The Better Business Act movement has launched a new Wake Up to Better Business campaign, including a return visit to Westminster to encourage MPs to support the Better Business Act's proposed changes. Led by co-chairs Mary Portas and Douglas Lamont, the Better Business Act's aim is to "put people and the planet alongside profit". The campaign is pushing for an amendment to section 172 of the Companies Act, which would allow directors to give equal weight to the interests of wider society and the environment as to those of shareholders. (For more detail on how the amendments would work, see our 2021 briefing on the Better Business Act here.) The Better Business Act movement believes that pursuing this "triple bottom line" - people and the planet as well as profit - can help UK companies to build sustainable businesses that are fit for the future.
The UK B Corp movement, an intrinsic part of the Better Business Campaign, reports that 78% of people in the UK, as well as over 2,000 businesses, are in favour of the proposed changes to the Companies Act. Will the current campaign finally force its way onto the government's legislative agenda?
Meanwhile, the UK B Corp movement itself goes from strength to strength, with more than 1,200 UK businesses across 58 industries having achieved B Corp status. Whilst the majority are SMEs, it is notable that the B Corp roster includes Kin + Carta, a company listed on the London Stock Exchange. B Lab UK has recently published Embracing Stakeholder Governance - a guide to meeting the B Corp legal requirements for boards and investors and expects more listed companies to begin the B Corp certification process.
Howard Kennedy and stakeholder governance
Howard Kennedy is co-hosting an event with FRP Advisory as part of London International Disputes Week. Directors' Duties and the Ascendancy of ESG Strategy will explore the increasing importance of ESG to business strategy and survival and the impact on directors' duties. Will directors be forced to adopt a triple bottom line approach to measuring business performance?
You can read how we think ESG considerations are influencing UK businesses in our Directors' Outlook 2023: ESG.
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