Sometimes business is the subject of unfounded criticism. Business is often accused of only caring about profits and cost cutting. But the facts tell a different tale.
The mandate of any publicly traded company in Canada is to ensure the long-term sustainability of the company, and it is distinctly not to maximize shareholder value. The directors have a responsibility to act in the best interests of the shareholders and other stakeholders of the company. Their ultimate responsibility is to do what is best for the business.
There are many benefits for a business that operates in a socially responsible manner, according to research by Cone Communications. It found that more than 60 per cent of Americans hope businesses will drive social and environmental change in the absence of government regulation. Nearly 90 per cent of the consumers surveyed said they would purchase a product because a company supported an issue they care about. More importantly, roughly 75 per cent will refuse to buy from a company if they learn it supports an issue contrary to their own beliefs.
The next generation of employees is also seeking out employers who are focused on the triple bottom line: people, planet and revenue.
Most business owners don’t wait for government to impose changes. Businesses are proactive on health, safety and environmental matters. Below are prominent examples of businesses taking the lead.
Bell’s Let’s Talk is dedicated to moving mental health forward in Canada. It promotes awareness and action with a strategy built on four key pillars: fighting the stigma, improving access to care, supporting world-class research and leading by example in workplace mental health.
RBC is also taking a leadership role. The RBC Youth Mental Well-Being Project is a commitment to support programs that help youth and families access the right care at the right time. From this project, more than $34 million has been given to organizations dedicated to helping kids and families get the programs and resources they need.
Fortis is another great example. “We are mindful of the impact our operations have on the environment, employees, and the communities we serve, and we take planned steps to strengthen our business in a responsible and sustainable way,” says Barry Perry, CEO of Fortis, on being ranked among the Best 50 Corporate Citizens in Canada by Corporate Knights, a media, research and financial information products company based in Toronto, focused on promotion of an economic system based on “clean capitalism.”
Fortis is also the creator of “Tap Your Potential,” a collection of insights from homegrown achievers in every field, to show other people from right here how much we have to be proud of, and how much is possible. The initiative demonstrates how anyone can make a difference, as the campaign’s tag line inspires: “Because when you start here, you can go anywhere.”
“Diabeaters” is a group of business leaders in Newfoundland and Labrador taking health promotion into their own hands. The Diabetes for a Day initiative challenges 30 business leaders to experience the life of a diabetic for 90 days. By making the diet and lifestyle sacrifices that the disease demands, participants get a snapshot of daily life for a diabetic. Newfoundland and Labrador has one of the highest rates of diabetes in the country, and the purpose is to encourage our business network to be healthier.
Iam also inspired by a new initiative of the Community Sector Council — Go Getters. Go Getters NL, a pilot project of the Community Sector Council, is made up of 23 young people between the ages of 19 and 30. All the members have made a 120-hour commitment to community participation, as this project aims to increase community service, civic engagement and advocacy amongst its members.
The Board of Trade is currently promoting Thrive’s business campaign – “100 Businesses for 1000 Reasons.” Thrive supports social service providers across all sectors in providing the best possible services to vulnerable people in our community. The goal of the campaign is to raise $100,000 to support and expand the important work Thrive provides to our city, and particularly to the marginalized individuals in our community. 100 Businesses for a 1000 Reasons has a modest ask of $1000 per business, giving small and medium sized enterprises a chance to make a real difference in our community.
The St. John’s Board of Trade has over 100 members who are charities or not-for-profits. Progressive businesses encourage their employees to get involved in their community. Many have initiated days of service or provide time off to volunteer. This sense of purpose can lead to increased productivity and higher workplace morale.
Business, employees, community, not-for-profits and charities; we are all in this together.
Janis Byrne is Chair of the St. John’s Board of Trade.
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