LETTER: A small change to the law that would empower every business to become a force for good

May 2024

Editor,

Businesses are often in competition with each other. But as a group of leaders, we are united in one goal: making business a force for good.

At a time when people are battling the cost of living crisis, workforces are being mistreated and rising temperatures pose ever greater challenges to our planet, this could not be more urgent.

Yet UK firms continue to operate under a legal regime of shareholder primacy, meaning company directors too often put the needs of people and the planet second to profit.

There are many thousands of brave business leaders who have nonetheless chosen to align the interests of all stakeholders — workers, customers, communities and the environment as well as shareholders.

On Better Business Day this year, we are calling for a simple change in the law to empower all firms to do the same. Updating Section 172 of the Companies Act through a Better Business Act would put society, workers – and the bottom line – on an equal footing.

As a general election approaches, this is the time for all parties to commit to bringing in such a change in the next Parliament.

Signed:

Mary Portas, Founder at Portas Agency

Douglas Lamont, Chief Chocolonely at Tony’s Chocolonely

Martha Lane Fox, The Baroness Lane-Fox of Soho CBE, crossbench peer

Chris Turner, Executive Director at B Lab UK

Tessa Clarke, Co-founder & CEO of OLIO

Holly Branson, Chief Purpose and Vision Officer at Virgin

Nigel Kershaw OBE, Chair at Big Issue Group

Caroline Lucas, Member of Parliament for Brighton Pavilion

Dale Vince OBE, Founder of Ecotricity

Hamish Sandison, Chair of Labour Business

Roger Barker, Director of Policy and Corporate Governance at the Institute of Directors

Peter Holbrook, CEO at Social Enterprise UK

Bevis Watts, Chief Executive at Triodos Bank UK

Char Love, Global Director of Advocacy, Natura &Co

Anthony Impey MBE, Chief Executive of Be the Business

Joanna Allen, CEO at graze

Rosie Brown, Co-CEO at COOK

Richard Reed, Co-founder of Innocent Drinks and JamJar Investments

Emma Heal, Managing Director of Lucky Saint

Alex Rind, Chairman, Faith In Nature

Louisa Ziane, Co-founder & COO of Toast

Safia Minney, Social Entrepreneur and Founder at Fashion Declares

Marco Bertacca, CEO at Quorn Foods

Caroline Seton, Co-Founder and Head of Growth at HumanForest

Martin Bunch, Managing Partner, Bates Wells 

Luke Fletcher, Partner, Bates Wells & Author of the Better Business Act

James Mayer, President UK & Ireland at Danone

Frieda Gormley, Founder of House of Hackney 

John Steel, CEO at Cafédirect

Myles Hopper, Co-founder of Mindful Chef

George Graham, CEO & Founder of Wolf & Badger

Daniela Barone Soares, CEO at Snowball

Sophie Kennedy, Joint Chief Executive Officer at EQ Investors

Amanda Powell Smith, CEO at Forster Communications

Danny Pecorelli, Managing Director at Exclusive Collection

Andrew Selley, CEO at Bidcorp UK

John Scanlon, CEO at SUEZ Recycling and Recovery UK

Nick Stoop, Founder & CEO of Pangea Impact Investments

Jeff Twentyman, Slaughter and May

Josephine Philips, Founder & CEO at SOJO

Tom Tapper, Co-founder of Nice & Serious

Jamie Crummie, Co-founder of Too Good To Go

Mark Lowe, Founding Partner at Third City

Wera Hobhouse, Member of Parliament for Bath

Nadine Storey, Co-convenor Green Party Finance & Economy Policy

Graham Donoghue, CEO of Sykes Holiday Cottages

Tamara Lohan, Founder and CEO, Mr & Mrs Smith

Sarah King, Founder & CEO of Obu Invest

Guy Schanschieff, Founder of Bambino Mio Ltd

Sarah Walker-Smith, Chief executive, Ampa group LLP

Donald Moore, Chair of One+All

Geoff van Sonsbeeck, CEO & Founder of House of Baukjen

Sophie Dembinski, Head of Policy & Climate Action at Ecosia

David Connor, Founder at 2030hub

Stephen Muers, Chief Executive at Better Society Capital

Arlo Brady, Chief Executive Officer at Freuds

Baroness Lister of Burtersett, Labour

Baroness Scott of Needham Market, Liberal Democrat

Baroness Bakewell of Hardington Mandeville, Liberal Democrat

Baroness Jones of Moulsecoomb, Green Party

Lord Fox, Liberal Democrat

Molly Scott Cato, Professor Emerita of Green Economics at Roehampton University

Gi Fernando MBE, Co-Founder, New Automotive

Devina Paul, CFO, Zumo

Matt Issacs, Managing Partner, Counteract

Daisy Cooper, Member of Parliament for St Albans

Dr Sally Uren OBE, CEO of Forum for the Future

Dr Ateh Jewel, Founder of Ateh Jewel Beauty