Hymans Robertson joins the Better Business Act coalition

Hymans Robertson, the leading pensions and financial services consultancy, has become a member of the Better Business Act coalition, a group which drives positive change across the UK business landscape. The business-led group, driven by B Lab UK, consists of almost 3000 companies who recognise that the law has fallen behind business culture and who commit to a more responsible approach to business.

The work of the Better Business Act is valuable, ultimately encouraging businesses to operate in a way that benefits not only shareholders but also employees, communities, and the environment. The goal of the coalition is to see the following four principles reflected in an amended Section 172 of the Companies Act:
•    Aligned Interests: the interests of shareholders are balanced with those of individuals and the environment. 
•    Empowering directors: allowing leaders to make decisions in the interests of all stakeholders.
•    Default change: it must no longer be optional to benefit wider stakeholders beyond shareholders.
•    Reflecting in reporting: businesses must report on how they align people, planet and profit.

Commenting on Hymans Robertson joining the Better Business Act campaign, Gill Tait, Staff Partner, Hymans Robertson says:

“The changes that the Better Business Act coalition strive towards align closely with our outlook and belief that business can, and should be, a force for good. They make sense for the UK’s economy as well. Recent research suggests that all companies behaving in alignment with these goals could deliver a £149bn boost to UK GDP, give the lowest paid UK workers a £2,288 a year pay rise and raise capital investment by £86bn per year.*
“Becoming part of the Better Business Act is one of many ways that Hymans Robertson drives positive change in the financial services industry and builds on our B Corp Certification last year. Our work has a positive impact on the financial futures of millions of people, and we’re committed to minimising our impact on the environment and ensuring we give back to our communities. The group we join today aligns with all of these priorities, with a clear aim of introducing new legislation that would bring about markable change.”

*Research by Demos, available here.

About B Lab UK:
 
B Lab UK’s purpose is to redefine success in business through building a community of engaged businesses, raising awareness of the B Corp movement and influencing change in the UK economy. The Better Business Act is a business-led campaign by B Lab UK, driven by leaders who recognise that the law has fallen behind business culture and who have proven that this approach to business works for everyone.
 
The Better Business Act is urging all of Britain’s business leaders to call on the Government to amend Section 172 of the Companies Act to ensure businesses are legally responsible for benefiting workers, customers, communities and the environment while delivering profit. 
To achieve this, we are bringing together a broad and growing coalition of leaders from across all sectors and all regions of the UK to help deliver this new contract between business and society.