NEWS » WEEKLY UPDATE

Weekly Update August 23, 2019

GREED IS NO LONGER GOOD???.. .This week marked a rather historic shift that, if played out over time, could be extremely significant to the economy and real people’s lives. The U.S. Business Roundtable issued a statement on Monday titled “the Purpose of a Corporation” and the change of focus the statement recommended is huge. The Roundtable is made up of about 200 CEO’s of big, public companies so we’re not talking about the owner operated companies we tend to see, with some notable exceptions, in Ponca City. Corporations around 1980 started following the mantra of “Increasing shareholder value” as their purpose. This led to lots of fun stuff including a ridiculous number of mergers and acquisitions (wink), short term planning, job losses and, oh yeah, a dramatic increase in the value of your 401k. This had a dramatic impact on people’s futures by putting people out of work while making others rich, altered the former reliance on pensions for retirement and so much more.

This week, the Roundtable issued a statement that said the purpose of the corporation now is to increase value to employees, customers, communities, etc. They still want a fair and reasonable return to shareholders but it should not be, they say, the only consideration. A very white hat approach. This could make capitalism and the workplace more humane for workers. It could strengthen communities rather than suck them dry and leave. It could make for better products as the planning and research horizon is expanded and a lot of other cool things. This sounds wonderful on the surface. The statement from the Roundtable, however, is advisory, not mandatory. The question is whether shareholders will put up with it. It’s fun, and quite often justified, to point fingers at CEOs but it’s been the push for higher returns, and the ease in moving money around that has really been the driver of the “greed is good” philosophy which took hold in the eighties. Most of us, by the way, are shareholders (stocks, bonds, 401ks, etc.) so this isn’t about a secret cabal meeting in caves in New Hampshire. This will take a long time to play out but it perfectly illustrates one of the leading maxims of economics: “There are no solutions, only tradeoffs.”
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UPCOMING EVENTS
Tues, Aug 27// B on the B // 7:00 am
Network with Ponca City business people on the PCDA Balcony. Looking for information or a connection, this is the place to be.
Come & Go / 2nd floor, Suite 200 / 7:00 to 8:00 am

Mon, Sept 2//PCDA Office & City Central Closed//Labor Day
Celebrate Ponca City workers social and economic achievements

Thurs, Sept 12//IENetwork Meeting// 5:30 pm The Link
Angelyn Myers, creator of My Buddy Towel
will be sharing her invention story with the group.

Wed, Sept 18//Procurement Tech Assist Center Day// City Central
Is your business ready to do business with the government? State & Tribal Contracting? Do you need to start the steps to be able to do government contracting?
Government entities are looking to do over $500 billion with small businesses this year.
Find out how you can get a piece of that pie.
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PCDA had a few videos created to showcase the Ponca City manufacturing corridor. These are marketing tools used at trade shows and conferences to let the world know two very important facts: Ponca City has some amazing and diverse manufacturing companies and Ponca City knows manufacturing.
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Looking for office space?
You could be here....
Contact Lori Henderson (City Central)
580-765-7070

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City Central has unique office space opportunities in a variety of sq ft options.
This suite has three offices & an open reception area on the third floor.
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Business on the Balcony - August 27
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This come & go networking opportunity is a great way to connect with other businesses and community leaders here in Ponca City.
Next B on the B is Tuesday, August 27.
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2030 - looking into the future. Ponca Works was hanging out with 50 of our closest rural community compadres talking disruptions, opportunities and barriers and what to do in the next 10 years in those communities. Things like place-making for workforce attraction, opportunities in alternative fuels and less reliance on oil and gas as well as utilizing new technologies in agriculture and manufacturing (think robotics and AI). This was truly a town hall brainstorming session and the future is looking bright for western OKLAHOMA communities
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Jennifer Lepard the Executive Director of the State Chamber Resources Foundation leading the discussion in Woodward at OK2030.
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LOCAL RESOURCES
SMALL CITY/BIG LIFE
To stay informed about events, programs and entertainment in Ponca City this fall. The Visit Ponca City website has a great calendar with all the things happening in our community. Next month in back to school and September is busy, busy, busy.
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More Information
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