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The Companies Bill (formerly the Company Law Reform Bill) has now finished its passage through parliament.
The result
Thanks to over 100,000 people lobbying their MPs the government has amended the Bill so that for the first time companies have to take into account environmental and social standards.
Public companies must now report on their environmental and social standards and on employer and supplier issues
Company directors now have a duty to not only maximise profit but to consider the impacts of their business on people and the environment.
These changes are steps in the right direction and should help to improve the behaviour of big business.
“The public response to the issue has been one of the largest of all time. The Minister for Industry has been inundated by the cards generated by the Corporate Responsibility Coalition and the Trade Justice Movement. I congratulate those two umbrella organisations on their campaign, and I thank the many members of the public who have flagged up their views, both to the Department [for Trade and Industry] and to individual MPs around the country." Patrick Hall MP
Righting corporate wrongs?
The improvements to the Bill are welcome but much more still needs to be done to ensure that UK business always behaves responsibly. The Bill as it stands will not stop corporate abuses happening across the world.
The Trade Justice Movement and Corporate Responsibility (CORE) Coalition will continue campaigning to right corporate wrongs.
More information and resources
Corporate Responsibility Website
Trade Justice Movement
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