How businesses can serve everyone, not just shareholders | Dame Vivian Hunt

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4.1 • 11.9K Ratings

🗓️ 20 October 2020

⏱️ 14 minutes

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Summary

Companies worldwide are pledging to play a more meaningful role in the well-being of their employees, customers and the environment. How can they turn their promises into action? From creating a representative boardroom to committing to measurable sustainability goals, business leader Dame Vivian Hunt discusses the necessary changes companies can make to embrace stakeholder capitalism -- and shares how it could change business for good.

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Transcript

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0:00.0	It's TED Talks Daily. I'm Elise Hugh.
0:06.5	Corporations try to care about more than just P&L, profit and loss.
0:10.3	But how should they actually do that?
0:12.5	In her TED 2020 talk, leadership advisor of Vivian Hunt lays out how corporations can actually make the change they promise
0:19.9	when it comes to sustainability and doing
0:22.6	well by society, not just their investors.
0:28.2	Lately, a lot of chief executives have promised to shift their business model.
0:34.3	They pledge to serve all stakeholders, not just shareholders. Investment return, they say,
0:41.8	will no longer take precedence over the health and welfare of employees, suppliers,
0:47.9	even planet Earth, not just in a crisis, but every day. This is a change that business absolutely needs to make,
0:57.5	but that does not mean it is going to be easy. It's like going from being a young couple
1:03.1	to having kids. When you're trying to make decisions with just one other person in the
1:08.3	relationship, it's pretty straightforward. Where should we have
1:12.1	Sunday lunch? What should we watch for the movie? But when you add one child, a second child,
1:20.2	new decision makers, life gets complicated. And each one has their own unique needs and individual perspective.
1:29.3	We all know that you're not supposed to have a favorite child,
1:34.3	and that being fair doesn't always mean being equal.
1:39.3	It's one of the biggest challenges in parenting and in stakeholder capitalism. Employees need
1:46.9	to earn a living wage. How else can they be confident that they can feed their families?
1:53.3	Pension fund investors need to earn a positive return. Only then can they be sure that they are
1:59.7	managing the savings and retirement of their investors responsibly.
2:04.4	Consumers want and deserve products and services that are both affordable and safe.
	...

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