Last August, a group of nearly 200 of America's most powerful chief executives abandoned the idea that companies must maximize shareholders' profits. Instead, they agreed to deliver value to "stakeholders" who do not necessarily own any shares. They believe companies should commit to balancing the needs of shareholders with customers, employees, suppliers, and local communities.

Some governance experts, investors, and academics criticize the Business Roundtable's stakeholder pledge as being too broad and aspirational to really hold leaders accountable. Do you agree? Why or why not?