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    Business schools lag corporate demand on ESG

    Business is undergoing major changes. Inspired by the regulatory reforms proposed by the European Commission, continental executives are at the forefront of promoting purposeful, responsible and sustainable business. European business schools should be a pioneer, but there is a risk of being left behind.

    Many schools took time to recognize the extent of the reforms needed for their curriculum. They have introduced electives on topics such as environment, society, corporate governance, and sustainable business, but in most cases the core courses have not changed.

    A recent final report from the Future of the Corporation program at the British Academy is how much companies are accepting intentional interests: making money by solving people and the planet’s problems rather than exacerbating them. Is emphasized. It argues that businesses should be supported and sought after, and sets out policies and practices.

    Business school research and education should be a source of education for the next generation of business owners and entrepreneurs. However, shareholder advantage remains at the heart of the school’s program, which focuses on economic theory, financial models, and business administration research. The course begins with the assumption that the purpose of the business is to maximize the wealth of shareholders, followed by accounting, finance, marketing, operations management, organizational behavior and strategy.

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    The course should start by asking what the purpose of the business is, why it is created, and why it exists. They need to identify a wide variety of responses and build programs that match them. They need to harness interdisciplinary knowledge from the humanities and science as a whole to provide the skills and values ​​needed for business in the 21st century.

    This approach is inspiring for students, enlightening for leaders, and productive for researchers. Positioning the school at the center of the university, it connects that knowledge with the knowledge of other faculties and promotes the university’s purpose of contributing to human prosperity, happiness and prosperity along with education and scholarships.

    Such an approach aligns ownership, governance, measurement, performance, finance, and investment with the corporate objective of solving problems in a profitable way. It shows how companies can work with the non-profit, public and social enterprise sectors to engage in business and innovation and solve global challenges.

    These are the abilities that companies increasingly demand from new employees. Employers need graduates who can contribute to coping rather than causing environmental degradation, inequality, social exclusion and distrust. They need people with new skills in engagement, collaboration and comprehensive decision making. They can apply them not only as a cost center, but also as a source of value creation for investors and society as a whole.

    There is impressive development underway. One is the recently established Hoffman Global Business and Society Institute. Inseed In France, we are transforming business education with a focus on sustainability, inclusion and well-being. It is based on the idea that business should be a source of environmental and social progress as well as profit, and it should be at the center of research and education.

    Harvard Business School Rethinking Capitalism at the MBA: Established a research program on impact-weighted accounts to measure corporate profits and burdens, running a course called Business and Major Issues. Saeed Business School Oxford University has been offering core courses for several years on responsible business and how it can address global challenges. It has research programs on corporate objectives and ownership, governance, measurement and performance, and is affiliated with seven major European schools to combat the climate crisis.

    However, none of these schools are advanced enough to put corporate objectives at the center of the core course. One reason is that we are investing capital in existing knowledge, practices, and related research, data, and reputation. Second, we are looking at our position in the rankings, which prioritizes criteria such as graduate salaries. Linked to profit, not a broader measure of performance.. Third, there are concerns about what is perceived as the “soft end” of business school education: losing competitiveness by shifting to culture rather than competition.

    Appropriate response to skeptics is evidence of fact. It should come from academic research investigating performance and competitive markets as to whether a purposeful business is more commercially successful, environmentally and socially sustainable than a traditional business.

    Companies have an important role to play in Encourage business schools to adapt.. They can prioritize the recruitment of students with skill sets related to purposeful business practices. They can fund large-scale research on topics related to “profit from progress.” They can give scholarships and faculty status to attract students and scholars with the necessary attitudes and expertise.

    Whether a business-backed school can transform itself will determine whether business education remains appropriate and will continue to exist.

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    Colin Mayer is an emeritus professor of business administration, a former dean of the Saïd Business School, a visiting professor at the Bravatnik School of Government in Oxford, and an academic leader in the British Academy Future of the Corporation program.

    Business schools lag corporate demand on ESG Source link Business schools lag corporate demand on ESG

    The post Business schools lag corporate demand on ESG appeared first on California News Times.

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