Episode 3: Shareholder capitalism vs the rise of stakeholder capitalism

President and CEO of Desjardins Group, Guy Cormier, joins us to share his take on the rise of stakeholder capitalism and the importance of integrating sustainability throughout a business.

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In 2021, Guy Cormier wrote an opinion piece published in the National Observer titled It's Time to Give Capitalism a Do Over

Mr. Cormier’s editorial is part of a debate that's been gaining momentum in the past few years. Broadly speaking, the debate is between traditional shareholder capitalism and the rise of stakeholder capitalism. A 1997 U.S. Business Roundtable argued that the paramount duty of directors is to serve the interests of shareholders. Guy Cormier has a very different view. 

Guy Cormier is the president and CEO of Desjardins Group. Desjardins is a Canadian Financial Services co-operative based in Quebec. It is the largest federation of credit unions in North America. Last year, in 2021, it made nearly $3 billion in after-tax income.


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Disclaimer: The views and opinions expressed in this podcast are those of the guest and do not necessarily reflect that of CPA Canada.

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Season 3 looks to answer questions like whether sustainability is an added burden or new opportunity, who should be responsible for it and whether the CPA can wait before incorporating sustainability into their practice.

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