Several years ago, you couldn’t miss splashy announcements from companies trumpeting new, big social impact investments and commitments.

In Aug. 2019, the Business Roundtable declared that the “purpose of the company” was to serve not just shareholders, but all stakeholders, including employees, customers, communities, and the planet. The statement sparked a new era of corporate impact, full of attention and momentum.

Since then, the cultural winds have shifted, political power has swayed, and the economic backdrop has changed. Shareholder activists and some State Attorney Generals have pushed back on related areas like ESG and DEI, and the current presidential administration has applied pressure on companies who use language or take approaches they do not support.

But corporate impact isn’t on the retreat, it is just evolving. As we face economic uncertainty and government cost cutting—and corresponding gaps in community needs—corporate America’s role in our society is especially consequential. Hundreds of interviews and conversations with C-level executives and senior impact leaders across Fortune 500 companies........

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