Family businesses dominate essential sectors of the global economy. They tend to be community-minded with long-term investment aspirations because they focus on long-lasting value creation. Given the value-led focus of family businesses, they are in a prime position to lead on environmental, social, and governance (ESG) issues and build a better future for the planet.
The move to embrace sustainability has already been a profound shift for businesses across industries due to the expectations of shareholders, government commitments, and tremendous capital investment. The marriage of profit and purpose has the potential to create a harmonious and successful business strategy that family businesses can build into all aspects of their enterprise for the good of the planet and their own business.
For a more in-depth discussion on the power of family businesses to change the world by making ESG issues a priority, we offer this PwC article.