The global real-estate business has an image problem.
Most people don’t trust it. So, the starting point when the development, and in turn the regeneration process begins, is often on the back foot with the imperative to build trust before building homes, streets or parks.
There are many factors that have led to this, but none more so than the ‘sole duty’ of business to maximise shareholder returns – the concept of Shareholder Primacy that sits at the heart of corporate law across most of the developed world.
But as the Good Business Festival is showing, that world is changing. The real estate world is beginning to change, to wake up, but slowly, very slowly. Some however have grabbed the challenge by the lapels and made it the very PURPOSE of why they do what they do.
We introduce businesses from within the real-estate industry that have changed the way they are legally defined – revising their Articles and Memorandums of Association at Companies House to reflect their mission, to give equal consideration to people, planet and profit – the Triple Bottom Line. All have subjected themselves to the rigorous processes involved in becoming Certified B Corporations and are held to account not by their ESG Policies but their tri-annual re-certification through submission and publication of their B Impact Assessment.
We are asking them the simple question – how does changing the purpose of why you do business change the way you do business and in turn enable you to say?