Good corporate citizenship isn’t a matter of choice
It’s time for Canada to catch up to countries that have legal frameworks encouraging corporations to state their purpose. That’s not to say companies shouldn’t be able to make a profit. But as the British Academy stated in 2019, 'The purpose of business is to solve the problems of people and planet profitably, and not profit from causing problems.'
In a new report, authors Richard Janda and Iseoluwa Akintunde call on the Canadian government to make five key reforms to the Canada Business Corporations Act, including requiring a statement of purpose from a corporation’s board, subjecting corporations to a ‘comply or explain’ approach to stating that social purpose. Image courtesy of Pexels