Jamie Dimon says he intends to move beyond the staid maxim that corporations should act to maximise shareholder value. He has persuaded 180 of his fellow CEOs to join him. They propose a new ethos in which corporations will be accountable to all stakeholders - not only employees, customers and shareholders, but also society at large.

If the JPMorgan Chase CEO's goal is to improve JPMorgan's image, his move is a smart one. If, however, he means what he says, his proposal is misguided.

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