It is time to redesign traditional capitalism and put focus on values

The Daily Telegraph had a short opinion piece by Paul Polman, former CEO of Unilever yesterday. The title of the article was in part, an answer to the question, “So what should the new normal for business look like?”

The “fundamental redesign of our economic model” that he seeks would make capitalism “more sustainable and inclusive.” And it would recognise the “increasing demand for companies to provide solutions, rather than simply selling products and services.”

By this he means solutions to real needs, and he referenced the companies that have turned to meeting the needs that the covid-19 pandemic had created, which have won companies praise, and no doubt made employees proud.

He then argued “this crisis has proven companies with strong ESG credentials are far more resilient. And if anything, the emphasis on the “S” — social — is even more important than before”.

He went on to argue that “this pandemic has shown that we need companies to subscribe to a much more powerful article of faith — stakeholder primacy”. And, combining these last two arguments he proposed Investment in the SDGs should represent a focus of the new normal because the sustainable development goals (SDGs) are “worth at least $12trn (£11trn) a year, and 380 million jobs at a time when we need them most”.

Continue reading this article which was originally published on Medium

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