The general election is a perfect ‘window of opportunity’ for Better Business Act campaigners

The upcoming election presents an important opportunity to rethink the role of business in society, said Chris Turner, campaign director for the Better Business Act.

Speaking to a Barbican audience at a panel event to mark the third Better Business Day, Turner highlighted the potential of the Better Business Act to fundamentally change the way companies interact with their stakeholders.

The Better Business Act seeks to amend section 172 of the Companies Act, which currently sets out the responsibilities of company directors. The proposed changes are intended to enable directors to make decisions that take into account the interests of people, the planet and profits, rather than focusing solely on profits.

Holly Branson, Virgin’s Chief Purpose Officer and longtime supporter of the Better Business Act, spoke about the positive impact of embedding purpose into her multi-billion dollar business. She highlighted the implementation of a ‘purpose filter’ at Virgin, which will ensure that only decisions that are in line with their purpose go ahead.

Branson was joined on the panel by ethical consumer and fashion activist Safia Minney, and Josephine Phillips, founder and CEO of Sojo – a company that provides simple repair solutions for second-hand items. Phillips noted that changes to the Companies Act would contribute to a cultural shift in businesses, reflecting the global challenges we face today.

New research from B Lab UK, the organization behind the B Corp movement and the Better Business Act, shows strong public support for the proposed changes. According to the data, 76% of the British public believe company law should be changed to give companies a legal responsibility to prioritize people and the planet in addition to making profits.

The Better Business Act also has strong support from the business community, with almost 3,000 organizations backing the initiative, including Tony’s Chocolonely, Iceland, the Institute of Directors and Lucky Saint.