Note: This op-ed was previously published by Fortune on February 19, 2026.
Today’s CEOs could be the most consequential corporate leaders in American history. The decisions they make will go a long way to determining whether the most powerful technologies ever developed strengthen the foundations of American capitalism or undermine them. It’s not an exaggeration to say the stability of the modern socio-economic system on which markets and business depend is at stake. Fortunately, executives have access to greater magnitudes of data and computing power than ever before in order to get this transition right.
Two realities define the leadership challenge ahead. First, company leaders know they have no choice but to embrace new technologies fully, at speed and with unprecedented levels of investment in order to remain competitive. Second, they understand that the transition to an AI-powered economy will reverberate widely, reshaping jobs, income models, communities, and the role of business in society in ways that are very difficult to predict. We’re already seeing the decoupling of economic growth and labor outcomes begin to play out. What happens if the value of labor drops to effectively zero?
Technological disruptions have happened throughout history. The problem is that this time it is unfolding faster, on a grander scale, and with greater implications, than any before. Whereas previous technological leaps forward were measured in years, with agentic AI, automation, quantum computing, and humanoid robotics, the adaptation time has been compressed to months. This gives leaders little time to experiment, adjust, and course-correct. If they are perceived as being behind the curve or investing incorrectly, the consequences are swift and severe. For society, and those who govern, the transition is felt almost daily. When you have near zero adjustment time, it’s akin to flying blind.
The warning signs are visible in Just Capital’s research. In our latest polling, only 35% of Americans say the current form of capitalism is working for the average person. In our AI-specific surveys, 48% of the American public predict AI will replace workers and eliminate many jobs and a majority is most worried about AI’s impact on social stability and safety.
From my frequent conversations with global business leaders, they are acutely aware of the challenge. Concerns for the future of capitalism continue and recently, executives debated whether the greater threat to the economy and society is artificial intelligence or the continued concentration of wealth and opportunity.
No one is arguing against the need for technological progress. Breakthroughs in healthcare, education, productivity gains, and innovations we cannot yet imagine are now closer than ever. Some predict all of that may in fact create new jobs; others foresee a “blood bath”. Capturing the benefits of transformation while preserving broad participation in economic growth will take new approaches by leaders on how technology is deployed, how the gains and disruptions are managed, and how companies are structured and run.
Forward-thinking business leaders understand that at its core, our capitalist system is built on the shared belief that economic growth creates opportunity, that effort and participation are rewarded over time, and that when businesses create value for all their stakeholders, they thrive financially and competitively.
Putting this into practice is the trick. The era of stakeholder management defined by broad frameworks, generalized commitments, and aspirational language is over. For too many, stakeholder considerations became a compliance exercise that proved to be too imprecise to guide real tradeoffs, withstand scrutiny, or serve as a source of genuine strategic insight.
Today’s hyper-competitive business environment necessitates the opposite: precise, decision-grade data and intelligence rigorous enough to help leaders make higher-confidence choices about strategic planning, capital allocation, workforce design, community engagement, and technology deployment in real time. And all on a company-specific basis. A retailer trying to balance customer satisfaction, supply chain automation, and a frontline workforce has very different priorities than a software company competing for top AI talent while trying to evaluate their footprint on communities.
Understanding the causal relationships between stakeholder investments and core business outputs is central to this. Mapping performance against peers and best practices, identifying areas where operational or reputational risks may be lurking, and pinpointing unseen organizational strengths that can be maintained, elevated, and leveraged are also vital.
Above all, leaders must clearly understand how specific investments in talent, consumer engagement, community resilience, and environmental stewardship translate into total returns. That clarity will drive both business success and societal value creation. While AI raises the stakes for this work, it also makes it possible.
The future of American business and that of its people are inexorably intertwined. As the country approaches the 250th anniversary of its founding, it feels like the next three years will shape the next 3 generations at least.
Organization Unveils Second Generation Platform and New Brand Identity to Help Business Leaders Deliver Value for Shareholders, Economy, and Society
NEW YORK, NY February 17, 2026 – Just Capital, the foremost independent organization advancing responsible business leadership, announced the culmination of its strategic transformation into a stakeholder-focused data and insights platform. Building on more than a decade of impact, the organization released an updated version of its flagship Just Intelligence product, alongside a new brand identity, logo, and website, to serve as an objective partner to companies as they shape outcomes for their business, workers, communities, and the economy and society at large.
“Just Capital’s evolution was driven by the conviction that the decisions leaders make today will define business and societal outcomes for decades to come,” said Martin Whittaker, Chief Executive Officer of Just Capital. “We have enhanced our capabilities to help companies optimize their stakeholder investments through independent and comprehensive insights in service of their ability to compete and win in a changing marketplace. Our vision is an economy where business success and shared prosperity move forward together.”
Just Capital has launched upgraded functionality and performance data within Just Intelligence. Just Intelligence supports strategic planning and decision-making by offering a comprehensive view of public expectations, sector realities, and stakeholder performance, and by connecting those signals to core business outcomes. The platform is built on Just Capital’s decade of public opinion research and corporate performance data, and it surfaces areas of relative over- and under-performance across a company’s stakeholder ecosystem, including workers, customers, communities, environment, and shareholders. New features include:
These capabilities help leaders identify which stakeholder investments have the power to drive long-term business performance, enabling them to create value that compounds beyond their firm to benefit shareholders, the economy, and society at large.
“At a time where looking around corners has never been more important, Just Intelligence offers insights leaders can use in moments of complexity to evaluate real tradeoffs across growth, risk, technology, and societal expectations,” said Whittaker. “Our goal is to help leaders navigate those tradeoffs with clarity and confidence.”
Just Capital’s transformation was informed by a review process including direct engagement with CEOs, C-suite leaders, and board members of some of America’s most influential companies. Five Fortune 500 companies are vanguard users of the paid product, helping to shape the platform’s evolution ahead of broader market rollout and adoption. Just Intelligence and the platform’s ongoing enhancements are grounded in feedback from a beta period with 250+ corporate users and interviews with more than 45 business leaders on the user experience, value proposition, and industry relevance.
Russell 1000 companies have access to the Performance Explorer tool with select stakeholder indicators available. Subscribers can access full metrics, Peer Comparison, and Leading Practice capabilities. The platform and its features will be updated on an ongoing basis.
Just Capital’s refreshed visual identity marks the evolution of the organization from an external evaluator to a performance partner. The new website and tools within Just Intelligence are built to support forward-looking decision-making rather than retrospective assessments of past performance. Just Capital’s annual Rankings will continue to serve as a tool to showcase performance and insights to inform responsible business leadership. The 2026 Rankings will be announced in March 2026.
In Fall 2025, Just Capital launched its inaugural research from surveys of corporate leaders, investors, and the American public on responsible AI deployment. The organization will conduct quarterly pulse surveys through 2026 and beyond, providing ongoing insights for corporate leaders, investors, and policy makers as perspectives continue to evolve. AI-focused insights will feed into Just Intelligence in 2026.
As part of this strategic focus, the Corporate Impact Lab has begun the process of becoming an independent organization. Just Capital has been proud to incubate the Corporate Impact Lab since its inception in 2022. In 2026, the Corporate Impact Lab will be fiscally sponsored by Just Capital and operate independently. Both organizations share the mutual goal of the Corporate Impact Lab becoming a fully independent organization in 2026, subject to the completion of necessary regulatory, legal, and other administrative requirements.
Just Capital is the foremost independent organization advancing responsible business leadership. We translate insights from public polling, performance data, and financial analysis into actionable intelligence leaders can use to drive long-term business success and shared prosperity for people across America. Our flagship product Just Intelligence is designed to offer a comprehensive view of public expectations, stakeholder performance, and sector realities in order to drive responsible decision-making. When companies make better decisions, they can create lasting value for shareholders, contribute to stronger communities, and help drive broader economic and societal progress. For more information, visit justcapital.com.
For media inquiries, please contact:
Tyler Spalding: tspalding@justcapital.com
Yesterday, I shared a Q&A I recently had with Steve Beard on LinkedIn. Steve is CEO of Covista, which recently completed a transformation into America’s largest healthcare educator. It’s a fascinating story that got me thinking more broadly about what distinguishes leaders who successfully navigate profound transformation. The news that Enrique Lores has been named CEO of PayPal and The HOW Institute’s annual release of their State of Moral Leadership in Business report added more food for thought on this increasingly critical topic.
Enrique received our inaugural JUST Capital Lifetime Achievement Award last year for his exceptional leadership at HP Inc. During his tenure, he guided the company through a fundamental strategic transformation while consistently investing in workers, customers, and communities. I have confidence he’ll do the same at PayPal.
What do Steve and Enrique have in common? Both understand that transformation and stakeholder investment aren’t competing priorities, they’re mutually reinforcing.
Covista sits at the intersection of workforce, health, education, and technology. When I asked about Covista Open Doors, their new initiative to expand access to healthcare careers, Steve went straight to the heart of it. “We train and develop the folks that care for all of us,” he told me. “And we’ve got an opportunity that we believe is too good and too important to pass up.”
Enrique operated with the same philosophy at HP. At our flagship Best of American Business event last year he shared his conviction that “…business success and social responsibility are not separate pursuits. They are deeply connected.”
Both leaders also embody authentic leadership grounded in personal experience. Steve, a first-generation college graduate, told me that creating opportunity for historically excluded populations is simply part of who he is. Enrique started at HP as an intern nearly four decades ago, inspiring his commitment to workforce advancement and long-view leadership.
The HOW Institute report demonstrates how rare this kind of human, stakeholder-first leadership may be but also how vital it is to the process of transformation.
Be well,
Martin
The New York Times surveyed prominent technologists, economists, and philosophers and found deep disagreement over whether AI will ultimately expand opportunity or accelerate inequality. They also put out a separate opinion piece featuring three economists debating the impact AI is already having on the economy.
Fortune reports that Citigroup CEO Jane Fraser is pushing an employee training initiative across the organization to reskill their workforce with AI tools before automation reshapes people’s roles.
Axios examines why employees aren’t buying the hype for AI the same way their employers are.
The Washington Post reports a widening labor gap as demand for electricians, plumbers, and skilled trades grows while white-collar hiring slows..
Fortune finds more employers abandoning performance-based raises in favor of flat, across-the-board increases — a move meant to more broadly retain workers.
Bloomberg reveals that CEOs are increasingly anxious about economic slowdown, geopolitical instability, AI backlash, and workforce morale with fewer leaders confident they can manage multiple risks at once.
HR Dive highlights new research showing that replacing an employee now costs employers more than $45,000 on average, strengthening the business case for retention.
The Wall Street Journal reports that The Washington Post is laying off about one third of its workforce as digital subscription growth slows and legacy media companies continue to struggle with advertising and audience fragmentation.
A KFF Health Tracking Poll finds health care costs, expiring ACA tax credits, and insurance affordability are top voter concerns, particularly with many companies having to alter their health benefits due to rising prices.
1. Only 53% of Americans believe large U.S. companies are very or somewhat just, the lowest percentage since we began this polling in 2019. Only 35% believe our current form of capitalism is working for the average American.
2. This is at odds with the expectations of the public. 80% believe business can be a force for positive social change and 89% agree it’s important that companies promote an economy that serves all Americans.
3. When we dig deeper, Americans care most about worker-related issues such as providing a fair and living wage, supporting worker well-being, and offering advancement and training opportunities, alongside employee benefits.
4. As AI and automation become even more dominant in 2026, leaders have a significant challenge ahead to innovate and grow their business while continuing to invest in and cultivate their workforce. Our recently released research on perceptions of AI amongst corporate leaders, investors, and the American public aims to help them identify key considerations for responsible AI deployment at scale.
Perceptions of performance on just business behavior peaked during the height of the Covid-19 pandemic in 2021. Since then, the gap between those who view companies as just versus unjust has narrowed to its smallest margin in seven years, suggesting declining confidence in corporate behavior.
The public indicates belief that companies are overwhelmingly focused on shareholders at the expense of their workers and customers. The shift since 2020 is stark: while shareholder prioritization has remained constant or even intensified in the public’s view, they believe attention to workers and customers has languished.
76% of Americans say companies positively impact shareholders compared to other stakeholders, to society, and even compared to quality jobs. The starkest gap appears in perceptions of impact on the financial well-being of a companies’ lowest-paid workers.
Over time, the erosion of public confidence has accelerated, with Americans increasingly convinced that companies prioritize investors to the exclusion of all other stakeholders.
When asked whether capitalism is working for the average American, the majority of respondents say no. This negative sentiment has persisted for four years, with 2021 marking the narrowest gap between those who agree and disagree that the system is working.
This sentiment is remarkably consistent across demographics. In nearly every group — regardless of age, income, race, or political affiliation — the majority believe capitalism is NOT working for the average American. The exception is Conservatives, who have a lower, yet still substantial share who express doubts about capitalism’s effectiveness to generate shared prosperity.
Eighty percent of Americans think that business can be a force for positive change. The public also has high expectations of corporate America across a variety of factors, such as the ethical use of AI in business operations, the relationship between transparency and trust, and the desire for companies to operationalize value creation rather than simply making public commitments. What is additionally striking is the consistent level of agreement on these sentiments across political ideologies.
Although the public is looking for action over verbal commitment, there is an opportunity for leaders to better communicate how they are positively serving their workers, customers, and communities.
While a quarter of Americans say that CEOs should stay away from taking a stand on any societal issues, three-quarters say that they do have a role to play in societal issues, especially when they concern issues related to their business.
While 70 to 93 percent of Americans say it’s important for companies to engage in various responsible business practices, their evaluations of actual corporate performance indicate skepticism that expectations are being met. The largest gaps between expectation and perceived performance emerge in two critical areas: ensuring equal pay for equal work and contributing to an economy that serves all Americans.
Overall, Americans continue to prioritize worker-related issues, with four of the five worker issues ranking in the top six out of 17 total issues. Customer-related issues are also prioritized in the top 10.
When we dig deeper, we find a remarkable consistency across demographic groups in the three highest-ranked Issues: Pays a fair, living wage, supports worker well-being, and acts ethically at the leadership level. These findings signal that the public continues to be united around the issues they want companies to prioritize.
Over the past seven years, “Pays workers fairly and offers a living wage that covers the cost of basic needs at the local level” has consistently ranked 1st across nearly every demographic cohort. At 11.5%, this issue’s weight remains relatively stable from last year, but is lower than at its peak of 21% in 2023, suggesting that while a fair, living wage continues to be fundamental to public perceptions of just corporate behavior, its degree of importance has declined in favor of other worker issues.
“Supports worker well-being and provides safe and healthy working conditions,” which rises to the second-highest ranked issue. This elevation likely reflects heightened concern about maintaining positive, supportive work environments that prioritize workers’ humanity.
Likewise, “Invests in its workforce by providing training, education, and career development opportunities” takes the #5 spot, and comprises 7.2% of the model, up from 6.9% the year before. The rise in worker training priorities likely reflects the growing desire among workers for upskilling in an AI-driven economy — a trend corroborated by findings in our AI survey.
“Conducts business ethically and honestly, and takes responsibility for wrongdoings” ranks #3 overall, followed by “Honest and transparent in communications with customers about its products, services, and operations,” at #4. Both issues made the top 4 last year, and their sustained prominence takes on new significance in the age of AI. As systems become more opaque and complex, the public’s insistence on ethical conduct and transparency suggests a fundamental demand: companies must demystify their AI practices and be accountable for decisions that affect their stakeholders’ lives.
Finally, the biggest mover this year is “Protects the privacy of customers, including their data,” which moved to #8 from #10 last year. As we found in our AI survey, the public fears that rushed AI adoption, combined with weak security protocols, could expose personal information to breaches, misuse, or unauthorized access.
The results of the survey reflect an ongoing call from the American people for a “back to basics” business approach. The public clearly defines just business behavior as companies paying fair wages, providing good benefits and training, creating safe and fulfilling workplaces, offering opportunities to advance, treating customers fairly, and supporting the communities in which they operate.
As AI and automation become even more dominant in 2026, leaders have a significant challenge ahead to innovate and grow their business while continuing to invest in and cultivate their workforce. Our recently released research on perceptions of AI amongst corporate leaders, investors, and the American public aims to help them identify key considerations for responsible AI deployment at scale.
Americans’ Views on Business Survey
Since 2015, JUST Capital has surveyed close to 200,000 Americans to assess how well they think companies are doing when it comes to creating value for all their stakeholders and building a more just economy that truly works for all. The 2025 Americans’ Views on Business Survey was fielded among 2,004 Americans – a sample representative of the U.S. adult population – between August 18 through September 2, 2025. Our quantitative research partner is SSRS, an objective, nonpartisan research institution that provides scientifically rigorous statistical surveys of the U.S. population.
The People’s Priorities Survey
Just Capital’s definition of just business behavior begins by hearing from a diverse, representative sample of Americans through small-group qualitative discussions to understand what they expect from a “just” business. This year, the major themes we translated into issues came from open-ended responses to the following question:
Q1. Think now about the largest companies in the U.S., with hundreds or thousands of employees. We would like to know what you would consider to be “just” business behavior for these companies as it relates to various groups of people. By “just” we mean “fair or good” behavior.
Before answering this question, however, we provide respondents a clear definition of the concept: A just company demonstrates a commitment to doing right by its workers, its customers, the environment, the community, its shareholders, and the business itself.
Respondents were prompted to answer this question from the point of view of one of five stakeholders (Workers, Customers, Communities, The Environment, or Shareholders).
Q1.1 For example, actions you would expect a just company to take related to its Workers
Our polling team then distills the major themes from these discussions into discrete statements, which we define as “Issues.” Subsequently, we conduct a quantitative survey of 2,000 U.S. adults in which they rank the relative importance of these 17 Issues.
We conducted the survey online with a probability-based sample attained through the statistical sampling methods employed by SSRS. The SSRS Opinion Panel is a nationally representative probability-based web panel, and findings are generalizable to the general adult population.
The survey is drawn from a probability sample, ensuring we capture diverse perspectives from a cross-section of Americans. This includes representation across demographic dimensions (race/ethnicity, gender, income, and age), as well as other characteristics such as political ideology.
The full survey was conducted from August 18 through September 2, 2025 among a general population sample of 2,004 English- and Spanish-speaking U.S. adults ages 18 and older, with an oversample of 470 Hispanic and 253 non-Hispanic Black respondents. Panelists were sent an email invitation to take the survey online as well as up to eight reminder emails throughout the field period. The survey program was optimized so that respondents could complete it using a desktop or laptop computer as well as a mobile device. In total, 610 respondents completed the survey on a computer and 1,394 completed it on a mobile device.
The margin of error is +/- 2.0% at the 95% confidence level. Results were weighted to U.S. census parameters for age, gender, education, race/Hispanic ethnicity, and census division to ensure representativeness of the U.S. population. All margins of error include “design effects” to adjust for the effects of weighting.
AI deployment has become a defining strategic priority for the private sector, promising to enhance productivity, innovation, and competitiveness. Ensuring the technology drives prosperity and progress for every American is a top national priority. As companies race to adopt AI, significant questions are emerging about what it means to pursue these new business imperatives in ways that empower American workers, strengthen local communities, create good jobs, protect consumers, and build trust in business and capitalism.
Today, Just Capital released new findings from a survey of corporate leaders and a combined report of these corporate perspectives alongside previously released surveys of investors and the American public. The inaugural American Public, Investor, and Executive Perspectives on Responsible AI Deployment report and the organization’s ongoing research initiative aim to identify key considerations for responsible AI deployment at scale.
Just Capital will conduct quarterly pulse surveys through 2026 and beyond, providing ongoing insight for corporate leaders, investors, and policy makers as perspectives continue to evolve on what exactly responsible AI deployment means and how to pursue it.
The research identified key areas of agreement between the three audiences:
Majorities of all three groups believe AI will be a net positive for society within the next five years. Corporate leaders’ enthusiasm (93%) outpaces the general public (58%) and investors (80%).
Majorities or pluralities of each group rate AI safety and security a top concern (general public: 53%, investors: 62%, corporate leaders: 46%).
Significant majorities of the general public (90%) and investors (97%) say it is critical that companies ensure that AI training and development is available to employees, and roughly three-quarters of corporate leaders say they are planning to implement AI training to support their workers.
Some diverging views also emerged including:
The Degree of Expected Investment in Safety and Workforce Support: Investors and the public expect companies to spend more than 5% of total AI investment on safety, while corporate leaders say they plan to allocate between 1 and 5%. When asked about how they plan to redistribute AI-related profitability gains, executives evince less emphasis on worker training efforts (17%) than on delivering gains to shareholders (28%) and reinvesting in R&D (30%).
Environmental planning: Roughly a third of both the public and corporate leaders say increased corporate AI usage will have negative impacts on the environment. Currently, only 17% of leaders are including environmental impact planning in their AI roadmap, and 42% say it is not a part of their strategy.
“This is a defining period for every business leader. How to deploy AI the right way in order to create value for their companies, their shareholders, and all their major stakeholders – not to mention for society at large – is the strategic question of the moment,” says Just Capital CEO Martin Whittaker. “The insights in this initial report and the quarterly tracking we will do moving forward are designed to help leaders navigate this transformation, make responsible decisions, and ultimately win in an AI-powered economy.”
The surveys were conducted in partnership with The Harris Poll, Robinhood Foundation, and Gerson Lehrman Group. The complete report, including detailed findings and methodology, is available here.
