Some are calling it a public relations stunt. Others—mainly, institutional investors—are peeved by the very notion. And still others are singing its praises. Whatever side you fall on, one thing is certain: The Business Roundtable’s newly announced modernization of its principles on the “purpose of a corporation” is a symbolic step in advancing the conversation forward.

Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...