Make sustainability a purpose of business in society

Further to my article last week: Culture is the glue putting values into action, I would like to focus today on the need of business leaders to redefine the role of business in society.

- Henry J. Schumacher [e-mail]

The purpose of a corporation should no longer advance only the interests of shareholders. Instead, business leaders must also invest in their employees, protect the environment, and address issues of poverty, hunger and lacking education and health issues in areas around their offices and factories.

In a recent Business Roundtable, business leaders vowed to “protect the environment by embracing sustainable practices across our businesses” and “foster diversity and inclusion, dignity and respect.”

It is good to note that sustainable development or a sustainability culture seems to be taking root. There are quite a number of companies in the Philippines that are subscribing to sustainability, focusing on both — profit and purpose.