Is purpose-led business leading to purpose-led law?
Can purpose-led business only be business as usual once a baseline of environmental, social and governance (ESG) commitment is enshrined in law?
This factsheet highlights a selection of UK developments in legislation and regulation related to ESG in the private sector.
Inside you will find insights on:
- The Better Business Act (BBA), a campaign to amend Section 172 of the Companies Act 2006. This will ensure companies operate in a manner that benefits all stakeholders while seeking to deliver profits for shareholders.
- The Environment Bill 2019 to 2021, a bill currently under consultation and is expected to be adopted by the end of the year. The bill sets out the government’s environmental commitments.
- The Public Services (Social Value) Act 2012, which will celebrate its 10th anniversary, is required by public authorities to address economic, social and environmental well-being with public services contracts.
- The Employment Bill, including the reasons behind the ongoing delays to major revisions to the bill.
- The Pensions Schemes Act 2021, introducing new powers for the Pensions Regulator to intervene on how pension schemes report on climate related risk.
- Gender Pay Gap Reporting, introduced in 2017, BITC continues to expect and advocate for the introduction of ethnicity pay gap reporting.
Business in the Community and the Global Goals
Business in the Community (BITC) is working with business to accelerate the pace and scale of action to deliver against the Global Goals.
We inspire, engage and challenge businesses to be purpose-driven, taking practical action and mobilising their collective strength to deliver against the Global Goals. Rather than philanthropy, we are focused on how companies can bring about structural and lasting social, environmental and economic changes through running their businesses responsibly, for example through responsible investments.