Recent corporate scandals, the ongoing climate emergency and rising inequality all have a common denominator, according to Chris Turner, executive director of B Lab UK and founder of the Better Business Act campaign. He claims that the current focus on profit over purpose is preventing these issues from being properly addressed.
“The consensus is now that this shareholder primacy and the need to maximise short-term returns have greatly contributed to the big challenges we face, from the climate emergency to inequality,” Turner says. “Good business decisions are made by considering all stakeholders and by thinking long term.”