Image credit: All Party Parliamentary Group on the Future of Work
Last week, under a stretch of blue, sunny sky, the B Corp community gathered at Joelson Law in London for a Better Business Day B Social. The energy behind the cause that’s quietly but powerfully gaining traction was palpable.
Phil Hails-Smith, managing partner at Joelson, kicked things off with a heartfelt reminder of why these events matter. As a certified B Corp since 2023, the law firm has walked the talk. Phil highlighted how Section 172 of the Companies Act currently prioritises shareholder interests above all else. What the Better Business Act proposes is simple but seismic: changing the law so that directors are required to consider people, planet and profit equally. Now there’s an idea.
For those of us already operating with this triple-bottom-line mindset, it’s what we already do. Hurrah. But enshrining it in law would force every business leader to do the same. As Phil reminded us, B Corps have already voluntarily adopted these principles. Now, it’s time for the rest of the corporate world to catch up. That’s the movement that Magenta’s Good Business campaign was designed to support.
The power of our collective voice
It wasn’t just a values-driven argument we heard tonight. We also dove into the economics. Chris Turner, CEO of B Lab UK, highlighted that changing this one page of the Companies Act could unleash the equivalent of 7% GDP growth for the UK. Forget this week’s Spending Review. This event promulgated a much more upbeat vision for a better economy.
Chris offered a summary of the 6th June Parliament, where the campaign gained further momentum. Key supporters, MPs, and peers came together to back what is, essentially, a small legislative change with massive social and environmental implications.
Liberal Democrat MP Martin Wrigley has secured a reading of the Better Business Act as a Private Member’s Bill on 4th July. This is a golden opportunity to bring the conversation into the chamber, and into the national consciousness.
And here’s where we all come in.
If 100 MPs show up for that reading, the bill could progress. So we were urged to contact our local MPs. Not just to express support, but to help spark a debate about what good business should look like in this country.
Raising the ceiling, raising the floor
B Lab UK’s twin mission to raise the ceiling and the floor. By celebrating and certifying the best of business – the B Corps that are already leading the way – we show what’s possible. But the floor also needs raising. All businesses must be held to higher standards if we’re to make a real difference to this topsy-turvy world.
This event wasn’t just about drinks and canapés on a sun-drenched terrace. (Although that bit was fun.) It was a night to celebrate the community that’s making this change possible and to recommit to the work still ahead. So to everyone in the B Corp movement – and to those running other progressive and purpose-led organisations – let’s keep shouting about the fact that business can be and should be a force for good.
Stay up to date our sector news, and read Magenta’s other updates including our journey to become a B Corp.
