Paul Polman: Business chiefs must 'reinvent capitalism' to thrive in 21st century
Polman calls capitalism 'damaged ideology' and urges private sector to spearhead progress towards the UN Sustainable Development Goals
Corporate sustainability trailblazer Paul Polman last night issued a dramatic call for business leaders to "re-invent capitalism", in a speech to the Chairs and CEOs of top UK and international companies.
Speaking at the annual Odgers Berndtson dinner in London, the former Unilever CEO told guests that "capitalism, which has been responsible for the growth and prosperity that has done so much to enhance our lives, is a damaged ideology and needs to be reinvented for the 21st century".
He called on his audience to take a lead in addressing major world problems, arguing that firms which prioritise tackling climate change and inequality will prove the most successful in the 21st century.
Polman has long been vocal about the risk climate change presents for the business community, famously revealing in 2015 that climate impacts were already costing Unilever €300m a year.
On stepping down as Unilever CEO at the start of this year, Polman was hailed as one of the first global business leaders to demonstrate that multinational companies can combine making profit with prioritising sustainable and socially conscious decision-making.
While at the helm of the consumer goods giant, he championed its Sustainable Living Strategy, viewed as an exemplar for corporate sustainability strategies and praised for driving investment in green product development, supply chain improvements and packaging innovations.
Earlier this year Polman launched IMAGINE, which he describes as an "activist corporation" that aims to work with companies to step up action towards achieving the UN's 2030 Sustainable Development Goals (SDGs).
Polman used his speech at the annual Odgers Berndtson dinner to drive home this message.
"Responsible business must step up," he said. "The commercial incentive for investing in the SDGs is compelling, with the opportunity to unlock economic growth worth at least $12tr a year and generate 380 million jobs.
"Companies with a strong sense of purpose are better able to grow not only revenue and profits but also create additional value, such as customer loyalty, attracting top talent and developing new products and services."
More on Management
More news
Drax launches green skills drive to 'boost social mobility for one million people'
Energy firm joins Social Mobility Pledge led by former education secretary Justine Greening in bid to help plug green skills gap and support disadvantaged communities
Aegon commits to net zero across its default pension funds by 2050
The pension provider is also aiming to slash the carbon emissions in its default pension funds in half by 2030, covering around £10bn of assets
Smart home energy market the focus of new consumer protection drive
Citizens Advice teams up with energy industry groups to try and identify any gaps in consumer protections for burgeoning flexible home energy market
BBC Director-General broadcasts new net zero ambitions
Tim Davie confirms corporation will set net zero by 2030 target as he calls on organisation to 'dial up the focus on sustainability'
Most read
