The 2024 Impact Summit and Awards brought together purpose-driven leaders for a powerful conversation on the role of business in social good. EG's Chairman, Duncan Parker, is well known for his strong background in social impact investing and he was delighted to be invited to give a speech on the subject at this years Awards. He challenged the audience with a critical message: Businesses must be the superheroes solving the world's problems.
Parker opened his speech with a sobering reminder: poverty is a global crisis, affecting millions even in wealthy countries like the UK. He painted a stark picture of food bank reliance and the growing gap between the rich and the poor. These social issues, he argued, are not separate from business; they are a fundamental challenge that businesses have a responsibility to address.
Why Business is Perfectly Placed to be a Force for Good
While acknowledging the traditional role of NGOs and charities, Parker highlighted the unique strengths businesses bring to the table. Businesses have the scale and reach to create widespread change. They are driven by a need to be sustainable, and increasingly, consumers and employees are demanding that this sustainability encompasses social good, alongside environmental responsibility.
From Sustainability to Regeneration: A Higher Calling for Business
Parker argued that merely aiming for sustainability is no longer enough. The world needs businesses to embrace regeneration, to actively reverse the damage done and to create a positive impact. This aligns perfectly with Ethical Good's mission to empower businesses to become a force for good. We enable this by providing businesses with the tools and resources they need to measure and improve their social and environmental impact.
Profit with Purpose: A Winning Formula
The idea that social good and profitability are mutually exclusive is a myth that Parker's speech roundly debunked. He pointed to the Edelman Trust Barometer, which shows that consumers are increasingly drawn to businesses that address social and environmental issues. Ethical Good understands this connection. By helping businesses showcase their positive impact, they empower them to attract and retain a purpose-driven workforce and customer base.
The Call to Action: Every Business Can Be a Superhero
Parker concluded his speech with a powerful call to action, urging businesses to ask themselves some critical questions:
Where are you now?* What is your current social and environmental impact?
Where are you going?* What are your goals for positive change?
What are you trying to solve?* What social or environmental issues are you uniquely positioned to address?
Why does your business exist?* What is your purpose beyond just making a profit?
Ethical Good can help businesses answer these questions and translate their answers into action. Our services provide a comprehensive framework for measuring social and environmental impact, allowing businesses to not only identify areas for improvement, but also to track their progress over time. This data-driven approach ensures that a company's commitment to social good is not just rhetoric, but a measurable reality.
The Impact Summit & Awards 2024 served as a powerful reminder that businesses have the potential to be a tremendous force for good in the world. By embracing regeneration, focusing on purpose, and measuring their impact, businesses can become the superheroes we desperately need to solve the world's most pressing problems.
Ethical Good is here to empower your business to do just that. Get in touch with our passionate team and join the growing movement of businesses using their power to create a better world.