The CEOs of nearly 200 of the top companies in the U.S. have redefined the purpose of a corporation, saying a stakeholder’s interests are no longer the top priority - and the new focus is to better society.

The updated definition was released on Monday by the Business Roundtable, a group that dates back to 1997 and gathers together many of America’s most influential corporate leaders including top names like J.P Morgan, Boeing, Apple, and Amazon.

The statement redefined the purpose of a corporation with social consciousness in mind, saying corporations are now committed to valuing customers, investing in employees by hiring diverse groups and compensating them fairly, dealing ethically with suppliers, protecting the environment with sustainable practices and supporting local communities.

It's a stark contrast from the longstanding principle that companies function first and foremost to benefit shareholders and maximize their profits.

The CEOs of 181 of the top companies in the U.S. have redefined the purpose of a corporation saying a stakeholder’s interests are no longer the top priority, now corporations have a responsibility to better society, preserve the environment and support local communities

'These modernized principles reflect the business community’s unwavering commitment to continue to push for an economy that serves all Americans,' Jamie Dimon, the Chairman and CEO of JP Morgan Chase & Co and Chairman of the Business Roundtable, said Monday

'The American dream is alive, but fraying,' Jamie Dimon, the Chairman and CEO of JP Morgan Chase & Co and Chairman of the Business Roundtable, said in the statement.

'Major employers are investing in their workers and communities because they know it is the only way to be successful over the long term. These modernized principles reflect the business community’s unwavering commitment to continue to push for an economy that serves all Americans,' he added.

'This new statement better reflects the way corporations can and should operate today,' Alex Gorsky, Chairman of the Board and Chief Executive Officer of Johnson & Johnson and Chair of the Business Roundtable Corporate Governance Committee said.

'It affirms the essential role corporations can play in improving our society when CEOs are truly committed to meeting the needs of all stakeholders,' he added.

181 CEOs signed the statement redefining the purpose of a corporation including Amazon's Jeff Bezos, Apple's Tim Cook, Bank of America's Brian Moynihan and General Motor's Mary Barra (Pictured from top left to bottom right)

The statement was signed by 181 CEOs including Amazon’s Jeff Bezos, Apple’s Tim Cook, Bank of America’s Brian Moynihan, Boeing's Dennis A. Muilenburg, GM’s Mary Barra, and BlackRock' chief Larry Fink.

The new idea takes from the concept of ‘conscious capitalism’ which promotes a company having a responsibility to serve society in addition to stakeholders, an ethos that has been growing in popularity with CEOs over the past decade.

BlackRock CEO Larry Fink previously called for CEOs to rethink and re-evaulate the purpose of corporations, calling for corporations to offer guidance on social and economic issues including environmental safety and gender and racial equality.