The Financial Times features our call for businesses to articulate their social accountability
Oxford Saïd has featured on the front page of the Financial Times calling for business to reorient back to its historic roots -- operating to profitably meet the needs of society rather than shareholders.
Led by Saïd Business School, in collaboration with Berkeley Law at the University of California’ and Hermes EOS, the initiative came in the same week that CEOs from the US group Business Roundtable publicly acknowledged that they owe duties not just to shareholders but to all stakeholders.
'Our belief that firms exist to profitably meet the needs of people and planet has been firm,' said Peter Tufano. ‘This belief goes back centuries at Oxford, as Adam Smith (of Balliol) recognised the power of competitive markets but also our obligations to one another. While the language around this topic has changed over the centuries, our research and teaching will continue to press forward on these issues, as we believe that business schools must support firms and their leaders to discern their purpose in the world and to act accordingly.’