I understand that the Better Business Act campaign group seeks to amend Section 172 of the Companies Act to ensure every UK business aligns the interests of their shareholders with those of wider society and the environment. The campaign has the support of over 550 companies, including John Lewis, Brewdog and the Institute of Directors. 

Specifically, I understand that the campaign seeks to “align the long-term interests of people, planet and profit” by empowering directors to advance the interests of shareholders alongside wider societal and environmental interests. It also would make this the default position. Finally, a requirement would be introduced on businesses to report on how they are achieving these targets. 

I am aware this has some cross-party support and I am pleased that the campaign is raising this important issue.

More broadly, I would encourage all businesses to behave responsibly and consider their own impact on the environment and society. I know that many businesses have joined the UN’s Race to Zero campaign and I hope more businesses consider implementing a target to achieve net zero in the future.