In the 21st century, diverse societies are globally connected due to transportation and technology and all share concerns related to energy, climate change, poverty, healthcare and human rights. One country, region or sector of a society cannot on its own provide the solutions to address such a complex web of issues. Thus, the engagement in global agendas must be multiregional and multidisciplinary.
The establishment in 1999 of the UN Global Compact was a clear sign that corporations needed to realize that engagement in global agendas is the pathway to their sustainable growth in the 21st century. Profits cannot be maximized, unless it is sustainable. The engagement of business, not just government, in global agendas is not about just doing something “nice”, but rather about embracing diversity to maintain a course for sustainable growth. A business’s true value is the ability to create sustainable growth to continue providing goods, services and employment to society.
Fourteen years on, the recognition that the role of business should extend beyond simply optimizing short-term returns does already exist. However, a further conceptual framework for corporate action and governance is needed, whereby sustainable long-term value creation is also recognized as an important cornerstone for a business.
See full Press Release: http://www.weforum.org/content/four-pillars-good-business
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