Purpose and culture
Soulla Kyriacou is COO of A Blueprint for Better Business
Purpose is having a moment. From Larry Fink’s letter to CEOs back in 2018 to the changes in the UK Corporate Governance Code, and more recently the statement on purpose from the US Business Roundtable. There is now a growing expectation that every business should be clear about its purpose.
Investors can play a significant role in advancing the purpose movement through their investment decisions and active ownership as well as through themselves being purpose-led businesses.
Members of the IA collectively manage over £7.7 trillion of assets on behalf of their clients in the UK and around the world, and they invest £1.7 trillion in the UK economy. 75% of UK households use an asset manager’s services (knowingly or unknowingly). The industry also invests, billions of pounds in companies and the financing of transport networks, hospitals, schools and housing projects. In doing so, it supports 115,000 jobs in the UK.
By developing purpose in their firm as well as also influencing others to do so as investors, the 250 member companies of the IA can have a huge impact on driving better business and a better society.
The Investment Association (IA) has made this paper available to its member firms as part of their wider work which seeks to support members in their culture journeys. Members can access the article by logging in.