The phrase “actions speak louder than words” can be traced back to a speech in 1628 by John Pym, then MP for Tavistock in Devon. Pym was a man of action, establishing over 50 committees and delivering 90 speeches in the year he coined the phrase.
Pym’s major campaigns were for reforms to make Parliament more democratic and to secure meaningful change. Were he around today, I hope he would have also extended his efforts to the power and influence of business and the need for economic systems change.
With Pym’s mantra in mind, this week we hosted our inaugural B Corp Festival, Louder Than Words, which brought our growing community together to share ideas, listen and challenge each other. Over two days, examples of businesses and individuals determined to hardwire environmental, social and political action into their business models were showcased across over 40 fringe sessions.
The festival showcased progress on our mission to fundamentally change the UK economy so that it works for all of us. The new government is sending positive messages that it expects business to be a key partner, while the public is increasingly expecting businesses to be more ethical and responsible. B Corps are leading by example, driving this change and thriving from embracing better business models, not in spite of them.
Challenging shareholder primacy
It’s in this context that we came together to discuss how to further change the system. Key to this was our panel exploring the levers of systems change with former Conservative health minister Chris Skidmore, Tribe Impact Capital co-founder Amy Clarke and B Lab board member and former Pukka Herbs CEO Anuradha Chugh. They all share the view that change at a system level will require action from individuals, institutions and policymakers – we must all go further to effect real change.
The barrier to change is Shareholder primacy, which prioritises profit over the interests of employees, communities and the planet. Embracing stakeholder primacy instead requires a broad coalition of support.
Where over 2,000 B Corps in the UK have led, others must now follow. It’s time to redefine the role of business within our economic system so that all UK businesses become a force for good.
That’s where our Better Business Act (BBA) campaign comes in. It aims to amend Section 172 of Companies Act and ensure every business prioritises people and planet alongside profit. With nearly 3,000 companies from all sectors and of all sizes backing our campaign, it’s clear that businesses across the UK want this change. This would ensure every business can become part of the solution to the social, environmental and economic challenges we face.
Why real change needs action from everyone
This would not require additional public spending. On the contrary, better business is better for our economy. The Purpose Dividend, a research report conducted by cross-party thinktank Demos, found that transitioning to a stakeholder model could boost the UK economy by £149bn per year, securing long-term investment and ensuring productivity and growth go hand-in-hand with better business.
This is also popular with the public. Over three-quarters (76%) of Britons support a change to the law, B Lab UK research found. There’s no reason why every business can’t be a force for good by aligning shareholder and wider stakeholder interests.
To truly influence the system for the better, we know legislation alone is not enough. Systems change requires a cultural shift – a change in ideas, norms and behaviours. Whether it’s through supporting the BBA, exploring new models of business, showcasing innovation to inspire others or thinking about your role as a citizen, activist or investor, every positive action matters.
It’s not enough for a select few to contribute and show a different way of doing business. Every business and individual can lead the change to create an inclusive, equitable and regenerative economic system for people and the planet.
The time for talking is over and I urge everyone to consider what steps you can take to be part of the change. Our actions really do speak louder than words.
Chris Turner is executive director of B Lab UK and campaign director of the Better Business Act
