The Institute of Business Ethics reports on best business practices for the next 30 years
The Institute of Business Ethics is celebrating its 30th Anniversary with a report that looks at how trust in business can be regained.
“The Institute of Business Ethics: The next thirty years” includes a survey that finds a new approach to business leadership is needed, based on consensus building, the ability to embed values and connect business to society.
Philippa Foster Back CBE, IBE Director, (pictured above) said: “The age of deference is over. A succession of scandals has undermined trust, and business is too often seen as purely interested in profit. Leaders who see themselves as individual superstars will not be able to deal easily with this. We need to look for new models – leaders who are connected with their employees and society and use this talent to facilitate good and sustainable results”.
To help identify its priorities for the coming period, the IBE sought the views of various opinion-leaders including company chairmen and directors, the media and others involved in the business world, accountants and lawyers as well as its trustees and senior advisers
Each respondent was asked to answer three questions:
1.Why can’t business rebuild trust with the public?
2.What are the three biggest ethical challenges facing business?
3.What should the IBE do over the next few years?
Back said: “In response to the survey, the IBE has set out an ambitious programme for the next few years particularly in reaching out to new audiences, and new entrants to the workplace, drawing on their fresh approach to business and technology to help these with more entrenched views. There is much for us to do.”
The report – "The Institute of Business Ethics: The next thirty years" – was launched at an anniversary breakfast held at the Mansion House on 27 October – thirty years to the day since the IBE was launched at the same venue. The Lord Mayor, Alderman The Lord Mountevans and Sir Gerry Grimstone, Chairman of Standard Life and Deputy Chairman of Barclays, joined Philippa Foster Back CBE to talk about the changing business ethics landscape and what the future might look like.