It’s all part of what we call the ‘Woolcool family’.
Now, we’re throwing our support behind an exciting campaign that hopes to encourage all businesses to think about the impact they have on the world around them, in terms of society, environment and the communities they serve – by enshrining it in law.
It’s a brilliant idea – called The Better Business Act – and Woolcool is one of many, many progressive companies backing the campaign to make it happen.
The idea is simple. As a B Corp, we believe that business has become separated from the communities it needs to serve. The relentless pursuit of profit at all costs has contributed to a set of enormous challenges that threaten people’s health, wealth and the natural world. The fact is that 76% of people in the UK want the business to be legally responsible for their impact on society and the environment.
If anything, the huge challenges of the last 12 months brought by the pandemic have illustrated even further what profound and pressing problems the climate emergency and social inequality are.
The campaign we are backing believes that harnessing the enormous potential of entrepreneurs, innovation and enterprise can help overcome these challenges. Quite simply, the world needs business at its best now more than ever.
So, what’s the big idea? The Better Business Act would amend Section 172 of the existing Companies Act 2006, which governs how firms do business. The new Act would ensure that companies are legally obligated to operate in a manner that benefits their stakeholders, including workers, customers, communities and the environment, while still seeking to deliver profits for shareholders.
The Better Business Act will transform the way we do business, so that every single company in the UK, whether big or small, takes ownership of its social and environmental impact.
We are urging all of Britain’s business leaders to call on the UK Government to amend Section 172 of the Companies Act to ensure businesses are legally responsible for benefiting workers, customers, communities and the environment while delivering profit.
What would it mean? It would mean that companies would have to consider the impact of their business, and report on it. However, this would not mean a load of red tape to add to companies’ workload.
In fact, the amendments proposed by the BBA require a statement in a strategic report for a financial year that describes how the company has advanced its stated purpose and in consideration of its key stakeholders, community and the environment. Once a year. What’s more, the Act suggests that this would only be required for larger companies.
Crucially, we believe that running your firm in a responsible way is good for business. Customers like it, your team likes it and research shows it helps to attract top talent to your business. It will also help to secure a better future for generations to come. The more businesses that get involved and take steps, however small, to improve practices, the larger the positive impact we can have together.
It’s also important to know that similar laws already exist across the world and have been successful in encouraging business to do better. The “benefit corporation” legislation, which takes a similar approach, has now been successfully introduced in 40 US states, as well as Italy, Colombia, and Canada.
Woolcool has joined a coalition of 200 businesses behind the campaign for the Better Business Act – and we urge more companies to join.
To find out more, visit: www.betterbusinessact.org