Signing up to support the Better Business Act
I’m excited to announce that Virgin Management has signed up as a proud supporter of the Better Business Act.
The Better Business Act (BBA) is a campaign led by B Lab UK with a simple legislative solution to amend Section 172 of the Companies Act and ensure every business in the UK aligns the interest of its shareholders with those of wider society and the environment. This small but crucial change to company law will ensure that all businesses have a legal obligation to do the right thing for their people, the communities they serve and our wonderful planet.
At Virgin, our purpose is to Change Business for Good, and my main goal as Chief Purpose and Vision Officer is to make sure our companies put people and purpose at the heart of everything we do. When I read about the Better Business Act, I knew we had to get involved. Ahead of our announcement, I sat down with Chris Turner, the BBA’s Campaign Director, to discuss how purpose and profit go hand-in-hand, and how a small change in the law can make a big change in the world.
The coalition behind the Better Business Act has grown to include almost 800 businesses who share an understanding that purpose is not a barrier to profit. This number is growing every week, and it makes me so excited to see Virgin StartUp and a number of Virgin StartUp-funded businesses (such as Oddbox) have joined the campaign too.
The power behind this relatively simple change to the Companies Act should not be underestimated. It will empower business leaders across the UK to act in everyone’s best interests – not just the interests of shareholders.
Businesses really do have the power to address society’s greatest issues and I encourage all businesses to embrace this belief. As Chris mentioned in our chat:
We need every single business to be contributing towards solving societal and environmental challenges and that is why we are calling on the government’s leadership to help deliver this new contract between business and society. The world needs business at its best.
I strongly believe that campaigns such as this, which combine collaboration with legislative change and practical action, really make the biggest impact. Learn more about the Better Business Act and join the incredible coalition of purpose-driven businesses right here.