CEOs promised a new era. Little has changed.

Little has changed four years after the CEOs of America’s biggest companies promised a more egalitarian approach to business, according to a Semafor analysis of corporate filings.

The splashy 2019 commitment from the Business Roundtable and its 181 CEO signatories redefined the “purpose of a corporation” as more than just a blind pursuit of profits.

Yet corporate spoils are still shared overwhelmingly with shareholders, not employees. While executive compensation wasn’t specifically called out in the pledge, CEO pay has continued to soar, outpacing raises handed out to hourly workers, less...