Every year, Larry Fink, chairman and CEO of BlackRock, the largest money-management firm in the world, writes an open letter to CEOs sharing his insight on some of the most pressing issues in the world of business. This year, he announced that environmental sustainability will be a core goal of BlackRock’s future investments, but stops short of committing to true stakeholder capitalism.

Shareholder capitalism, practiced by companies that serve the interests of their investors by maximizing profits, often at the expense of others, fails to consider how the well-being of people and the environment affects long-term sustainability. It’s time to embrace the reality that how we conduct business matters, and to shift to a model that prioritizes the needs of all stakeholders.