In recent decades, globalization and digital technologies have dramatically changed the relationship between the public and private sectors, with 75 of the top 100 economies in the world now large firms. As the power and influence of business in society increases, so have societal expectation for corporate responsibility and societal leadership. As Larry Fink, CEO of the world’s largest institutional investor, noted in his 2018 letter to CEOs, “We…see many governments failing to prepare for the future…As a result, society increasingly is turning to the private sector and asking that companies respond to broader societal challenges. Indeed, the public expectations of your company have never been greater. Society is demanding that companies, both public and private, serve a social purpose.” This new operating environment for business creates new demands on corporate responsibility and leadership. Through our Business Leadership in Society Resource and Data Center, we research and provide insight on how these expectations are impacting business and how leading businesses are responding to them both individually and collaboratively through industry associations and corporate and multi-stakeholder initiatives. The resource center includes a database that will provide an interactive platform for understanding and evaluating the scope and impact of industry leadership and self-regulatory initiatives globally.
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