Many of America’s largest public corporations recently made a commitment in principle to their “stakeholders,” which included working with their communities and “protect[ing] the environment by embracing sustainable practices.” Leaders of 181 of the 193 member companies of the prominent Business Roundtable promised to “deliver value.”

It gave us a sense of déjà vu. Fifteen years ago, the head of one of the world’s largest pharmaceutical companies wrote that multinational companies “have a duty to adhere to fundamental values and to support and promote them.” If he had been referring to corporate values such as honesty, innovation, voluntary exchange, and the wisdom of the marketplace, he would have been right. But what he intended was “collaborat[ing] constructively with the U.N. and civil society to define the best way to improve human rights.”