a2 business unit 4 csr

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AQA BUSS4 Corporate Social Responsibility

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CSR You know its topical when even the Dragons get involved…

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Source: http://www.youtube.com/watch?feature=player_embedded&v=BMgv011VBh0

BUSS4 Research Bullets:

BUSS4 Research Bullets Potential benefits of CSR relative to costs for businesses & stakeholders Importance of CSR relative to other corporate objectives Influences determining which responsibilities are accepted by a business and which are not Factors that determine the extent to which a business is socially responsible The value and limitations to businesses and stakeholders of social reporting Extent to which governments should influence CSR

Focus research on the bullets…:

1 2 3 4 5 6 Focus research on the bullets…

…and the underlying issues that are relevant whatever the Section A Q:

…and the underlying issues that are relevant whatever the Section A Q Link between globalisation & CSR Link between CSR and exploiting opportunities in emerging markets Link between CSR and competitive advantage Growth strategy in a zero-growth environment ( sustainable business )

Importance of compare & contrast:

Importance of compare & contrast You are strongly recommended to research different organisations and industries and to compare and contrast their approaches to CSR

As students research Section A…:

As students research Section A… When picking research targets, resources and approaches, look for strong contrasts and arguments

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Getting Started Lesson activities

CSR Lesson Activities:

CSR Lesson Activities The CSR word cloud CSR picture quiz The Ranking Challenge CSR consequences

CSR word cloud:

CSR word cloud I n your table groups, write down the five terms that you most closely associate with the concept of corporate social responsibility

Other BUSS4 Business Teachers:

Other BUSS4 Business Teachers

Activity Alternatives:

Activity Alternatives Class display – revisit and change order? Talkabout challenge What’s in the bag?

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Change to ‘Notes View’ to see instructions on changing names Press ‘Esc’ to end Random Selector

CSR Picture Quiz:

CSR Picture Quiz

Where are these?:

Where are these?

Name the Philanthropist:

Name the Philanthropist

Have I Got News for You…:

Have I Got News for You… B ig CSR announcement – November 2010

Activity Alternatives:

Activity Alternatives Weekly student challenge – students to create their own CSR picture slide to challenge their peers Odd one out What do the two companies have in common? Guess the news article Lesson starter – Mystery News Story quiz template

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1 2 3 4 5 9 13 6 7 8 10 11 12 14 15 16

Ranking Challenge (1):

Ranking Challenge (1) Vodafone ASDA Barclays BP British Airways Co-operative Bank Marks and Spencer Ryanair Thomas Cook Group Unilever How did the following firms rank in terms of their reputation in 2010 for community and environmental responsibility?

Ranking Challenge (1) – the Result:

Ranking Challenge (1) – the Result Britain’s Most Admired Companies for Community & Environmental Responsibility 2010 Score Rank Co-operative Bank 7.8 1 Unilever 7.4 2 Marks and Spencer 6.6 22 Barclays 6.3 41 Vodafone 6.2 52 Thomas Cook Group 5.7 96 ASDA 5.6 110 British Airways 5.3 146 Ryanair 5.0 175 BP 3.3 229

Some ideas:

Some ideas Discussion - What makes a company get a good reputation for community and environmental responsibility? Justify your top 2 choices Give me 3! Reasons for top positioning Reasons for lowest ranking

Ranking Challenge (2):

Ranking Challenge (2) According to a survey of British adults in 2010, which of these areas of business behaviour most need addressing? Advertising & marketing practice Bribery & corruption Discrimination of people at work Environmental responsibility Executive pay Fair and open pricing Sweatshop labour Treatment of suppliers Work-Life balance Workplace harassment / bullying Source: Corporate Responsibility Attitudes of the British Public – Ethics in Business: Ipsos MORI August 2010

Ranking Challenge (2) – the Result:

Ranking Challenge (2) – the Result According to a survey of British adults in 2010, which of these areas of business behaviour most need addressing? Source: Corporate Responsibility Attitudes of the British Public – Ethics in Business: Ipsos MORI August 2010 Issue % mentions Executive pay 35% Sweatshop labour 23% Environmental responsibility 21% Discrimination of people at work 20% Workplace harassment / bullying 19% Fair and open pricing 17% Work-Life balance 15% Treatment of suppliers 12% Bribery & corruption 11% Advertising & marketing practice 6%

Some ideas:

Some ideas Discussion – what does this mean? Influences on consumer views? Change stakeholder – how would the ranking change? Useful as a source of data for essay.

CSR consequences (top half):

CSR consequences (top half)

CSR consequences (bottom bit):

CSR consequences (bottom bit)

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What is CSR?

A possible problem for BUSS4 essays:

A possible problem for BUSS4 essays There is no single accepted definition of CSR, which cause confusion about what constitutes a CSR activity

The EU definition!:

The EU definition! “a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis” Source: European Commission (2010) – Corporate Social Responsibility

Another complication CSR is called different things…:

Another complication CSR is called different things… Corporate Citizenship Sustainable Business Corporate Responsibility Social Responsibility Corporate Sustainability

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The basic questions at the heart of CSR are as old as business itself

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What is business for? 1 What contribution should it make to society ? 2

A good BUSS4 essay on CSR will recognise that:

A good BUSS4 essay on CSR will recognise that Interdependence of Business & Society

Society’s needs are huge:

Society’s needs are huge Better Health Financial Security Protect Environ- ment Better Nutrition Help the Ageing Protect Consumers A threat or an opportunity for business?

The new role for CSR:

The new role for CSR In today’s world where business has become global but governments have remained local , companies have to bear the social responsibility for their actions.

The debate on social responsibility:

The debate on social responsibility Not all business organisations behave in a socially responsible manner Some argue that it is not the job of businesses to be concerned about social issues and problems Two schools of thought: Free market view: the job of business is to create wealth for shareholders Corporate social responsibility view: business should be concerned with social issues

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Contractual Stakeholders Employees Suppliers Customers Have a legal relationship with a business

The corporate responsibility view:

The corporate responsibility view Businesses do not have an unquestioned right to operate in society Those managing business should recognise that they depend on society Business relies on inputs from society and on socially created institutions There is a social contract between business and society involving mutual obligations that society and business recognise that they have to each other

Arguments for CSR:

Arguments for CSR It is the ethical thing to do It improves a business’ image and reputation It is necessary in order to avoid excessive regulation Socially responsible actions can be profitable An improved social environment will be beneficial to a business It will be attractive to some investors It can increase employee motivation It helps to corrects the social problems caused by business

How firms can bring a focus to CSR:

How firms can bring a focus to CSR Source: McKinsey2010

Social responsibility to consumers:

Social responsibility to consumers Value for money Product quality and safety Fair and honest advertising After sales service Country/place or origin Local sourcing Sustainable products Product testing Responsible selling and promotion Fair handling of complaints Labour rights in the supply chain Availability of information to make informed decisions

CSR in the workplace - issues:

CSR in the workplace - issues Fair treatment at work Workforce diversity and equal opportunities Right to be kept informed Health and safety Work life balance / flexible working Opportunities for participation in decision-making Training in new skills Provision of social facilities Job design and satisfaction Working conditions Attitude to disadvantaged groups

CSR in the community - issues:

CSR in the community - issues Minimising noise and other pollution Consultation about major change Sourcing from local suppliers Protecting local employment Labour rights in the supply chain Product health and safety Diversity in the workplace

CSR & the environment - issues:

CSR & the environment - issues Effects of pollution, noise, waste disposal, congestion Waste management Chemical use Avoiding excessive packaging Use of energy Water consumption Biodiversity Carbon emissions

Why do firms engage in CSR now?:

Why do firms engage in CSR now? Altruism – being a good citizen Window-dressing to appease stakeholders Contracting benefits – e.g. helps recruit, motivate and retain employees Customer-related motivation : attract customers; brand positioning Reduction in production costs (packaging, energy usage) Risk management – address potential legal or regulatory action Improve access to capital – ethical investment funds

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The Theory The Case Against CSR

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Shareholder Value Theory

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“The business of business… is business”

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“…the only one responsibility of business towards the society is the maximisation of profits to the shareholders, within the legal framework and the ethical custom of the country”

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“Even in these uncertain times , every company should practice good corporate citizenship. But they also need to face the reality that you first have to make money before you can give it away .” Jack Welch Former Chairman & CEO GE

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CSR seen as a threatening dragon for shareholders

The case against CSR:

The case against CSR The only social responsibility of business is to create shareholder wealth The efficient use of resources will be reduced if businesses are restricted in how they act Businesses cannot decide what is in society’s interest Extra costs will be incurred which must be passed on to consumers CSR stifles innovation 1 2

Some results of this approach?:

Some results of this approach? Growing global competition on price Short-term performance pressures from shareholders Constant restructuring & downsizing Relocation to low-cost regions Commoditisation

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The Theory The Case for CSR

Corporate social responsibility means…:

Corporate social responsibility means… Conducting business in an ethical way and in the interests of the wider community Responding positively to emerging societal priorities and expectations A willingness to act ahead of regulatory confrontation Balancing shareholder interests against the interests of the wider community Being a good citizen in the community

Is CSR the same as business ethics?:

Is CSR the same as business ethics? Clearly an overlap Both concern values ,objectives and decisions based on something other than the pursuit of profit Socially responsible firms must act ethically The difference: Ethics concern actions which can be assessed as right or wrong by reference to moral principles CSR is about the organisation’s obligations to all stakeholders – and not just shareholders

Ethical Stance of a Business:

The extent to which a business will exceed its minimum obligations to stakeholders and society at large Ethical Stance of a Business

CSR has changed in the last 10 years:

CSR has changed in the last 10 years 2001 CSR was a moral issue “We want to do the right thing; we want to invest in the community” 2011 CSR is an Strategic / profit issue “Ignoring CSR potentially damages shareholders. Embracing it creates value”

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What Society Requires What Society Expects CSR as a bridge 2 3 4 6

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“CSR” has been around for a long time

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The original aims of CSR Make employees healthier & more productive…

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…and philanthropy

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Why was 1982 so important for CSR in the UK? Lead to the formation of Business in the Community

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What happened in 1995?

CSR influenced by the rise of activist NGOs:

CSR influenced by the rise of activist NGOs 3 4 6

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1 2

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Source: Kotler & Lee, 2005

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Source: Kotler & Lee, 2005 Cause Promotion Cause-related marketing

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Source: Kotler & Lee, 2005 Corporate social marketing Corporate philanthropy

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Source: Kotler & Lee, 2005 Community volunteering Socially responsible business practices

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Prof Michael Porter CSR turns into CSV C reating S hared V alue 2 3 4

Creating Shared Value (CSV):

Creating Shared Value (CSV) Companies can create economic value (profit) by creating societal value Advanced Economies Developing Economies

Porter on CSR:

Porter on CSR “The capitalist system is under siege. In recent years business has been viewed as a major cause of social, environmental and economic problems. Companies are widely perceived to be prospering at the expense of the broader community… The legitimacy of business has fallen, leading to a diminished trust in business” Source: Creating Shared Value; Porter & Kramer, HBR, 2010

Creating Shared Value (CSV):

Creating Shared Value (CSV) Advanced Economies Demand for products & services that meet societal needs is rapidly growing Healthier fast food Fair trade Energy efficient

Creating Shared Value (CSV):

Creating Shared Value (CSV) Developing Economies 5 billion people living on less than $2 per day

How CSV Differs from CSR:

How CSV Differs from CSR Source: The Big Idea: Creating Shared Value, Porter & Kramer, Harvard Business Review, 2010

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How to help students write Effective BUSS4 Essays

The New Mark Scheme (1):

The New Mark Scheme (1) Reasonable application must have evidence of research

The New Mark Scheme (2):

The New Mark Scheme (2)

Problems in June 2010:

Problems in June 2010 Evidence of research absent! Research evident – but not applicable to the question (application) Research evident – but not used to develop an argument (analysis) No research referred to in evaluation

The 40/40 Answer - 2010:

The 40/40 Answer - 2010 Applied to stimulus material “Lots of good examples” (5 businesses) “Good use of data to make a point” (economic data and how it had affected firms) Effective use of examples to build argument, compare and contrast Reference to nature of product or market, income elastic, innovative Well structured paragraphs showing excellent chain of argument. Use of theory to support argument Evaluation throughout – E sentence at the end of each paragraph, that clearly addressed the question. Weighing up factors – large influence… to a greater extent…. Most suitable….. Greater risk…. Examples - The extent to which cutting costs…..depends upon.. Evaluative point supported by evidence.

Essay Stimulus:

Essay Stimulus Apple is one of the world’s leading producers of mobile devices with a strong reputation for product innovation and high customer loyalty. In 2009 it was widely reported that Apple’s Chinese-based suppliers were using child labour in several of their large-scale factories. At the largest factory – Foxconn – a growing problem of employee suicide was also reported which was blamed on unethical management approaches. Apple was heavily criticised for its standards of corporate social responsibility. However, this did not stop Apple from reporting continued significant increases in revenues, profits and a growing share price. With reference to the item above and your own research, to what extent do you think that the maximisation of profit will always be more important than corporate social responsibility for a multinational business?

Over to you…:

Over to you… What points would you like/expect to see made in a convincing essay answer? With reference to the item above and your own research, to what extent do you think that the maximisation of profit will always be more important than corporate social responsibility for a multinational business?

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PEEL stands for: P = PARAGRAPH MAKES A POINT E = EXPLANATION, EVIDENCE & EXAMPLES E = EVALUATION L = LINK PARAGRAPHS

An effective paragraph..:

An effective paragraph.. Makes 1 strong, relevant point to an appropriate depth = 7 to 8 sentences

E = Evidence, Explanations & Examples:

E = Evidence, Explanations & Examples Explain importance of point Link it to relevant business theory Describe the process of cause / effect Address the case study business or industry + Compare & contrast with other real-life examples

E = Evaluation:

E = Evaluation Don’t wait until the end of the essay! How important is the point or the side of the argument that you have made? What does it depend on? Do the preceding paragraphs help build the strength of the argument? To what extent is the argument based on facts (e.g. relevant data) or opinion / unreliable data?

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What to look for / Where to look Resourcing the Research Process

Research pointers:

Research pointers Looking for compare & contrast candidates Positive and negative case studies Focus on multinationals Get the Section B benefit too… Makes writing interesting and high-mark essays easier

One good starting point…:

Acts of Corporate Irresponsibility One good starting point…

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What are these stakeholders protesting about?

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What was the problem at Foxconn?

But Did it Affect Apple?:

But Did it Affect Apple? 2007 2011 2008 2009 2010

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Name some other brands that have been caught out using child labour or sweatshops

Where to look for good research firms and industries?:

Where to look for good research firms and industries? Dedicated CSR sections of corporate websites Specialist case study collections Dedicated sections of serious business newspapers NGOs / pressure groups No shortage of great research evidence

The tutor2u Twelve?:

The tutor2u Twelve? Apple BAE Systems BP Co-operative Group Marks & Spencer McDonalds Nestle Nokia Primark Unilever PepsiCo Starbucks

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Case Study M&S Plan A

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The aim “…to be the world’s most sustainable retailer” 1 2

Why focus on sustainability?:

Why focus on sustainability? “Sustainability is a key ingredient of business success, as it will enable our business to become more efficient , develop new markets and build customer loyalty . Sir Stuart Rose, outgoing CEO, M&S 2010 1 2 4

Which responsibilities?:

Which responsibilities? Climate Change Waste Sustainable Raw Materials Fair Partner Health 3

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Case Study Project Shakti

Who benefits from a CSR project?:

Who benefits from a CSR project? Long-term Intangible Short-term Time frame Ability to quantify Tangible 1

Benefits of Project Shakti:

Benefits of Project Shakti Long-term Intangible Short-term Time frame Ability to quantify Tangible New rural distribution system $100m sales growth Health & living-standard ++ Employment for 42,000 rural women Enhancement of brand loyalty Corporate reputation, education Support for rural entrepreneurship Education & training Source: McKinsey Quarterly, 2010

Where to find CSR case studies:

Where to find CSR case studies

CSR in action - BITC:

CSR in action - BITC http://www.bitc.org.uk/

CSR in action – Carbon Trust:

CSR in action – Carbon Trust http://www.carbontrust.co.uk

Guardian – Sustainable Business:

Guardian – Sustainable Business

…and finally, look for pressure group resources:

…and finally, look for pressure group resources February 2010

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http://www.youtube.com/watch?v=VaJjPRwExO8

the result…:

the result… http://www.independent.co.uk/environment/green-living/online-protest-drives-nestl-to-environmentally-friendly-palm-oil-1976443.html 4 6

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BUSS4 Research Bullets A* Star Arguments

Research Bullet 1:

Research Bullet 1 Potential benefits of CSR relative to costs for businesses & stakeholders

A fundamental problem:

A fundamental problem Businesses rarely (if ever) report on the costs of their CSR activities Many of the benefits of CSR (for business and stakeholders) are intangible and long-term

CSR as opportunity or threat?:

CSR as opportunity or threat? “On balance…”

Key questions for shareholders:

Key questions for shareholders How does this support out business aims and objectives? Isn’t this the job of government? Is this something employees & customers care about? Might this backfire on us? What are our competitors doing?

GE – Gains from Sustainability and Investment in Green innovation:

GE – Gains from Sustainability and Investment in Green innovation “GE has saved £81 million since implementing a comprehensive sustainability strategy in 2006” “Investing in Ecoimagination has enabled GE to generate $70 billion in revenue in the first five years” http://www.ecomagination.com/about/fact-sheet/

Evaluating the benefits of CSR:

Evaluating the benefits of CSR Source: McKinsey2010 Don’t forget OPPORTUNITY COST

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“It takes 20 years to build a reputation and five minutes to ruin it.” Warren Buffett Berkshire Hathaway

Research Bullet 2:

Research Bullet 2 Importance of CSR relative to other corporate objectives

CSR into strategy?:

CSR into strategy? Source: PwC’s Annual Global CEO Survey 2011 What percentage of Global CEOs are planning to change strategies in the next three years because they expect stakeholders to factor companies’ environmental and corporate responsibility practices into purchasing decisions.

CSR into strategy:

CSR into strategy Source: PwC’s Annual Global CEO Survey 2011

But CSR is often peripheral to a firm’s corporate objectives:

But CSR is often peripheral to a firm’s corporate objectives One problem is that firms manage their CSR functions too narrowly, often within the marketing or investor relations department. CSR is therefore managed tactically and tends to operate at a distance from strategic decision-making Source: McKinsey Quarterly 2010

A research challenge for students:

A research challenge for students

In some cases, CSR is nowhere to be seen:

In some cases, CSR is nowhere to be seen http://www.dominos.uk.com/

Some businesses disappoint…:

Some businesses disappoint… http://www.ryanair.com/en/about/ryanair-and-the-environment

Our bank isn’t too bothered either:

Our bank isn’t too bothered either http://www.lloydsbankinggroup.com/home.asp

.but others take things seriously: Aviva:

.but others take things seriously: Aviva By acting responsibly for the long term in how we do business we will meet our ambition to provide prosperity and peace of mind to our customers. At Aviva we believe that corporate responsibility means taking positive action, treating our colleagues , customers and suppliers with respect, applying consistently high standards in everything we do and having a constructive role in the communities in which we operate. Our vision and strategy for CR is aligned to the company strategy and informed by stakeholder analysis, to make sure that we meet their needs, from our employees and customers to our shareholders and investors. http://www.aviva.com/corporate-responsibility/our-approach/our-strategy/

Key questions for students…:

Key questions for students… How core does CSR seem to be as part of the business strategy of the firm? Are specific, stretch CSR objectives set by the firm? Is a firm closer to CSV than traditional CSR?

Research Bullet 3:

Research Bullet 3 Influences determining which responsibilities are accepted by a business and which are not

Menu of major CSR responsibilities:

Menu of major CSR responsibilities Sustainable supply chains Environmental protection Energy saving Fair business practices Human rights Community engagement Sustainable & ethical products Which ones?

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Does the economic downturn and uncertainty about future growth make the choice harder?

Spotting the areas of focus:

Spotting the areas of focus How does the firm define what CSR means to it? Which are the CSR areas it focuses on? How powerful are external stakeholders (e.g. customers, regulators, NGOs)?

The widening CSR agenda:

The widening CSR agenda Source: BITC 2011

Research Bullet 4:

Research Bullet 4 Factors that determine the extent to which a business is socially responsible

The pressure for CSR?:

The pressure for CSR? Senior management attitude / experience Strength of stakeholder pressures Competitor actions /attitudes The complexity of the supply chain The risks of being irresponsible (and being caught out?)

Connection between competitive advantage & social issues:

Connection between competitive advantage & social issues Source: The Big Idea: Creating Shared Value, Porter & Kramer, Harvard Business Review, 2010

Research Bullet 5:

Research Bullet 5 The value and limitations to businesses and stakeholders of social reporting

The growth of social reporting:

The growth of social reporting The number of corporate responsibility or sustainability reports issued (global sample) Source: corporateregister.com 2011 Which still leaves approx 15,000 quoted companies not reporting a thing…

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Corporate social responsibility or sustainability reports vary widely in terms of relevance and quality, largely because there is no global standard for measuring and reporting on environmental, social and governance performance Source: http://www.integratedreporting.org/node/3

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Greenwashing

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“Some businesses are genuinely committed to making the world a better, greener place. But for far too many others, environmentalism is little more than a convenient slogan . Buy our products, they say, and you will end global warming, improve air quality, and save the oceans. At best, such statements stretch the truth; at worst, they help conceal corporate behaviour that is environmentally harmful by any standard.” [ Greenpeace ] http://stopgreenwash.org

Research Bullet 6:

Research Bullet 6 Extent to which governments should influence CSR

The UK tradition of business regulation:

The UK tradition of business regulation

UK’s hybrid capitalism:

UK’s hybrid capitalism British business is in between the Free-market voluntarism of the US and the Social Welfare system of Europe Caring Capitalism?

Role of the legal & regulator structure:

Role of the legal & regulator structure UK’s legal structure is robust, but over-litigious Quasi-regulation : many non-binding voluntary initiatives Business community already has high level of transparency & public accountability Many NGOs holding firms to account + sceptical media Reduces the need for government to directly influence CSR

A potential target for Govt influence?:

A potential target for Govt influence?

Environment has been the main Government influence so far:

Environment has been the main Government influence so far Tough C02 emission reduction targets European cap & trade scheme Feed-in energy tariffs Nov 2010 Health White Paper – calls on food industry to tackle rising obesity

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CSR at the MOVIES

Why use movie clips to teach CSR ?:

Why use movie clips to teach CSR ? Helps sets the scene & shape the key arguments (e.g. role of profit, externalities) Gets students fired up (on one side of the fence) Provides a basis for compare & contrast Makes the research memorable Clips for free on You Tube!

Three examples:

Three examples End of the Line (fishing sustainability) Supersize Me (fast food, obesity, healthy eating) Black Gold (fair trade, coffee trading)

Two short clips (compare & contrast):

The End of the Line Two short clips (compare & contrast) Sustainable Fishing M&S Plan A

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http://www.youtube.com/watch?v=QWB8KJ1aIJ4

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http://www.youtube.com/watch?v=moUfpmvQ-k8

Two short clips (compare & contrast):

Supersize Me Two short clips (compare & contrast) Good Food with McDonalds

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http://www.youtube.com/watch?v=I1Lkyb6SU5U

Two short clips (compare & contrast):

Black Gold Two short clips (compare & contrast) Nestle: Beyond the Cup

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Source: http://www.youtube.com/watch?v=KVY9bSIY0P4

Other Suggestions?:

Other Suggestions? The Corporation Capitalism – A Love Story Manufactured Landscapes Inside Job Thank You For Smoking

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Case Study Nestle & CSV

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For a business to be successful in the long term it has to create value, not only for its shareholders but also for society . We call this Creating Shared Value . It is not philanthropy or an add-on, but a fundamental part of our business strategy . Simply stated, in order to create value for our shareholders and our company, we need to create value for the people in the countries where we are present - farmers who supply to us, our employees, our consumers and the communities where we operate. Source: Nestle corporate website 2011

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Case Study BAE Systems

BAE Systems:

BAE Systems 2nd largest global defence company based on 2009 revenues* Approximately 100,000 employees worldwide Global capability Customers in more than 100 countries 2009 sales exceeded £22.4 billion What could possibly go wrong?

Corporate irresponsibility?:

Corporate irresponsibility?

The new CEO’s message:

The new CEO’s message We want to be recognised as a company committed to developing a culture of Total Performance Responsible Behaviour is embedded as part of our Company Strategy We remain firmly committed to becoming recognised as a leader in responsible business conduct

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In their own words CSR Quotes

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"Corporate social responsibility is a hard-edged business decision. Not because it is a nice thing to do or because people are forcing us to do it... because it is good for our business" Niall Fitzgerald Former CEO, Unilever

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“It is a fact that, in the West, we live in a capitalist society, but that does not mean that we cannot be guided by the idea of a social conscience in our work. Yes, fashion design requires consumers to consume, but we can do our bit for society by running our companies in a socially responsible way, and by creating products that promote respect for social and environmental issues." Giorgio Armani Founder Armani

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“The business of business should not be about money, it should be about responsibility. It should be about public good, not private greed” Dame Anita Roddick Body Shop

Slide 186:

“Climate change and energy use are global problems. News Corp is a global company. Our operations affect the environment all over the world .” Rupert Murdoch Chairman News Corp

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“If my films don't show a profit, I know I'm doing something right” Woody Allen Filmmaker

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“Markets are designed to allow individuals to look after their private needs and to pursue profit. It's really a great invention and I wouldn't under-estimate the value of that, but they're not designed to take care of social needs .” George Soros Billionaire Speculator

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“We have to choose between a global market driven only by calculations of short-term profit, and one which has a human face .” Kofi Annan Former Sec-Gen United Nations