Hymans Robertson has joined the Better Business Act coalition — an organisation aiming to promote higher corporate standards across the UK.
The business-led group, driven by B Lab UK, consists of almost 3,000 companies who recognise that the law has fallen behind business culture, and are committed to driving societal and environmental change across the corporate landscape.
As part of this, those signed up to the Better Business Act seek to operate in a way that not only benefits shareholders, but employees, communities and the environment.
The coalition is also seeking legislative changes and aims to see the following four principles reflected in an amended Section 172 of the Companies Act:
- Aligned interests: the interests of shareholders are balanced with those of individuals and the environment.
- Empowering directors: allowing leaders to make decisions in the interests of all stakeholders.
- Default change: it must no longer be optional to benefit wider stakeholders beyond shareholders.
- Reflecting in reporting: businesses must report on how they align people, planet and profit.
Hymans Robertson staff partner Gill Tait says: “The changes that the Better Business Act coalition strive towards align closely with our outlook and belief that business can, and should be, a force for good.
“They make sense for the UK’s economy as well. Recent research suggests that all companies behaving in alignment with these goals could deliver a £149bn boost to UK GDP, give the lowest paid UK workers a £2,288 a year pay rise and raise capital investment by £86bn per year.
“Becoming part of the Better Business Act is one of many ways that Hymans Robertson drives positive change in the financial services industry and builds on our B Corp Certification last year. Our work has a positive impact on the financial futures of millions of people, and we’re committed to minimising our impact on the environment and ensuring we give back to our communities. The group we join today aligns with all of these priorities, with a clear aim of introducing new legislation that would bring about markable change.”
