We’re delighted to announce that we have signed up to the Better Business Act which aims to Change the UK law to ensure every company in the UK aligns their interests with those of wider society and the environment.
What is the Better Business Act?
The Better Business Act will transform the way we do business, so that every single company in the UK, whether big or small, takes ownership of its social and environmental impact.
The objective is to see these four principles reflected in an amended Section 172 of the Companies Act:
- Aligned Interests
The interests of shareholders are now advanced alongside those of wider society and the environment. This establishes a new principle of fiduciary duty within Section 172 of the Companies Act.
- Empowering Directors
This change must empower directors to exercise their judgement in weighing up and advancing the interests of all stakeholders.
- Default Change
This change must apply to all businesses by default. It must no longer be optional to benefit wider stakeholders beyond shareholders.
- Reflected in Reporting
Following this change, businesses must report on how they balance people, planet and profit in a strategic report or impact report, where one is currently required.
It can no longer be a choice to align the long-term interests of people, planet and profit. The Better Business Act will transform the way we do business, so that every single company in the UK takes ownership of its social and environmental impact.
You can find out more about the campaign, which is chaired by Mary Portas and Douglas Lamont, here.
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