A change in the economic model is needed for the future in order to create a more sustainable world for business. At a presentation on, ‘corporate citizenship and diversity in the modern enterprise’, organized by the Association of Chartered Certified Accountants (ACCA) together with KPMG Ford, Rhodes, Thornton & Co. recently, Lord Michael Hastings, Global Head of Diversity & Corporate Citizenship of KPMG International, said secure economies are the best way to drive profit and business.
Mr. Hastings said the global financial crisis has taught businesses that their way of life was unsustainable. People have become insecure in terms of the economy, war and disease. He added that addressing the needs of the poorest communities must be a priority and that people need to learn to share common resources.
Mr. Hastings added that professional ‘success’ can be partly attributed to creating businesses that will sustain itself in the future but also greatly depends on the qualities of how people approach decisions. He further said that problems in the US economy, for example, have been attributed to a quarter century of self-destructive financial excess, greed, irresponsibility and dependence on cheap fossil fuels.
Mr. Hastings said individuals have to make a difference by being sacrificial and exercising responsibility in public and private. He is also calling for new forms of corporate governance.
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