Business is one of the best tools for social mobility that society has; driving employment and economic growth, and facilitating the upskilling of the UK workforce. With an increasing number of businesses working with wider social benefit specifically in mind – aligning social and environmental goals with financial ones. Some such goals might include advancing the health and wellbeing of employees, developing and supplying renewable energy sources, or simply ensuring that some of their profits or staff time are given to supporting charities and communities.
Social enterprises (businesses set up specifically to tackle social or environmental problems and who reinvest most of their profits in furthering that mission) contribute billions to the economy and employ around half a million people. This report, which the CSJ hopes will be read both by members of Government and business executives alike, recommends that the Government emphasise the importance of social enterprises, make a ‘purpose declaration’ a requirement of incorporation to signal that the role of business extends beyond profit maximisation, and review the Companies Act to push stakeholder interests closer to shareholders’.Read Full Report