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Photo: Olivier Douilery/AFP via Getty Images

Nick Merrill and Dan Schwerin, co-founders of Evergreen Strategy Group, write in Fast Company that if Joe Biden wins, "expectations for what it takes to be a values-driven company will increase."

The state of play: "Without the foil of President Trump, ... CEOs will have to back specific policy proposals, build coalitions, and put real political muscle behind their principles."

Merrill and Schwerin, who were top Hillary Clinton aides, have these lessons for the next phase of "stakeholder capitalism":

  1. "If Biden replaces Trump, there will be fewer easy chances to express outrage and more hard choices to make about specific policies and legislation that could become law."
  2. "CEOs who want to be seen as leaders will have to use their market power — not just their voice — to drive systemic change."
  3. "There’s going to be more scrutiny of companies when their campaign contributions and lobbying budgets contradict their stated values."

The bottom line: "Companies doubling down on their values right now are proving more resilient in the current crisis, just as they did in the last recession."

Go deeper: CEOs are America's new politicians

Go deeper

Hillary Clinton rips GOP senators: They seem like they've had a "lobotomy"

Hillary Clinton criticized her former Republican colleagues for their responses to the explosive findings in the Senate Intelligence Committee's report on 2016 Russian interference, accusing them of giving up "their principles, their values, their backbone" to follow President Trump.

Why it matters: The fifth and final volume of the committee's report released this week went further than the Mueller report in showing the extent of Russia's connections to members of the Trump campaign. But the reactions to the findings were starkly divided along partisan lines, with Republicans claiming that the report puts an end to any claims of Trump campaign "collusion" with Russia in 2016.

Buffett eyes slow U.S. progress, but says "never bet against America"

Warren Buffett in New York City in 2017. Photo: Daniel Zuchnik/WireImage

Warren Buffett called progress in America "slow, uneven and often discouraging," but retained his long-term optimism in the country, in his closely watched annual shareholder letter released Saturday morning.

Why it matters: It breaks months of uncharacteristic silence from the 90-year-old billionaire Berkshire Hathaway CEO — as the fragile economy coped with the pandemic and the U.S. saw a contentious presidential election.

Restaurant software meets the pandemic moment

Illustration: Annelise Capossela/Axios

Food delivery companies have predictably done well during the pandemic. But restaurant software providers are also having a moment as eateries race to handle the avalanche of online orders resulting from severe in-person dining restrictions.

Driving the news: Olo filed last week for an IPO and Toast is rumored to be preparing to do the same very soon.