New York (CNN Business) Is the purpose of a company to enrich shareholders by maximizing profit? Or must a business also enrich the lives of its customers, employees and communities it serves? Both, America's CEOs say.

The Business Roundtable on Monday said America's corporations are responsible for improving society by serving all stakeholders ethically, morally and fairly. It's a departure from the business theories of Milton Friedman , the Nobel-Prize-winning economist who said society benefits most from companies that grow their profit and serve one master: shareholders.

The Business Roundtable, led by JPMorgan's Jamie Dimon , represents CEOs and tries to influence policymaking. Since 1978, it has occasionally released principles of corporate governance, and in each of the last 22 years, the company has said the primary responsibility of companies is to their shareholders.

The new statement is banal: It's an updated mission statement for a Washington advocacy group. At the same time, it's a powerful new direction that evokes some of America's more progressive voices, including Democratic candidate for president, Senator Elizabeth Warren.

"The American dream is alive, but fraying," Dimon said in a 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."

Read More