down from 69 percent six years ago. And 31% of companies say they prioritize their employees, up from just 9% six years ago. Still, the poll found that only 49% of respondents said large American companies have a positive impact on society. And only 37% said they have a positive impact on the environment.
Just Capital has looked at how companies that have signed up to the corporate objective are performing relative to companies that are ranked in the annual Russell 1000. The answer is very good. BRT Signatories:
– Pay approximately 3.2% more to their employees a living wage;
– providing 3.5 hours of additional professional development training;
-26% fewer workplace safety incidents per person hour worked;
– Science-based targets are five times more likely to make climate commitments in line with initiative goals;
– 3.2% more likely to report a pay equity analysis by gender and/or race.
Not perfect, by any means, but better. You can read more about the Business Roundtable signatories’ analysis on Just Capital Poll, Hot This Morning, here and more. More news below.
Alan Murray
@alansmurray
alan.murray@fortune.com
Main news
Opioid prescription
A federal judge in Ohio on Wednesday ordered CVS, Walgreens and Walmart to pay two counties in the state $650.5 million in damages to the companies over the opioid crisis. In November, a jury ruled that pharmacy chains continued to distribute prescription painkillers despite clear signs that patients were abusing the drugs. Wednesday’s decision marks the first time pharmacies have been fined for contributing to the opioid epidemic. The three companies, which have refused to settle claims from the court over other opioid defendants, said they would appeal the decision. New York Times
Double digits
UK inflation rose to a 40-year high of 10.1% in July, the highest among G7 countries and above economists’ expectations for a rise of 9.8%. Food inflation hit a 20-year record high of 12.7 percent due to rising prices of bread, dairy products, meat and vegetables. With high inflation and continued wage growth, the Bank of England is expected to raise interest rates by 0.5% at its next meeting. The BOE expects inflation to hit 13% in Q4 and be higher next year. Financial Times
Hello beach
Business leaders eager to get their employees back to the office are leading by example, losing long weekends to vacations to show up at the office. It’s a role reversal from the past, when subordinates toiled at their desks while bosses worked from oceanfront or country retreats. But personal appeals by executives don’t seem to work. Months of remote work have encouraged employees to work from anywhere, especially during the dog days of summer. Wall Street Journal
Around the water cooler
US office workers, from Tuesday to Thursday, prepare to travel again Bloomberg
A big rally in stocks is more like a dead cat than a bear market, says UBS. We look forward to renewed flexibility in the future with Will Daniels
Have I received the polio vaccine? Some Gen Z and Millennials Are Asking Mom and Dad Answers by Alexa Michaels.
Activision Blizzard has been accused of trying to stop employees from discussing pay and working conditions, according to Chloe Taylor
Young people are about to be done with traditional TV – but older viewers don’t seem to be getting close to Tristan Bove.
Monkey disease is spreading so fast that the only licensed vaccine maker doesn’t know if it can keep up with demand, according to Bloomberg.
This edition of CEO Daily Edited by Claire Zillman.
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