Better Business Day: Why B Corps Are Upgrading a Law Stuck in the First-Gen iPhone Era
By Asad Hamir
As B Corps across the UK come together for Better Business Day, we are united by a single, urgent mission: upgrading a corporate legal framework that is hopelessly stuck in the past. To understand just how outdated the UK Companies Act is, you only have to look at the tech in your pocket. The act became law in 2006 – the exact same year the world was introduced to the first-generation iPhone. Since then, the B Corp movement has redefined what it means to be a responsible business, and technology has leaped from 2G to AI. Yet, the core law governing British business hasn't received a single update.
As B Corps across the UK come together for Better Business Day, we are united by a single, urgent mission: upgrading a corporate legal framework that is hopelessly stuck in the past. To understand just how outdated the UK Companies Act is, you only have to look at the tech in your pocket. The act became law in 2006 – the exact same year the world was introduced to the first-generation iPhone. Since then, the B Corp movement has redefined what it means to be a responsible business, and technology has leaped from 2G to AI. Yet, the core law governing British business hasn't received a single update.
"The phone that changes everything" was the ultimate genesis for Klyk. That spark led me to launch a business straight out of university, becoming one of the largest O2 resellers in the UK, selling millions of iPhones. Drunk on the tech Kool-Aid, I was oblivious to e-waste until a trip to my hometown in East Africa. Wandering Dar es Salaam's Kariakoo market, I saw UK corporate asset tags on discarded tech and discovered our end-of-life devices were being exported wholesale to be sold or burned in makeshift plants. Our "take-make-dispose" model was broken. This combined with Big Tech's hardware innovation at an all-time low with now the 17th generation of iPhones, that truth is even more glaring. That’s why we founded Klyk three years ago to embed circularity into business tech. Today, we power leading scale-ups with circular hardware that slashes carbon and costs, while donating devices to help close the UK's two-million-child digital divide.
The Legal Failure: Section 172
But as a B Corp, we constantly collide with a broken system. The root of the problem is Section 172 of the Companies Act, which legally forces companies to prioritise short-term shareholder profit above everything else. What we are witnessing today are legal failures, because Section 172 forces directors to prioritise short-term profits over long-term decision making, disposal over responsibility, and exclusion over community.
This outdated framework directly opposes the missions driving purpose-led businesses like ours. This is why the B Corp community is fiercely championing the Better Business Act. We need to amend Section 172 to ensure that directors are legally empowered - and required - to place people, planet, and profit on an equal footing.
When you look at the wider UK economy, continuing with "business as usual" is costing the country a fortune:
The Waste: E-waste currently costs the UK economy £500 million in wasted resources every year, according to data from the Environmental Audit Committee.
The Divide: Digital poverty leaves 2 million children digitally excluded, costing the UK economy a staggering £33 billion per year, as highlighted by The Digital Poverty Alliance.
A circular model bridges this exact gap. By changing the law to incentivise responsibility over quick disposal, businesses are legally encouraged to refurbish and donate retired tech. We can literally turn a £500 million waste problem into a direct solution for a £33 billion social crisis.
Time for a System Upgrade
You wouldn't run a modern enterprise on a 2006 phone, and we shouldn't be running our economy on a legal framework from 2006, either.
The case for better business is clear. It’s time to upgrade Section 172 and unleash a new era for British business – one that aligns our legal duties with our global aspirations, drives long-term prosperity, and empowers companies to truly thrive by doing good for both people and the planet – all whilst continuing to make a profit.
Reflections on Better Business Day 2026
On 9th June 2026, Klyk co-founder Zahid Khimji spoke at the Better Business Day event at the House of Lords on why the Better Business Act is pivotal for business. The event brought together 150 business leaders and change-makers.
The level of support in the room for better business and meaningful reform was incredible, and shared by leaders who recognise that business, society and technology have evolved far beyond the framework set in 2006. Sharing Klyk’s mission to tackle e-waste and digital exclusion reinforced the importance of creating systems that reward long-term value, not short-term gains. The momentum behind the Better Business Act is growing, and the collective energy in the room made one thing clear: change is mandatory.
To learn more about Klyk’s circular mission, visit helloklyk.com.
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