Over three quarters of the British public believe businesses should be legally obliged to safeguard people and the planet alongside making profit, new research has found.
UK law currently obliges firms to prioritise shareholders.
But data out to mark Better Business Day today (15 May) from B Lab UK, the gatekeepers of the sought after B Corp accreditation, shows Brits want companies’ fiduciary duty towards shareholders to change.
Seventy six per cent of the public support calls being made by a coalition of businesses including Tony’s Chocolonely and Lucky Saint for a ‘Better Business Act’, which seeks to bring the interests of stakeholders like workers in line with those of shareholders.
The change is supported by voters across the political spectrum, the data showed, with 85 per cent of Labour supporters and 70 per cent of Conservative voters backing the shift in policy.
Asked for their top reason for supporting the change, 28 per cent wanted companies to protect staff, while 25 per cent said businesses should have a legal responsibility to safeguard the environment.
Mary Portas, chair of the Better Business Act and former presenter of Mary Queen of Shops, said: “The data is clear. And so is the cultural mood. The British public are crying out for businesses to make a change and make it their legal right and responsibility to look after people and the planet.”
The proposed changed is similar to one made in 2019 by the Business Roundtable, a club of CEOs at some of America’s leading businesses.
In a major step change for corporate governance, JP Morgan’s Jamie Dimon and Johnson & Johnson’s Alex Gorsky and 179 other bosses signed a statement committing to lead their companies “for the benefit of all stakeholders – customers, employees, suppliers, communities and shareholders”.