Larry Fink’s letter to CEOs is about more than “social initiatives”

By any measure, Larry Fink’s letter to CEOs this year is a game changer. When the head of BlackRock, the largest investor in the world, says that companies must produce not only profits, but contributions to society, it sends a powerful message. I pray it leads to thoughtful conversation in boardrooms and the c-suite. But that will require a careful reading of the letter itself, not just the early press—which sets up an age-old, worn-out debate about the social responsibility of...

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