Leaders of 12 World Business Council for Sustainable Development companies have released a statement of intent in which they commit to looking beyond corporate philanthropy for business development models that are substantial, sustainable and profitable.
The signatories – which include ABN AMRO, BP, Toyota and Vodafone – said they were committed “to play[ing] our part in building capacity and empowering people so they have the opportunity to move out of poverty and into the formal economy”.
In order to align profitable, self-sustaining business ventures with the needs of developing societies, the signatories said they would work to develop a deeper understanding of how global issues such as poverty affect individual companies and sectors; to use these understandings to work towards more inclusive business solutions, operating at both a local and global scale; align core business strategies with these solutions; and incorporate long-term measures into measures of success, ensuring profitability is sustainable.
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