When a successful business tilts towards societal needs, everyone benefits
Gone are the days when social investment was a mere add-on
The Chief Executives for Corporate Purpose (CECP) global exchange is an international grouping of companies that aims to advance the role business plays in society. There are now 14 country members of the exchange, collectively representing half the world’s population and nearly two-thirds of global GDP. The formation of this group, and the traction it has gained, is indicative of how the role of business in society has become an industry in itself. There are a plethora of frameworks, codes and standards that coerce business towards greater transparency and societal responsibility. The GRI Standards, the IIRC, King IV and FTSE4Good refer to concepts such as materiality, stakeholder-centricity, value addition via the Six Capitals Model, and more. The annual effort and resources dedicated to integrated reporting are immense. In spite of this, we are still seeing corporate failures, bloated executive pay, destruction of value and neglect of social and environmental responsibilities. Wh...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.