Interview with Chris Turner, Executive Director of B Lab and Campaign Director of the Better Business Act
In this issue we spotlight the Better Business Act – a campaign with a mission to change the law so that all companies take ownership of their social and environmental impact.
“We launched the Better Business Act campaign to call on every single business to help address the huge, systemic challenges we face in these times of environmental and social crisis,” says Turner. “And in order to do that, we need to fundamentally redefine the role of business in our society.”
Launched in 2021 by B Lab UK – a non-profit organisation transforming the economy and facilitating the growth of the B Corp movement in the UK – the Better Business Act campaign seeks to not only enshrine in law the principle that all companies take ownership of their social and environmental impact, but to create a discussion about the role of business in society.
Turner explains: “We want to be at the centre of that conversation. What is business really for – is it there to serve us all? Business should provide good jobs and help us create a world that's fit for future generations."
“We launched the Better Business Act campaign to call on every single business to help address the huge, systemic challenges we face in these times of environmental and social crisis,” says Turner. “And in order to do that, we need to fundamentally redefine the role of business in our society.”
Launched in 2021 by B Lab UK – a non-profit organisation transforming the economy and facilitating the growth of the B Corp movement in the UK – the Better Business Act campaign seeks to not only enshrine in law the principle that all companies take ownership of their social and environmental impact, but to create a discussion about the role of business in society.
Turner explains: “We want to be at the centre of that conversation. What is business really for – is it there to serve us all? Business should provide good jobs and help us create a world that's fit for future generations."
“Business should provide good jobs and help us create a world that’s fit for future generations.”
Industry backing
The campaign now has the support of more than 1,200 businesses, as well as industry groups including the Institute of Directors, and a number of MPs. One of the main pillars of the campaign, Turner says, is to “keep growing the coalition and bring more supporters on board”.
The growing support has led to bigger events and, to mark the campaign’s first birthday in April, they had a major lobbying of Parliament with hundreds of Better Business Act supporters coming to Westminster and meeting with their MPs. “It was a really big moment in driving attention to the campaign,” explains Turner.
Campaigning will be ramped up later this year too, with efforts to get the group’s principles incorporated into the draft corporate governance bill.
Meanwhile, B Lab and Better Business Act are focused on supporting the cost of living crisis and helping businesses inside and outside of the Better Business Act navigate this period of volatility in the most responsible way.
The growing support has led to bigger events and, to mark the campaign’s first birthday in April, they had a major lobbying of Parliament with hundreds of Better Business Act supporters coming to Westminster and meeting with their MPs. “It was a really big moment in driving attention to the campaign,” explains Turner.
Campaigning will be ramped up later this year too, with efforts to get the group’s principles incorporated into the draft corporate governance bill.
Meanwhile, B Lab and Better Business Act are focused on supporting the cost of living crisis and helping businesses inside and outside of the Better Business Act navigate this period of volatility in the most responsible way.
The business benefits
Not only is public opinion behind the campaign, with more than three quarters of UK consumers saying they want businesses to be legally responsible for their social and environmental impact but, increasingly, says Turner, organisations are adopting the principles of the Better Business Act campaign in recognition of the fact that it makes them more resilient to the changes sweeping the world: “A ‘Better Business Act’ approach is good for shareholders too. It means they’re investing in a more resilient business that is growing sustainably.”
“A ‘Better Business Act’ approach is good for shareholders too. It means they’re investing in a more resilient business that is growing sustainably.”
Kin + Carta is proof of this being something shareholders are interested in with 99.9% voting to change their articles of association – the written rules that set out how the organisation should be run and governed – to commit the Board to a ‘triple bottom line’ approach to decision-making. The aim is to balance considerations around people, planet and profit.
“Shareholders who are looking to the future will want to see businesses resilient to the types of crises we are increasingly seeing. These shareholders will see a multi-stakeholder approach as a natural articulation of the role business needs to play in society.”
The cost of living crisis and rising inflation, for example, are huge societal challenges but also opportunities to redefine the role of business, says Turner. “For every opportunity, there is a fork in the road. Some businesses will take the wrong road and double down just to survive. Other companies will go the other way and use this time to invest in people, build resilience and create innovative solutions in order for us all to come out the other side in a better place.”
“Shareholders who are looking to the future will want to see businesses resilient to the types of crises we are increasingly seeing. These shareholders will see a multi-stakeholder approach as a natural articulation of the role business needs to play in society.”
The cost of living crisis and rising inflation, for example, are huge societal challenges but also opportunities to redefine the role of business, says Turner. “For every opportunity, there is a fork in the road. Some businesses will take the wrong road and double down just to survive. Other companies will go the other way and use this time to invest in people, build resilience and create innovative solutions in order for us all to come out the other side in a better place.”
“The cost of living crisis and rising inflation are huge societal challenges but also opportunities to redefine the role of business.”
He adds: “We need business leaders to be saying that they recognise the wider role that business needs to play in society. We know from our research that this is not only what businesses ‘should’ be doing but when businesses are governed on these principles, they don’t just innovate more effectively, they also grow faster.”
Turner believes that our world can be shaped for the better by business embracing a positive, stakeholder-driven view of its role in our society. It ultimately shows that a business is setting itself up to succeed: “By signing up to the Better Business Act, it demonstrates strong intent to change the system. There is no other campaign out there that’s making such a clear statement about the role that businesses need to play in our future.” To find out more on how your business can play a part, visit the Better Business Act website.
Turner believes that our world can be shaped for the better by business embracing a positive, stakeholder-driven view of its role in our society. It ultimately shows that a business is setting itself up to succeed: “By signing up to the Better Business Act, it demonstrates strong intent to change the system. There is no other campaign out there that’s making such a clear statement about the role that businesses need to play in our future.” To find out more on how your business can play a part, visit the Better Business Act website.
This article originally appeared in Thread, Edition 2. Thread is Kin + Carta’s quarterly magazine that cuts through the complexity of digital transformation. Making sustainable change real, achievable and attainable.
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