PracticeConsultingBusiness must act responsibly, says Ward

Business must act responsibly, says Ward

Businesses can no longer afford to simply generate profits for shareholders, they must demonstrate commitment to the concepts of sustainability and corporate social responsibility in order to build public trust, ICAEW president Graham Ward said last night.

Speaking at the institute’s annual dinner at Chartered Accountants Hall in the City of London, Ward said these concepts were increasingly being adopted by analysts and investors, very often as an integral part of their investment criteria.

‘World business leaders have recognised that good corporate citizenship is now a necessary licence to operate their businesses,’ he said. ‘We are beginning to regard this not as a form of philanthropy, but as an essential component of corporate competitiveness and reputation.’

Last week minister for corporate social responsibiity Kim Howells launched a DTI-backed initiative and website to encourage companies to develop a greater community spirit.

And Ward said the institute was also contributing to the debate by focusing on sustainability in terms of financial and non-financial reporting.

‘We are doing this through our sustainability group – comprising senior members from business, practice and academe together with government observers – supported by an advisory group, chaired by myself, of business members, investors, practitioners, personnel managers and the president of Transparency International UK,’ he added.

Ward also said that over the last year the institute had responded to ‘international challenges to demonstrate our profession’s integrity’ though submissions to the SEC over auditor independence and the promotion of the introduction of IAS across Europe.

Links

DTI pricks conscience of UK plc

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer