Challenge for Europe

Businesses of tomorrow will be much more efficient if they take into account the interests of third parties that are affected by their activities. It is therefore necessary to rethink the concept of business to break with the logic of shareholder primacy and substitute it with a logic based on cooperation. The European Union has a role to play in this plan: it needs to promote a European business model that integrates sustainable development and social responsibility. It can do this in several ways: by demanding systematic social and environmental reporting from businesses affected by the directive on European work councils and also by encouraging businesses to opt for the European Company Statute adopted in 2004 to allow businesses to operate in all member states under a common juridical form. The content of the directive that defines a European Company is a lever of change at the community level.

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Post written by Marc Deluzet, International Social Observatory www.observatoire-social.com et Wojtek Kalinowski, international initiative for rethinking the economy www.i-r-e.org

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