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Leading companies in the CSR field should begin pushing governments to introduce national regulation on corporate responsibility that will bring laggards up to standard, according to the findings of an inquiry commissioned by the UK-based think-tank, Tomorrow’s Company.
The inquiry into the future shape of business says that while voluntary initiatives are the best way forward, ‘they subsequently need to be translated into national regulation that is then rigorously and uniformly enforced’. This would ensure that laggard companies meet minimum standards while allowing the best performing companies to benefit from their leadership position.
The findings are significant because most of the inquiry’s members are business people. Calls for regulation on CSR have hitherto come almost exclusively from civil society, although some companies have privately indicated that the time for legislation is approaching. The inquiry was co-chaired by John Manzoni, BP’s group managing director of refining and marketing, and Nandan Nilekani, chief executive of Infosys. Others on the team included Ron Nielsen, director of sustainability at Alcan, Ulf Karlberg, founding chair of Amnesty International’s business group in Sweden, and Kate James, global head of government relations at Standard Chartered Bank.
The report says leadership companies should take a ‘proactive approach to regulation’ by publicly recognizing that new laws are needed in some areas to back up the progress they have made themselves. The model company of the future ‘will join with other companies to advocate changes in public policy which will enable the power of business and the market to be harnessed for society’s good’.
A Tomorrow’s Company spokesman told EP: ‘It’s more than just lobbying for laws, it’s working with government to develop regulation and also with non-governmental organizations and other companies to bring about regulation so that a level playing field is created.’
The inquiry members, from business and civil society, say they support market principles but feel that, at present, there are ‘serious failures in the frameworks of law, regulations and agreements which frustrate many efforts to deal with some of the global issues both companies and society face’. Changes to laws in individual countries will encourage wider uptake of CSR policies by companies, they say.
The ten-person inquiry panel was established last year to consider the ‘role and purpose of global companies and the conditions for their success in the future’. It held 16 consultation sessions hosted by various institutions around the world, including the UK government.
Solitaire Townsend and Paul Howard have become trustees of Tomorrow’s Company. Townsend is managing director of the communications agency Futerra and Howard is a senior partner in the legal firm Wragge & Co.
The inquiry into the future shape of business says that while voluntary initiatives are the best way forward, ‘they subsequently need to be translated into national regulation that is then rigorously and uniformly enforced’. This would ensure that laggard companies meet minimum standards while allowing the best performing companies to benefit from their leadership position.
The findings are significant because most of the inquiry’s members are business people. Calls for regulation on CSR have hitherto come almost exclusively from civil society, although some companies have privately indicated that the time for legislation is approaching. The inquiry was co-chaired by John Manzoni, BP’s group managing director of refining and marketing, and Nandan Nilekani, chief executive of Infosys. Others on the team included Ron Nielsen, director of sustainability at Alcan, Ulf Karlberg, founding chair of Amnesty International’s business group in Sweden, and Kate James, global head of government relations at Standard Chartered Bank.
The report says leadership companies should take a ‘proactive approach to regulation’ by publicly recognizing that new laws are needed in some areas to back up the progress they have made themselves. The model company of the future ‘will join with other companies to advocate changes in public policy which will enable the power of business and the market to be harnessed for society’s good’.
A Tomorrow’s Company spokesman told EP: ‘It’s more than just lobbying for laws, it’s working with government to develop regulation and also with non-governmental organizations and other companies to bring about regulation so that a level playing field is created.’
The inquiry members, from business and civil society, say they support market principles but feel that, at present, there are ‘serious failures in the frameworks of law, regulations and agreements which frustrate many efforts to deal with some of the global issues both companies and society face’. Changes to laws in individual countries will encourage wider uptake of CSR policies by companies, they say.
The ten-person inquiry panel was established last year to consider the ‘role and purpose of global companies and the conditions for their success in the future’. It held 16 consultation sessions hosted by various institutions around the world, including the UK government.
Solitaire Townsend and Paul Howard have become trustees of Tomorrow’s Company. Townsend is managing director of the communications agency Futerra and Howard is a senior partner in the legal firm Wragge & Co.Super Featured
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