An increasing number of companies support a change in British companies law while B Lab UK announces that there are now 3,000 members of the Better Business Act CoalitionMarking an increase in ten times since the launch of the campaign in 2021.
Social inequalities widening in the midst of economic uncertainty and corporate governance scandals like Royal Mail and Thames Water undergoing public confidence in business – this step marks an urgent appeal for companies to become a solution to a system that currently favors short -term gains in relation to long -term responsibility.
The Better Business law offers an opportunity for all British companies to unite and build a trajectory towards a more sustainable and resilient economy. The campaign calls for an amendment to article 172 of the law on companies, giving all British companies the freedom to think about the future by aligning the interests of shareholders with those of employees, customers, local communities and the environment.
The news comes as the British government increases its efforts to strategically associate with Business, to write an update of the bill on audit reform and corporate governance and the implementation of corporate governance reform as one of the priorities of the Business and Trade Committee.
The law of the United Kingdom is currently encouraging companies to operate under a legal regime of shareholders' primacy, which means that the administrators of the company too often prioritize the benefit of people and the planet. The diversified and rapidly growing coalition of Better Business Act highlights the demand of business leaders for a multi -party approach, creating a future economy that works in the interest of all.
Companies that support the Better Business law now extend over 15 sectors, including technology, finance, insurance, science and communications. Geographically, each region of the United Kingdom is represented.
The coalition includes a mixture of local businesses and SMEs, as well as street brands and listed companies. Notable companies include Iceland, Tony's Chocolonely, Oddbox, Olio, Bloom & Wild, The Guardian, Bidfood, Charlie Bigham's, Humanforest, Danone, Freuds, Virgin Group, Little Moons, World of Books, Gü, Divine Chocolate, Hymans Robertson, Non -profit and membership such as Shareacection, Institutes of Directors and RSPB.
Thousands of companies across the United Kingdom already provide proof of flourishing concept for companies governed by stakeholders. The United Kingdom now welcomes the largest B Corp community in the world, which surpasses ordinary companies on multiple measures, including income growth – a small and average British Borum B has increased 23.2% of turnover, compared to the national average of 16.8% – the acquisition and resilience of talents thanks to uncertain economic progress for many British companies.
As the United Kingdom has increasingly adopted affairs led by the objective in recent years, public support for the law has reflected the request to go even further; Three -quarters (76%) of people think that business law must change so that companies have legal responsibility to consider people and the planet at the same time.
“While B Corps continues to lift the ceiling, showing that companies can be powerful innovators and problems of problems, the government must respect this crossroads and lift the soil for all businesses”, “ said Chris Turner, CEO of B Lab UK, the charity behind the UK B Corp movement, and campaign director of the Better Business Act, B Lab Uk's Flagship Campagne.
“The Better Business law offers an opportunity for the future of the United Kingdom, allowing companies to accelerate long-term sustainable growth that is not at the expense of people and the planet.
Turner continues, “The growth of the coalition of 300 to 3,000 companies in just three years testifies to the increase in the change of mentality of business leaders that” business as usual “do not work and we must question the status quo. The Better Business Act is our chance to exploit the full potential of business at a time when the company, more than ever, needs business to its best. ”
Tessa Clarke, co-founder and CEO of Olio, said:
“At Olio, we have always believed that business can – and should – be a force for good. This is why we are proud to stand with 3,000 organizations behind the Better Business law.
For too long, the United Kingdom has framed the goal and profit as a compromise. But it's a false dichotomy. In reality, putting an objective at the heart of the company unleashes growth – not only for individual companies, but for the economy as a whole.
We have seen this in the first hand: our commitment to the objective helped us win customers, to keep the best talents and to collect more than $ 50 million with investors who care about yields and impact.
In a world where consumers, employees and capital are increasingly focused on values, the goal is not a moral luxury – it is a commercial imperative. Integrating it into the DNA of British affairs will give us a powerful competitive advantage on the world scene and will help to overeat the sustainable economic growth that we desperately need. »»
