There's a myth out there that you have to genuflect at the altar of quarterly earnings. But it's a false choice that you can either be a good fiduciary or promote values such as environmental sustainability.

In this quote, Tom Perez challenges the common belief that businesses must prioritize quarterly earnings at the expense of other values, such as environmental sustainability. He refers to the idea that companies must “genuflect at the altar” of short-term profits as a myth, implying that it’s a false dichotomy to think businesses have to choose between being responsible fiduciaries and promoting ethical values. Perez argues that it is entirely possible for companies to balance profitability with sustainable practices and that prioritizing long-term goals like environmental stewardship can be aligned with financial success.

Perez's statement advocates for a shift in the way companies approach profit and corporate responsibility. He suggests that the notion of sacrificing ethical values for the sake of short-term financial gains is outdated and misleading. By questioning this false choice, Perez points out that companies can be both financially sound and socially responsible, recognizing that sustainable practices can contribute to long-term profitability and business success.

The origin of this quote comes from Tom Perez, an American politician and former Secretary of Labor under President Barack Obama. Perez has been an advocate for workers' rights and economic fairness, frequently discussing the intersection of business ethics, social responsibility, and economic policy. As a policymaker, Perez has worked on various issues related to labor laws, economic justice, and environmental sustainability, which align with the message of this quote.

Ultimately, Perez’s quote is a call for a new perspective on business practices, one that rejects the idea that ethical responsibility and profitability are mutually exclusive. It emphasizes that companies can promote values such as environmental sustainability while still fulfilling their role as responsible fiduciaries. By encouraging businesses to take a long-term view that incorporates both economic success and ethical integrity, Perez advocates for a more holistic and sustainable approach to business.