Publication Report & Survey: The need and opportunity for business to lead post Brexit

Executive Summary

Whether you were for leave or remain, the result of the referendum is a wake-up call for business and political elites. Business lost its voice in the debate because people sensed that the system is not working for them. Many of these concerns are justified, as highlighted in the recent Tomorrow’s Company report, UK Business: What’s Wrong? What’s Next?. In this period of political uncertainty, it is critical that businesses do not retreat into cost cutting, but instead invest and tackle issues that have been ignored for too long, such as executive pay. This is not only vital for our economy, but also presents an opportunity for business to show leadership and regain the public’s trust.

In this paper Tomorrow’s Company sets out 9 simple actions that companies could take to provide this leadership:

• Reduce dividends and buybacks, not investment, wages or employment
• Make a public commitment – ideally at industry and regional level – to increase investment in the UK economy and in the skills of its people
• Make a bold and public commitment on executive pay
• Increase support for community initiatives
• Shorten supplier payment terms
• Build more overseas connections
• Don’t wait for politicians to act, form industry collaborations to tackle joint problems
• Articulate a clear purpose that is embedded throughout the culture of the organisation
• Reform governance structures to provide a voice for stakeholders

This paper and list of actions has been produced through discussion with the Tomorrow’s Company community, though this does not imply endorsement.