The B Team is a nonprofit initiative that has been formed by a group of global business leaders for leveraging business potential to work for social, environmental and economic benefits.
The B Team leaders have called for leveraging business towards sustainable development. According to them business has been improving people’s lives for centuries, creating jobs, driving innovation and extending prosperity.
The B Team Co-Founders and Co-Chairs are Richard Branson and Jochen Zeitz. Working with a global community of advisors and partners, the B Team seeks to ‘catalyse a better way of doing business for the wellbeing of people and the planet’.
The B Team will focus on execution and action, accelerating and amplifying others’ efforts by undertaking specific challenges where their collective voice can make a difference.
“There needs to be a completely new approach to how we operate as business leaders, one that clearly puts people at the centre of all we do. To do this we need to turn upside down the ‘old way’ of doing business and create a “Plan B”, focused on longer-term horizons and a goal of helping people to thrive, rather than maximising profit at all cost,” the B Team said in a press release.
The B Team leaders said that RANA plaza factory collapse in Bangladesh was a powerful reminder of the damage that can be wrought.
“At a minimum, businesses can start by implementing the UN’s Guiding Principles on Business and Human Rights, not only in their core operations, but across their supply chain. Decent working conditions, fair wages and stable communities could quickly become the norm, if encouraged by ethical purchasing decisions. Business can also go further, working with governments to strengthen governance and end corruption,” the nonprofit said.
“Certainly business leaders do not try and cause harm to the people that work for them, but often the warped incentives we’ve created to drive profitability put such pressure on the organisation, that we lose sight of the most important part of any company, our people,” the release added.
Depletion of natural resources and excessive release of greenhouse gases also impact negatively on human rights and the wellbeing of people all over the world, especially those living in poverty. Business has an opportunity to explore alternatives that protect and restore ecosystems to ensure a healthier planet for all.