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Due to several external, macroeconomic issues, CEOs now need to be able to manage both commercial as well as business-in-society issues for the organization. Commercial duties involve products, markets and competitors while the latter includes issues such as legislation, investigation, litigation, regulation and enforcement. The macroeconomic space has been disrupted due to anti-business, anti-immigration and protectionist measures being touted in North America as well as in Europe. The UK’s exit from the EU may present newer opportunities but also curtails the global movement of free capital or labour. This has spooked levels of consumers, investors, workers and communities at large. Meanwhile Russia is no re-asserting its lost glory in Eastern Europe, Chinese power has become unquestioned in Southeast Asia and tribal warfare has engulfed the Middle East. CEOs thus need to wade past these kinds of troubles by building better trust towards businesses eroded by years of cronyism. An active Risk and Public Responsibility Committee needs to be set up as part of the corporate strategy so that businesses can be viewed as ethical elements within society. Scandals that have rocked the likes of Enron, Siemens, VW, BP and Well Fargo need to be put aside so that a fresh start can be made on the business to society collaboration.

Source:https://hbr.org/2016/12/the-business-in-society-imperative-for-ceos

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