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Founder and Chairman of the Virgin Group, Sir Richard Branson and Puma Chairman Jochen Zeitz, have today (13 June) launched a new not-for-profit sustainable business initiative, The B Team, which hopes to develop a ‘new way of doing business’ (or ‘Plan B’) that ‘prioritises people and planet alongside profit’.

Led by Branson, Zeitz and 14 high-profile business and political leaders, including Ratan Tata, Chairman Emeritus of the Tata Group, Kathy Calvin, President and CEO of the United Nations Foundation, and former Irish President Mary Robinson, the so-called ‘B Leaders’ have pledged to work on the development of a ‘Plan B for business’ that seeks to address the growing challenges businesses and societies face, such as the unsustainable use of natural resources, high unemployment and global inequality.

Driving business by “profit alone no longer acceptable”

Speaking at the BAFTA in London and to an online audience, the ‘B Leaders’ made their declaration about what a new plan for business will look like, gave personal addresses about why they believe business needs a Plan B and took questions from the audience, online and in the room.

They said: “Business is now waking up to the reality that if we carry on using the natural resources of the world unsustainably, they’ll quite simply run out.

“While there are myriad reasons we’ve arrived at this juncture, much of the blame rests with the principles and practices of ‘business as usual’. These are not the outcomes we envisioned as we grew our companies; this is not the dream that inspired us. And the overwhelming conclusion we’ve reached is that businesses have been a major contributor to the problems, and we as business leaders have the responsibility of creating sustainable solutions.

“Therefore, if we leverage the many positives of business - the spirit of enterprise, innovation and entrepreneurship that has helped realize improvements in quality of life and enabled technological and scientific progress - we can create an unprecedented era of sustainable, inclusive prosperity for all.

“Our mission is to help develop a ‘Plan B’ that puts people and planet alongside profit. Plan A - where companies have been driven by the profit motive alone - is no longer acceptable.”

Saying that the proposals “will be a challenge, or even an affront”, to many of their colleagues and competitors, they were “confident” that those who chose to adhere to the initiative “will see that in the long run what’s better for the planet and its people is also better for business”.

The leaders all pledged to ‘start at home’ and implement “priniciples of better business” at their respective companies or groups. They will now work on three initial challenges:

• ‘The Future of Leadership’ Challenge seeks to “accelerate a new kind of inclusive leadership underpinned by a moral compass of being fair, honest, positive and creative”.
• ‘The Future Bottom Line’ aims to expand corporate accountability beyond financial gains to “include negative and positive contributions to the economy, environment and society”; and
• ‘The Future of Incentives’ Challenge hopes to develop new corporate and employee incentive structures and identify and map both positive and harmful subsidies.

Business created “most of the negative environmental challenges of this century”

Speaking at the launch, co-founder Jochen Zeitz said: “Business is integral to society, but it has also created most of the negative environmental challenges of this century.

“The B Team will help to catalyse a shift away from the existing short-term, unsustainable mindset, towards the long-term interest of people, the planet and the wider economy. Tackling these three challenges is a starting point for a “Plan B” to form.”

Sir Richard Branson, added: “Today we want to start a global conversation on a “Plan B” for business.

“We are working with government agencies, the social sector, and business leaders to help get on top of some of the world’s seemingly intractable challenges. We are keen to listen, learn and share with others to build businesses that do what’s right for people and the planet.”

Read more about The B Team.