An awkward truth has become evident in the first days of the Trump administration, as many firms mute their commitments to diversity and sustainability.The New York Times reports that a troubling reality has emerged in the early days of the Trump administration, as many companies are scaling back their commitments to diversity and sustainability. This comes after a group of prominent CEOs, including those from Johnson & Johnson, FedEx, Wells Fargo, and Amazon, declared six years ago that their businesses were not solely focused on making profits for shareholders, but also on serving employees and customers, protecting the environment, and treating suppliers ethically.
At the time, I commended this statement in a column, but now, as companies are backing away from these commitments, I can’t say I’m surprised. The Trump administration has deemed diversity, equity, and inclusion efforts as “illegal” and “immoral,” and has dismissed sustainability and climate change initiatives as detrimental to America. In response to the administration’s threats of legal action and investigations, many corporations are changing their stance on these issues.
While the sight of companies quickly changing their positions may be jarring, it is not a new phenomenon. In fact, it aligns with the beliefs of economist and conservative thinker Milton Friedman, who argued that corporations should prioritize profits above all else. This current situation is simply a sped-up version of what has always been happening.
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