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We Are Far Now From Milton Friedman’s Prevailing View on CSR in 1970 – Companies Are Showing The Way – Here Are 5 Examples The stage was set in 1970 by Professor Milton Friedman, who wrote in a New York Times Magazine essay: The social responsibility of business is to increase its profits. He famously said in conclusion: “here is one and only one social responsibility of business–to use it resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud." Over the ensuing decades, advocates for greater corporate accountability, responsibility and sustainability pushed back – with great vigor. Over time, more companies adopted well thought out strategies and tactics to become more socially / societally responsible… leading to today’s fulsome embrace by the corporate sector of CR or CSR. Forbes magazine commentator Marissa Peretz (writing from California) brings us examples of “environmentally-friendly business endeavors” that demonstrate profit can exist alongside sustainability and the successful corporate business model. Her examples are Fair Harbor (apparel); Nest Bedding; Paladino and Company (consulting); Under the Canopy; and B Corp Natura Brasil. Highlights: (1) Fair Harbor makes sustainable boardshorts and men’s swimwear from 11 recycled plastic bottles (including recycled ocean plastic harvested in Haiti). (2) Nest Bedding, a family-owned business, creates “sustainable bedding and mattresses for more healthy living. (3) Paladino and Company’s buildings have a positive environmental impact by helping other companies reduce their carbon footprint (the firm works with architects and developers to design buildings “that make a difference). (4) Natura Basil is a Brazilian company now operating in the United States; it works with its supplier communities back in the Amazon (not the shopping giant!) to promote preservation of endangered forests. (5) Under the Canopy uses six (6) types of third party certifications whose metrics include use of harmful substances and other critical practices in its apparel and bedding. All of these firms, the author tells us, have lessons learned and share that environmentally-friendly business endeavors can still be profitable. So take that, you remaining Friedman advocates – the corporate world is moving on without you. Here at G&A Institute, we monitor more than 1,500 corporate responsibility, sustainability, citizenship and similarly-titled reports. A sizable number are identified as “CR” reports and tell the stories of a wide (and encouraging) range of strategies and tactics of USA, UK and Republic of Ireland corporate entities. The data sets and narratives make clear that senior executives understand well the importance of corporate responsibility in their disclosures. They make the business case, the supply chain case, the investor case…and more! The five firms profiled in the Forbes piece below are to be congratulated for their contributions to society – and the dual quest for greater CR and profitability. Author Peretz is founder of Silicon Beach Talent in LA; she was “recruiting leader” at Tesla Motors.
Our Top Story For You... 5 Companies Who Succeed By Prioritizing Sustainability Over Profits
About Sustainability: Progress Is Being Made - We See Forward Momentum! For Your Attention: The Editors' Scans Sustainable Practices Lead to Corporate Profits Lessons from Sweden in sustainable business “Greening finance for sustainable business” – Speech by Vice-President for the Euro and Social Dialogue, Financial Stability and Financial Services Valdis Dombrovskis 3 TIPS FOR BUSINESS SUSTAINABILITY Do investors want companies that are more sustainable? How to Try Context-Based Sustainability in 3 Easy Steps 3 ways the course of water sustainability changed in 2017 Management Tip: Cost-Saving Sustainability Ideas My Say: Improving the disclosure quality of sustainability reports Sustainability: The World’s Change Agent About Sustainability In The Food & Ag Business Iowa Farmers Union Looks To Sustainability In Recruiting Millennials Cascading use of wood to ensure sustainability No more green rhetoric. A sustainable future is vital and possible Report: Countries might soon tax meat to fight climate change
Our Focus This Week on A Range of ESG Topics & Issues – More Things to Think About… Institutional investors call for climate action
More companies find spending on corporate responsibility increases the bottom line ESG / Sustainability in Aerospace & Defense … Really Automotive Industry Updates its Guiding Principles to Enhance Sustainability in the Supply Chain HSBC Holdings Says U.S. Deferred Prosecution Agreement Has Expired Apple still has its eyes on the self-driving car road Wal-Mart Will Allow Workers to Have Early Access to Pay
News & Opinion: Asset Managers, Sovereign Wealth Funds, Pension Funds Connecticut pension system worst in the nation, according to new study The Latest: Pension fund launches fossil fuel-free bond £30bn pension fund moves investment to US as chaos in Europe mounts
Trump Administration News / Affecting Directions on Governance and ESG Trump Touts Deregulation By His Administration
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G&A's To The Point! is a businesss intelligence web-platform resource. This management briefing service offers timely insights and perspectives on Corporate Sustainability, Responsibility & Citizenship. Click here to request a one-week trial subscription. Below are links to a sampling of three recent briefs: IS YOUR COMPANY’S KEY DATA & “SECRET SAUCE” SAFE? Pssst! Foreign Entities Are Snooping… Repatriating Corporate Taxes and Corporate Responsibility / Corporate Citizenship Implications _________________________________________
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G&A Institute Sustainability Update™ High Water Women’s 2017 Investing For Impact Symposium _________________________________________
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G&A Institute is the Data Partner for the Global Reporting Initiative's (GRI) in the USA, UK and Republic of Ireland. We identify, receive, collect, analyze, database, and communicate about every report issued in any of the 3 countries. Over the past 6+ years, G&A analyzed 6,000-plus sustainability reports in this pro bono role and databased 100+ important data points for each report. ____________________
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The Sustainability Highlights eNewsletter is prepared by Governance & Accountability Institute, Inc. based on continuous monitoring of trends and developments in Sustainability and ESG. Governance & Accountability Instiute is the “Sustainability Headquarters™” for clients in the corporate, investment, public and social sectors. Based in New York, G&A is a for-profit consulting organization providing a range of value-added strategies, services and resources related to ESG & sustainability to clients in the corporate and capital markets communities.For G&A's full range of services, click on each of the links below: For more information, contact Governance & Accountability Institute, Inc. | |||||||||||||
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