Our key takeaway: Structural inequality is undermining human rights, the environment and our economy … and it’s also hindering the long-term success of business, according to the companies that are part of the Business Commission to Tackle Inequality (BCTI). Income inequality, a lack of equal employment opportunities, discrimination, environmental injustice and a skewed value-risk proposition all act alongside landscape issues like climate change, conflict, and the cost of living crisis to undermine benefits for people, planet and business. The BCTI urges companies to take a more decisive role in dismantling inequality, making sure to keep risks to people and the UN Guiding Principles on Business and Human Rights at the centre. Companies can take “catalytic actions” to contribute, including respecting human rights; enhancing accessibility of products and services; ensuring equitable and diverse workplaces; upskilling workers for the future of work; providing decent and safe work with living wages and incomes; supporting worker representation; supporting public policy to eradicate poverty and inequality, and adopting responsible tax practices; and ensuring a just transition to a net-zero, nature-positive economy. Companies will also need to take cross-cutting enabling actions, such as embracing a transformative “mindset shift” around its role in society, reorienting governance to focus on stakeholders, and disclosing information and impacts transparently.
The Business Commission to Tackle Inequality (BCTI), an initiative of the World Business Council on Sustainable Development, released Tackling Inequality: An Agenda for Business Action (May 2023):