Thank you for contacting me about the campaign calling for a 'Better Business Act' to be introduced.
I understand that the Better Business Act campaign group seeks to amend Section 172 of the Companies Act to ensure every UK business aligns the interests of their shareholders with those of wider society and the environment. The campaign has the support of over 550 companies, including John Lewis, and the Institute of Directors.
Specifically, I understand that the campaign seeks to “align the long-term interests of people, planet and profit” by empowering directors to advance the interests of shareholders alongside wider societal and environmental interests. It also would make this the default position. Finally, a requirement would be introduced on businesses to report on how they are achieving these targets.
More broadly, I would encourage all businesses to behave responsibly and consider their own impact on the environment and society.
Thank you again for taking the time to contact me.