A company’s ultimate purpose is to serve the common good, Best Buy Executive Chairman Hubert Joly said Wednesday at the annual conference of Business for Social Responsibility (BSR).
“The purpose of a company is not to make money,” he said. “It is to serve all of the stakeholders, including customers, employees, partners, vendors, the communities in which we operate, the environment and shareholders. The idea is that there is no trade-off, no need to choose between the various stakeholders.”
Hubert noted that businesses “do well by doing good” and that a company’s sustainability efforts are most impactful when they are connected to its business purpose and overall success.
