The Better Business Act: Building a Sustainable and Responsible Form of Capitalism

The Better Business Act is a proposed piece of legislation in the UK that aims to redefine the purpose of businesses. Currently, businesses are legally required to prioritise the interests of their shareholders above all else, which can sometimes conflict with the interests of other stakeholders, such as employees, customers, and the environment. The Better Business Act seeks to change this by requiring companies to consider the impact of their decisions on all stakeholders, not just shareholders.

At Boardify, we believe that the Better Business Act is a step in the right direction towards building a more sustainable and responsible form of capitalism. We are committed to promoting the interests of all stakeholders in the businesses that we work with, and we believe that this approach can lead to better long-term outcomes for everyone involved.

Research has shown that companies that prioritise the interests of all stakeholders tend to perform better in the long run. For example, a study by Harvard Business Review found that companies that invest in their employees, customers, and communities tend to have higher profitability and better long-term growth prospects. By requiring businesses to consider the impact of their decisions on all stakeholders, not just shareholders, the Better Business Act has the potential to promote more responsible business practices and better outcomes for everyone involved.

Real-life cases also provide evidence that businesses can thrive by prioritising the interests of all stakeholders. For example, the outdoor clothing company Patagonia has built a successful brand by focusing on sustainability and social responsibility. The company has implemented a number of environmentally friendly practices, such as using organic cotton and recycled materials in its products. It has also taken a stand on social issues, such as supporting public lands and fighting climate change.

We at Boardify believe that it is important to push awareness about the Better Business Act and the concept of stakeholder capitalism. We believe that this approach can lead to a more sustainable and responsible form of capitalism, one that benefits everyone involved, not just shareholders. We encourage businesses to consider the impact of their decisions on all stakeholders, and to adopt