American business

Are we entering a new era of the statesman chief executive? It`s a question worth asking after the disbanding of President Donald Trump`s two major business councils last week.

Many of the chiefs involved, who harboured mixed feelings about engaging with the president, did so because they hoped to push through a business friendly agenda that included tax and educational reform as well as major infrastructure projects and stay in the good graces of the White House, historically a net positive for corporate prospects.

What has become clear over the past few days is that being close to this [business friendly" president is not necessarily good for business.

Share prices have taken a hit from the White House chaos, and some corporate leaders have faced criticism from their own staff for getting involved in the White House and not speaking out earlier. Some are calling on the private sector to take up the mantle of American leadership.

[This is a time in the history of our country when every business leader needs to demonstrate the moral courage to stand up for what this country is all about," says Howard Schultz, who did not sit on either of the president`s business councils but did hold a company-wide meeting last week to address [fears, anxieties and concerns" about Mr Trump`s handling of Charlottesville.

[We all feel unsettled. I feel I have an even bigger responsibility as a business leader now to step into the political discussion," says the head of Starbucks, who has been whispered about as a possible presidential candidate for 2020.

He is not alone. Jamie Dimon, JPMorgan chief, was one of many executives to send a strongly worded memo to employees; he criticised the president`s handling of the [evil" perpetrated in Charlottesville, noting that [constructive economic and regulatory policies" were insufficient to get the country back on track given the [divisions in our country. It`s a leader`s role, in business or government, to bring people together, not tear them apart."

Arne Sorensen of Marriott, which has run a pointed [golden rule" ad over the past few days, told me that a more political role for chief executives today is [unavoidable and essential. You can say it shouldn`t exist, or try to hide from it, but neither approach works. There is enormous anxiety right now among our guests, and our community all over the world. They want to hear a voice that is welcoming, and affirming."

This means that they want to hear the best American values articulated. That is a role that business used to play. In the 1950s, `60s and into the `70s, as US businesses exported global capitalism, they were expected to export American ideas of liberal democracy and inclusiveness. Business leaders pushed through things like the Employment Act of 1946, and the Marshall Plan, which many Americans at the time were against.

Not to be too romantic - their first priority was certainly to make a buck - but the best leaders were not just considered great businessmen, but great Americans; people who could move the needle on political and social agendas, as well as economic ones.

Chief executives over the past decades have moved away from that role. The 1990s were defined in large part by self-interested [celebrity" corporate leaders. Following the 2008 financial crisis, many felt the safest bet was to keep their heads down and share prices high. The fact that economic globalisation has run so far ahead of political globalisation means that, in many ways, today`s chiefs are less ambassadors of [American" values than transnational leaders who have to adjust to what ever form of capitalism they find on the ground: from the laissez-faire Anglo-American styles to the more regulated European brand to the state models of many emerging markets.

Yet in each of those milieus there is a role for corporate leaders who think about more than share prices. Indeed, a 2012 survey by the US consulting firm FTI found that, by a three-to-one margin, institutional investors want them to speak out on a broad variety of issues.

As Marc Benioff, head of Salesforce, put it: [CEOs have to be responsible for something more than their own profitability. You have to serve a broader group of stakeholders - from employees to the environment - and when politicians don`t get things right, corporate leaders have to act. That`s a big shift."

It is one that is making a difference. Mr Benioff, for example, recently led a charge to change a proposed law in Indiana that would have discriminated against the LGBT community.

[I called up Mike Pence, [then governor], reminded him that we were the biggest tech employer there and let him know that we couldn`t discriminate against our workforce." The law was modified, as similar proposals in other states have been thanks to calls from chief executives.

The business community is likewise moving ahead, with or without the White House, on issues such as climate change and immigration. In an era in which the richest 2,000 companies have more money (and arguably power) than two-thirds of countries, it is crucial that their actions balance the dearth of moral and economic leadership coming out of this White House.

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