The "shareholder comes first" has for years been the mantra of the Business Roundtable, a group that represents the most powerful CEOs in America and their thinking.
The group's new principles on the role of a corporation released Monday imply a foundational shift, putting shareholders on more equal footing with others who have an interest in a corporation to some degree — including workers, suppliers, customers and, essentially, society at large.
Click to Gallery
The "shareholder comes first" has for years been the mantra of the Business Roundtable, a group that represents the most powerful CEOs in America and their thinking.
It's an implicit recognition that corporations have a larger responsibility than a return on investment and also that more Americans are living under duress today. Wage gains have been nonexistent to moderate for years. Economic research as well as government data point to an era in which Americans must do more for less.
"This new statement better reflects the way corporations can and should operate today," said Alex Gorsky, chairman and CEO of Johnson & Johnson. "It affirms the essential role corporations can play in improving our society when CEOs are truly committed to meeting the needs of all stakeholders."
It's easier for companies to quantify success through shareholder value, or stock prices, Lin noted, than to document an adherence to other values. If the CEOs who signed the statement pledged something more specific at their companies, it could be more constructive, he said.
In the meantime, many American workers have said they don't feel much like beneficiaries of what is now the longest expansion on record because the kinds of jobs they once enjoyed — permanent positions, with stability, bonuses, pensions, benefits and opportunities to move up — are now rarer.
"We know that many Americans are struggling. Too often hard work is not rewarded, and not enough is being done for workers to adjust to the rapid pace of change in the economy. If companies fail to recognize that the success of our system is dependent on inclusive long-term growth, many will raise legitimate questions about the role of large employers in our society," the statement reads.
FILE - In this June 28, 2019, file photo construction workers carry material down a staircase while working on a new mixed-use development featuring apartments and retail space along the BeltLine, a former railroad corridor converted into parks and trails, in Atlanta. The shareholder comes first has for years been the mantra of the Business Roundtable, a group representing the most powerful CEOs in America. The group on Monday, Aug. 19, released a new mission statement that implies a foundational shift; a step back from shareholder primacy. (AP PhotoDavid Goldman, File)
It's an implicit recognition that corporations have a larger responsibility than a return on investment and also that more Americans are living under duress today. Wage gains have been nonexistent to moderate for years. Economic research as well as government data point to an era in which Americans must do more for less.
"The American dream is alive, but fraying," Jamie Dimon, the chairman and CEO of JPMorgan who also chairs the Business Roundtable, said in a prepared statement.
A Federal Reserve Bank of St. Louis analysis found that corporate profits have far outpaced employee compensation since the early 2000s.
FILE - In this July 31, 2019, file photo workers clean the outside facade of State Farm Stadium in Glendale, Ariz. The shareholder comes first has for years been the mantra of the Business Roundtable, a group representing the most powerful CEOs in America. The group on Monday, Aug. 19, released a new mission statement that implies a foundational shift; a step back from shareholder primacy. (AP PhotoRoss D. Franklin, File)
"This new statement better reflects the way corporations can and should operate today," said Alex Gorsky, chairman and CEO of Johnson & Johnson. "It affirms the essential role corporations can play in improving our society when CEOs are truly committed to meeting the needs of all stakeholders."
The statement is not a directive. Rather, it is a shared understanding among CEOs of companies that employ more than 15 million people with a collective $7 trillion in annual revenue.
Ken-Hou Lin, a sociology professor at the University of Texas at Austin who has studied corporations' treatment of employees and shareholders, called the statement symbolically meaningful but said it was unclear whether it would have much impact.
FILE - In this Jan. 8, 2019, file photo people are towered by the front facade of the Bank of America Plaza Building in downtown Los Angeles. The shareholder comes first has for years been the mantra of the Business Roundtable, a group representing the most powerful CEOs in America. The group on Monday, Aug. 19, released a new mission statement that implies a foundational shift; a step back from shareholder primacy. (AP PhotoRichard Vogel, File)
It's easier for companies to quantify success through shareholder value, or stock prices, Lin noted, than to document an adherence to other values. If the CEOs who signed the statement pledged something more specific at their companies, it could be more constructive, he said.
"For example, Jamie Dimon can remove all the forced arbitration clauses to serve the customers, raise tellers' wages or lower fees on their products," Lin wrote in an email. "I will be surprised if companies do start to act differently."
"Talk is cheap," added Adam Seth Litwin, associate professor of industrial and labor relations at Cornell University's School of Industrial and Labor Relations. "The question is, how will these CEOs actually respond when the chips are down and shareholders really start making their usual demands for sky-high quarterly returns?"
FILE - In this March 15, 2019, file photo visitors to "Vessel" climb its staircases on its opening day at Hudson Yards in New York. The shareholder comes first has for years been the mantra of the Business Roundtable, a group representing the most powerful CEOs in America. The group on Monday, Aug. 19, released a new mission statement that implies a foundational shift; a step back from shareholder primacy. (AP PhotoMark Lennihan, File)
In the meantime, many American workers have said they don't feel much like beneficiaries of what is now the longest expansion on record because the kinds of jobs they once enjoyed — permanent positions, with stability, bonuses, pensions, benefits and opportunities to move up — are now rarer.
The Business Roundtable's principle of purpose has historically been rooted in the words of economist Milton Friedman, who argued the sole purpose of a corporation was to maximize shareholder value.
The group in the past has fought anti-trust legislation, backed favorable tax cuts and successfully lobbied to dilute restrictions on executive compensation.
FILE - In this June 18, 2019, file photo commuters ride a water taxi up the Chicago River to Michigan Avenue. The shareholder comes first has for years been the mantra of the Business Roundtable, a group representing the most powerful CEOs in America. The group on Monday, Aug. 19, released a new mission statement that implies a foundational shift; a step back from shareholder primacy. (AP PhotoAmr Alfiky, File)
The language of its mission statement has been tweaked over the years, sometimes distancing itself from Friedman during times of economic instability.
During a recession in the early 1990s, the statement said corporations were meant to "serve both their shareholders and society as a whole."
In the recovery years following the Great Recession, the group said it was up to corporations to responsibly "deal with its employees, customers, suppliers and other constituencies in a fair and equitable manner."
However, the statement released Monday goes further than stances the group has taken in the past, seemingly acknowledging the growing momentum to find a solution to financial inequality in the U.S. as it worsens.
Inequality has become a national narrative in the lead-up to the 2020 presidential election. Democratic presidential candidates have pushed for a seat on corporate boards chosen by employees and tying stock buybacks, which benefits investors, to employee pay at that company.
The push to rethink the role of corporations in society has not come exclusively from the political arena. This time, there is pressure from Wall Street power brokers as well.
In April, the renowned hedge fund manager Ray Dalio stunned Wall Street with an extended essay in which he wrote, "everything must evolve or die. This is now true for capitalism."
"It's producing self-reinforcing spirals up for the haves and down for the have-nots," Dalio wrote. "This is creating widening income/wealth/opportunity gaps that pose existential threats to the United States because these gaps are bringing about damaging domestic and international conflicts and weakening America's condition."
How much sway a mission statement from the Business Roundtable will have cannot be measured, but economic pressure on corporations, workers and consumers may grow more intense in the near future.
On Monday a survey released by the National Association for Business Economics indicated that 34% of economists believe a slowing economy will tip the U.S. into recession in 2021.
That's up from 25% in a survey taken in February.
AP writer Michelle R. Smith in Providence, Rhode Island, contributed to this report.
VENICE, Italy (AP) — Under the gaze of the world’s media, the fragile lagoon city of Venice launched a pilot program Thursday to charge day-trippers a 5-euro ($5.35) entry fee that authorities hope will discourage visitors from arriving on peak days and make the city more livable for its dwindling residents.
Visitors arriving at Venice's main train station were greeted with large signs listing the 29 dates through July of the plan's test phase that also designated separate entrances for tourists, and residents, students and workers.
“We need to find a new balance between the tourists and residents,’’ said Simone Venturini, the city’s top tourism official. “We need to safeguard the spaces of the residents, of course, and we need to discourage the arrival of day-trippers on some particular days.”
Not all residents, however, are persuaded of the efficacy of the new system in dissuading mass tourism, insisting that only a resurgence in the population will restore balance to a city where narrow alleyways and water buses are often clogged with tourists.
Hundreds of Venetians protested against the program, marching festively though the city's main bus terminal behind banners reading “No to Tickets, Yes to Services and Housing.” Protesters scuffled briefly with police with riot gear who blocked them from entering the city, before changing course and entering over another bridge escorted by plainclothes police officers. The demonstration wrapped up peacefully in a piazza.
Tourists arriving at the main station encountered almost as many journalists as stewards on hand to politely guide anyone unaware of the new requirements through the process of downloading the QR code to pay the fee.
Arianna Cecilia, a tourist from Rome visiting Venice for the first time, said she thought it was “strange” to have to pay to enter a city in her native country, and be funneled through separate entrance ways for tourists. She and her boyfriend were staying in nearby Treviso, and so downloaded the QR code as required. But she was still caught off-guard while soaking in her first view ever of Venice's canals by the sight of the entrance signs and her boyfriend telling her to get out the ticket.
On the other side of the entrance ways, workers in yellow vests carried out random checks at the train station. Transgressors face fines of 50 to 300 euros ($53 to $320), but officials said “common sense” was being applied for the launch.
The requirement applies only for people arriving between 8:30 a.m. and 4 p.m. Outside of those hours, access is free and unchecked.
Venice has long suffered under the pressure of overtourism, and officials hope that the pilot project can help provide more exact figures to better manage the phenomenon.
The city can track the number of hotel visitors, which last year numbered 4.6 million and is down 16% from pre-pandemic highs. But the number of day visitors, which make up the majority of the crowds in Venice, could only be estimated until recently.
A Smart Control Room set up during the pandemic has been tracking arrivals from cellphone data, roughly confirming pre-pandemic estimates of 25 million to 30 million arrivals a year, said Michele Zuin, the city’s top economic official. That includes both day-trippers and overnight guests.
But Zuin said the data is incomplete.
“It’s clear we will get more reliable data from the contribution” being paid by day-trippers, he said.
Venturini said the city is strained when the number of day-trippers reaches 30,000 to 40,000. On peak days, local police set up one-way traffic for pedestrians to keep the crowds moving.
Residents opposing the day-tripper tax insist that the solution to Venice's woes are to boost the resident population and the services they need, limiting short-term rentals to make available more housing and attract families back from the mainland.
Last year, Venice passed a telling milestone when the number of tourist beds exceeded for the first time the number of official residents, which is now below 50,000 in the historic center with its picturesque canals.
“Putting a ticket to enter a city will not decrease not even by one single unit the number of visitors that are coming,’’ said Tommaso Cacciari, an activist who organized a protest Thursday against the measure.
“You pay a ticket to take the metro, to go to a museum, an amusement park. You don’t pay a ticket to enter a city. This is the last symbolic step of a project of an idea of this municipal administration to kick residents out of Venice,” he said.
Venice Mayor Luigi Brugnaro declared the launch day, coinciding with an Italian holiday, a success, registering 15,700 paying visitors, 50% more than anticipated.
More than 97,000 others had downloaded a QR code denoting an exemption, including to work in Venice or as a resident of the Veneto region. Hotels in Venice, including in mainland districts like Marghera or Mestre, provided a QR code for visitors to attest to their stay, which includes a hotel tax — accounting for 40,000 of those.
Venturini, the tourist official, said that interest in Venice’s pilot program has been keen from other places suffering from mass tourism, including other Italian art cities, and municipalities abroad such as Barcelona, Spain, and Amsterdam.
But Marina Rodino, who has lived in Venice for 30 years, doesn't see the fee as the cure-all. Neighboring apartments in her residential building near the famed Rialto Bridge once inhabited by families are now short-term apartment rentals.
The corner butcher shop closed. Yet she noted that the new entrance fee requirement will still allow young people to flood the city in the evening for the traditional aperitivo, which can grow rowdy.
She was passing out mock European Union passports for “Venice, Open City,” underlining the irony of the new system, and challenging its legal standing with citations from the Italian Constitution guaranteeing its citizens the right to “move or reside freely in any part of the national territory."
“This is not a natural oasis. This is not a museum. It is not Pompeii. It is a city, where we need to fight so the houses are inhabited by families, and stores reopen. That is what would counter this wild tourism,’’ Rodino said.
Citizens and activists stage a protest against Venice Tax Fee in Venice, Italy, Thursday, April 25, 2024. The fragile lagoon city of Venice begins a pilot program Thursday to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. The daytripper tax is being tested on 29 days through July, mostly weekends and holidays starting with Italy's Liberation Day holiday Thursday. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment, while another 70,000 will receive exceptions, for example, because they work in Venice or live in the Veneto region. (AP Photo/Luca Bruno)
A citizen shows a ticket with the writing 'Veniceland' during a protest against Venice Tax Fee in Venice, Italy, Thursday, April 25, 2024. The fragile lagoon city of Venice begins a pilot program Thursday to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. The daytripper tax is being tested on 29 days through July, mostly weekends and holidays starting with Italy's Liberation Day holiday Thursday. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment, while another 70,000 will receive exceptions, for example, because they work in Venice or live in the Veneto region. (AP Photo/Luca Bruno)
Tourists enjoy a sunny day at St.Mark square in Venice, Italy, Thursday, April 25, 2024. The fragile lagoon city of Venice begins a pilot program Thursday to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. (AP Photo/Luca Bruno)
Tourists enjoy a ride on gondolas in Venice, Italy, Thursday, April 25, 2024. The fragile lagoon city of Venice begins a pilot program Thursday to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. (AP Photo/Luca Bruno)
Citizens and activists confront police during a demonstration against Venice Tax Fee in Venice, Italy, Thursday, April 25, 2024. The fragile lagoon city of Venice begins a pilot program Thursday to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. The daytripper tax is being tested on 29 days through July, mostly weekends and holidays starting with Italy's Liberation Day holiday Thursday. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment, while another 70,000 will receive exceptions, for example, because they work in Venice or live in the Veneto region. (AP Photo/Luca Bruno)
Tourists line up to enter at the at St.Mark bell tower in Venice, Italy, Thursday, April 25, 2024. The fragile lagoon city of Venice begins a pilot program Thursday to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. (AP Photo/Luca Bruno)
Tourists arrive in Venice, Italy, Thursday, April 25, 2024. The fragile lagoon city of Venice begins a pilot program Thursday to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. The daytripper tax is being tested on 29 days through July, mostly weekends and holidays starting with Italy's Liberation Day holiday Thursday. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment, while another 70,000 will receive exceptions, for example, because they work in Venice or live in the Veneto region. (AP Photo/Luca Bruno)
Stewards check tourists QR code access outside the main train station in Venice, Italy, Thursday, April 25, 2024. The fragile lagoon city of Venice begins a pilot program Thursday to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. The daytripper tax is being tested on 29 days through July, mostly weekends and holidays starting with Italy's Liberation Day holiday Thursday. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment, while another 70,000 will receive exceptions, for example, because they work in Venice or live in the Veneto region. (AP Photo/Luca Bruno)
Stewards check a tourist QR code access outside the main train station in Venice, Italy, Thursday, April 25, 2024. The fragile lagoon city of Venice begins a pilot program Thursday to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. The daytripper tax is being tested on 29 days through July, mostly weekends and holidays starting with Italy's Liberation Day holiday Thursday. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment, while another 70,000 will receive exceptions, for example, because they work in Venice or live in the Veneto region. (AP Photo/Luca Bruno)
A steward shows the QR code access outside the main train station in Venice, Italy, Thursday, April 25, 2024. The fragile lagoon city of Venice begins a pilot program Thursday to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. The daytripper tax is being tested on 29 days through July, mostly weekends and holidays starting with Italy's Liberation Day holiday Thursday. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment, while another 70,000 will receive exceptions, for example, because they work in Venice or live in the Veneto region. (AP Photo/Luca Bruno)
A steward checks a tourist QR code access outside the main train station in Venice, Italy, Thursday, April 25, 2024. The fragile lagoon city of Venice begins a pilot program Thursday to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. The daytripper tax is being tested on 29 days through July, mostly weekends and holidays starting with Italy's Liberation Day holiday Thursday. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment, while another 70,000 will receive exceptions, for example, because they work in Venice or live in the Veneto region. (AP Photo/Luca Bruno)
Stewards check tourists QR code access outside the main train station in Venice, Italy, Thursday, April 25, 2024. The fragile lagoon city of Venice begins a pilot program Thursday to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. The daytripper tax is being tested on 29 days through July, mostly weekends and holidays starting with Italy's Liberation Day holiday Thursday. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment, while another 70,000 will receive exceptions, for example, because they work in Venice or live in the Veneto region. (AP Photo/Luca Bruno)
Tourists take pictures at the St. Mark square in Venice, Italy, Wednesday, April 24, 2024. The lagoon city of Venice begins a pilot program Thursday, April 25, 2024 to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment. (AP Photo/Luca Bruno)
Tourists ride on a ferry boat in Venice, Italy, Wednesday, April 24, 2024. The lagoon city of Venice begins a pilot program Thursday, April 25, 2024 to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment. (AP Photo/Luca Bruno)
People stand in front of an information board explaining how to pay the tourist tax in Venice, Italy, Wednesday, April 24, 2024. The lagoon city of Venice begins a pilot program Thursday, April 25, 2024 to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment. (AP Photo/Luca Bruno)
Marco Bettini, director of Venis Informatics System, gestures as he talks to reporters at the police Venice control room, in Venice, Italy, Wednesday, April 24, 2024. The lagoon city of Venice begins a pilot program Thursday, April 25, 2024 to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment. (AP Photo/Luca Bruno)
Venice councillor Simone Venturini speaks with reporters in front of a tourist tax totem in Venice, Italy, Wednesday, April 24, 2024. The lagoon city of Venice begins a pilot program Thursday, April 25, 2024 to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment. (AP Photo/Luca Bruno)
Workers prepare banner explaining how to pay the tourist tax in Venice, Italy, Wednesday, April 24, 2024. The lagoon city of Venice begins a pilot program Thursday, April 25, 2024 to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment. (AP Photo/Luca Bruno)
Marco Bettini, director of Venis Informatics System, gestures as he explains the Venice density to reporters at the police Venice control room in Venice, Italy, Wednesday, April 24, 2024. The lagoon city of Venice begins a pilot program Thursday, April 25, 2024 to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment. (AP Photo/Luca Bruno)
Tourists arrive at the main train station in Venice, Italy, Wednesday, April 24, 2024. The lagoon city of Venice begins a pilot program Thursday, April 25, 2024 to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment. (AP Photo/Luca Bruno)
Workers prepare the tourist tax cashier desks outside the main train station in Venice, Italy, Wednesday, April 24, 2024. The lagoon city of Venice begins a pilot program Thursday, April 25, 2024 to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment. (AP Photo/Luca Bruno)
Porters wait for tourists outside the main train station in Venice, Italy, Wednesday, April 24, 2024. The lagoon city of Venice begins a pilot program Thursday, April 25, 2024 to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment. (AP Photo/Luca Bruno)
Workers prepare the tourist tax cashier desks outside the main train station in Venice, Italy, Wednesday, April 24, 2024. The lagoon city of Venice begins a pilot program Thursday, April 25, 2024 to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment. (AP Photo/Luca Bruno)
Workers prepare the tourist tax cashier desks outside the main train station in Venice, Italy, Wednesday, April 24, 2024. The lagoon city of Venice begins a pilot program Thursday, April 25, 2024 to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment. (AP Photo/Luca Bruno)
Porters wait for tourists outside the main train station in Venice, Italy, Wednesday, April 24, 2024. The lagoon city of Venice begins a pilot program Thursday, April 25, 2024 to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment. (AP Photo/Luca Bruno)
Tourists arrive outside the main train station in Venice, Italy, Wednesday, April 24, 2024. The lagoon city of Venice begins a pilot program Thursday, April 25, 2024 to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment. (AP Photo/Luca Bruno)
Tourist information boards are seen outside the main train station in Venice, Italy, Wednesday, April 24, 2024. The lagoon city of Venice begins a pilot program Thursday, April 25, 2024 to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment. (AP Photo/Luca Bruno)
Tourists arrive outside the main train station in Venice, Italy, Wednesday, April 24, 2024. The lagoon city of Venice begins a pilot program Thursday, April 25, 2024 to charge daytrippers a 5 euro entry fee that authorities hope will discourage tourists from arriving on peak days. Officials expect some 10,000 people will pay the fee to access the city on the first day, downloading a QR code to prove their payment. (AP Photo/Luca Bruno)
