Simon Mainwaring

Companies, to date, have often used the excuse that they are only beholden to their shareholders, but we need shareholders to think of themselves as stakeholders in the well being of society as well.

Through their own actions, customers can hold companies responsible to higher standards of social responsibility. Through collective action, they can leverage their dollars to combat the force of those investors who myopically pursue profits at the expense of the rest of society.

It is time for corporate America to become ‘the third pillar’ of social change in our society, complementing the first two pillars of government and philanthropy. We need the entire private sector to begin committing itself not just to making profits, but to fulfilling higher and larger purposes by contributing to building a better world.

Corporate executives need to re-frame their responsibilities to include the interests of all the stakeholders in society at large not just shareholders, but also employees, the citizens of our communities, and those who care about the environment.

What today’s business reality makes clear is that brands cannot survive in a society that is failing economically, socially, ethically, and morally.

We need to develop and disseminate an entirely new paradigm and practice of collaboration that supersedes the traditional silos that have divided governments, philanthropies and private enterprises for decades and replace it with networks of partnerships working together to create a globally prosperous society.

If capitalism is to remain a healthy, vibrant economic system, corporations must participate in taking care of the society and the environment in which they live.