Businesses can gain a competitive advantage by becoming environmentally, economically and socially sustainable, an exclusive conference on responsible capitalism heard.
At the same time corporate governance – what businesses must do – and corporate and social responsibility – what they would like to do – are becoming increasingly interlinked, delegates at the event were told.
The exclusive conference, the latest in the Board 2020 seminar series, looked at whether the current capitalist business model is acceptable or sustainable for the future?
Colin Drummond, chief executive of diversified waste management firm Viridor, told the conference that 10 years ago his business was based almost entirely on collecting waste and putting it into landfill. Then the company realised that much of this waste had value – and shifted focus to extracting it.
In 2001, 70% of Viridor’s profits came from landfill – now 50% comes from the value of the waste, he said.
Describing himself as a “hard-nosed businessman, red in tooth and claw”, Mr Drummond said businesses must adapt to changes in society – and those that changed the earliest would gain a competitive advantage.
“I’m passionate about recycling,” he told the conference. “But my passion comes from a business point of view.” He said it was in the self-interest of businesses to become more sustainable in three ways – environmental, social and economic.
The conference also heard from Andrew Webber, a corporate partner at Bristol law firm TLT, who outlined corporate responsibility from the legal, policy and practical standpoints.
“Responsible capitalism isn’t just about compliance and box-ticking,” he said, pointing out that a growing number of businesses were becoming more responsible in areas such as the environment without waiting for regulation or legislation.
“Over the past few years we have seen corporate governance and corporate and social responsibility become increasingly interlinked,” he said.
The conference also heard from Viri Chauhan, director of International Law & Compliance Partners, on the background of the recent Barclays Bank Libor scandal.
The event was hosted by UWE at its conference centre in association with Strategic Value Partners (SVP) and Bristol-based executive search and recruitment specialists Moon Consulting and backed by Bath Business News as media partner.
Board 2020 was set up last year to stage conferences with a difference. Its events give delegates the chance to hear from world-class speakers as well as getting a valued interactive learning forum through a range of facilitated group discussion platforms such as World Café and Open Space.
Board 2020 events are attended exclusively by board members, executive and non-executive directors.
For further information contact Oliver Harrison at Moon Consulting on 01275 371200
