House of Commons
ACCOUNTABLE CAPITALISM LEGISLATION
EDM #1717
Tabled 17 October 2018
2017-19 Session
That this House takes note of the proposals of American Senator, Elizabeth Warren on accountable capitalisation to make businesses more accountable and socially beneficial; believes that the proposals to increase the voice of employees on corporate boards and take into account the public good would be a hugely beneficial change to the current model of capitalism; supports the principle of those proposals in seeking to address the deficiencies of the current regulations on big business regarding the promotion of responsible and socially beneficial behaviour by large corporations, particularly multi-nationals; supports the introduction of similar legislation in the UK; further notes that under current UK regulations, companies must prioritise shareholder returns over all other considerations; believes that requiring companies to also take into account the wellbeing of their employees, the social impact of their business, its impact on wider economic stability and its impact on the environment would be hugely beneficial to the economy, society and environment, as well as being good for businesses; and calls for changes to the UK's regulatory regime to be put in place to require corporations to take into account their employees, the environment and the wider society, as well as shareholder returns.