Better Business Act could transform UK economy
Last week's Better Business Day, in support of the Better Business Act, fell under the radar with only a small buzz around it. That’s got to change because it’s relevant to everyone, according to Jennifer Crowley, global director of responsible business at Kin + Carta.
The Act is a call to action for the UK government to see four principles reflected in an amended Section 172 of the Companies Act, which are: businesses working to the aligned interests for people, planet and profit; empowering directors to enact this; making this a default practise for all businesses; and required reporting of this change.
Embracing the Better Business Act could transform the way the UK does business, believes Crowley.
Crowley said: “The Better Business Act is so timely and fitting for the change that is needed in how our economy is led. Its enshrinement in law would immediately empower and equip all business leaders to drive prosperity in a new and much-needed way. Our customers seek it, our employees demand it and our CEOs are ready and willing; modernising the Companies Act is that final critical step.
“The cost-of-living crisis and rising inflation are huge societal challenges and evidence of the inequity that business can unintentionally contribute to if not appropriately directed by policy.
“As Mary Portas stated, “there is a lack of moral imagination” in some corners but not all. Indeed, we know that most shareholders stand behind this approach, as 99.9% of ours voted to change our articles of association and commit our Board to a ‘triple bottom line’ approach to leadership decision-making. Doing so has driven the alignment of interests and greater accountability.
“Standards like B Corp herald the direction of travel. Kin + Carta was the first B Corp to be listed on the LSE and we offer our public support and mentoring to whomever seeks to be the 2nd and 3rd. As the support for this Act demonstrates, genuine societal change, which involves building a world that works better, for everyone, is a natural fit for purposeful and ambitious corporate agendas.”