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: [email protected]

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 [email protected] or writing to:

• Tomorrows' Company
  NIOC House
  4 Victoria Street
  London
  SW1H 0NE