Tomorrow's Global Company: Challenges and Choices
Report released on June 18, 2007
London, England
The purpose of tomorrow's global company is:
"To provide ever better goods and services in a way that is profitable, ethical and respects the environment, individuals and the communities in which it operates."
"We believe in a strong market economy. The market economy has driven human progress and growth, lifting the living standards of many people. But the world is now undergoing a period of unprecedented change and it is becoming clear that the current frameworks in which the market operates are leading to unsustainable outcomes.
There are major issues which the market and the political systems have not resolved—particularly climate change, areas of persistent poverty and abuses of human rights.
Global companies can be a force for good and are uniquely placed to deliver the practical solutions that are urgently required to address these issues."
The report, Tomorrow's Global Company: challenges and choices, argues that stronger frameworks are needed to enable companies to create wealth and shareholder value at the same time as delivering practical solutions to global issues such as climate change, persistent poverty and human rights abuses.
The report is the result of an 18-month inquiry by a team drawn from people working for businesses and NGOs based in Europe, North America and Asia. These included: ABB, Alcan, Anglo American, Amnesty International Business Group, BP, Dr. Reddy's, Ford, the International Institute for Sustainable Development, Infosys, KPMG, Leaders' Quest, McKinsey, Standard Chartered, SUEZ and SustainAbility. The inquiry has been initiated by Tomorrow's Company, a think-tank focused on business issues, to generate ideas and promote debate on the role of global companies in society.
Dan Gagnier, Chair of the Board of Directors, and David Runnalls, CEO and President of the International Institute for Sustainable Development, were members of this august panel of global business and NGO leaders.
The report argues that while the market has proved the most powerful means of stimulating innovation and meeting immediate consumer needs for goods and services, there are major issues relating to long-term sustainability which it has left unresolved—such as global warming, the depletion of natural resources, persistent poverty and human rights violations.
Sir Mark Moody-Stuart, Chairman of Anglo-American and a member of the IISD Board of Directors, states,
"Global businesses, operating in a market system, can be a tremendous force for good in the world—so long as the market is shaped and regulated in the right way. So it's up to us to work with governments, NGOs, academic experts and others to make sure we work within a system that delivers progress and helps to resolve the world's most difficult issues."
In July, Tomorrow's Company will be launching the findings of the inquiry in India and then from September it will be running a series of events and roundtable discussions exploring how this framework can be implemented within companies. More information about the inquiry can be found on the Tomorrow's Company Web site.
For further information, please contact Donna Huffam or:
-
David Lourie
Head of Communications, Tomorrow's Company
Phone: +44 (0)20 7222 7443 or +44 (0)7976 095548
E-mail: david@tomorrowscompany.com
About Tomorrow's Company
Tomorrow's Company is a not-for-profit research and agenda-setting organisation committed to creating a future for business which makes equal sense to staff, shareholders and society. Its business-led programme of publications, events and other activities focuses on three issues fundamental to the future success of business:
-
an improved investment system
-
an inclusive approach to leadership and governance
-
and closing the gap between business and society.
Having had a strong influence on business leadership and governance in the UK, Tomorrow's Company is now approaching these issues on an international basis under the theme of Tomorrow's Global Company.
About the Tomorrow's Global Company inquiry
The inquiry process has involved interviews, consultations, desk-top research, and a call for evidence via Web sites
This included a programme of 55 interviews and 16 consultations conducted internationally with members of the Inquiry Team, their executive team, senior representatives from other influential organisations, and experts including internationally renowned writers, academics and key-influencers.
Copies of the full report can be obtained by e-mailing david@tomorrowscompany.com or writing to:
-
Tomorrows' Company
NIOC House
4 Victoria Street
London
SW1H 0NE
About IISD
The International Institute for Sustainable Development (IISD) is an award-winning independent think tank working to accelerate solutions for a stable climate, sustainable resource management, and fair economies. Our work inspires better decisions and sparks meaningful action to help people and the planet thrive. We shine a light on what can be achieved when governments, businesses, non-profits, and communities come together. IISD’s staff of more than 250 experts come from across the globe and from many disciplines. With offices in Winnipeg, Geneva, Ottawa, and Toronto, our work affects lives in nearly 100 countries.
You might also be interested in
What the G7 Ministerial Could Have Delivered on Fossil Fuel Subsidies Reform
The G7 climate, energy, and environment ministers’ meeting in Turin fell short when it came to breaking the 15 years of gridlock on fossil fuel subsidies. Here are three ways the G7 can use their next meetings to demonstrate measurable progress.
Adaptation is the world's unheralded tool to deal with climate change
Reducing greenhouse gas emissions is a cut-and-dry way to stop climate change. But how the world responds to the impacts already taking place is a whole other can of worms—a large can, and one that can seem incomprehensible.
Could CSDDD Signal A Tipping Point For Corporate Accountability?
This week has seen the EU agree new rules on supply chain due diligence, one of a set of laws passed including action on toxic air, packaging and packaging waste. What the Corporate Sustainability Due Diligence Directive establishes is legal liability for corporates on environmental and human rights issues in the European courts—and that could change the framework of corporate accountability.
Why does the EU want to quit the Energy Charter Treaty?
European lawmakers have backed plans for the EU to exit a treaty that lets fossil fuel firms sue when climate policies hit profits.