Ethical business practice can be the key to success, according to a new report

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Companies can thrive without compromising their principles, according to new research by the University of York in collaboration with the Good Business Charter (GBC).

The report delves into the journey of responsible businesses and organizations accredited by GBC, emphasizing the Charter's pivotal role in fusing ethical values with business success and sustained profitability.

Key opportunities

Business leaders and academics will gather in York on Tuesday 26 November to mark the launch of the new report, which was compiled by researchers at the University's School of Business and Society.

The report outlines the values the GBC brings to businesses and society, and key opportunities for the GBC to build on its effectiveness; this includes strengthening verification processes, building brand recognition, and refining the framework to meet the evolving needs of businesses.

Dr. Jacqueline You, Assistant Professor in International Business, Entrepreneurship & Strategy, in the School for Business and Society at the University of York, said, "Our findings show that good business is a powerful way to achieve sustained profitability. Businesses and organizations that adopt the Good Business Charter stand out as attractive employers, excelling in talent retention and recruitment.

"They also foster stronger partnerships across supply chains, engage more effectively with local communities and appeal to responsible consumers and investors who value ethical and sustainable practices."

An ethical roadmap

The GBC, founded by Julian Richer, offers a clear, actionable roadmap for businesses of all sizes to embed responsibility into their operations. The Charter's 10 core principles, ranging from paying a real living wage to environmental stewardship, provide a comprehensive framework for ethical business practices.

Jenny Herrera, CEO of the Good Business Charter said, "We welcome the report from the University of York, which reflects the Good Business Charter's unique role in promoting responsible business practices and provides useful insights on how GBC accreditation has positively impacted organizations' employee engagement, reputation and customer trust.

"We're proud to offer an accreditation that aligns with core business objectives while promoting essential principles like fair wages, environmental responsibility and employee well-being. The University's findings allow us to explore potential enhancements which further support ethical and sustainable business practices across the U.K."

Purpose over profit

The report explores the GBC's journey so far and reveals its power to reshape the future of business—one that prioritizes purpose over profit and leads with ethical values.

Professor Kiran Trehan, Pro-Vice-Chancellor for Enterprises, Partnerships and Engagement at the University of York, said "At the University of York, our research is all about making business work better for society—that's what it's all for. This report shows that companies can thrive without compromising their principles. I look forward to seeing GBC continue their work in driving meaningful change across industries. It is work that benefits us all."

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Responsible business

York was the first university to receive accreditation from the Good Business Charter in 2021, in recognition of its commitment to responsible business practices.

The event is hosted by the University of York in collaboration with the Good Business Charter (GBC) and will be held at Aviva, a large employer in York, whose commitment to ethical business practices aligns with the Charter's mission.

Jack Thompson-Hall, Social Impact & Sustainability Manager at Aviva, said "For Aviva, the Good Business Charter is about more than standards—it's about fostering a workplace where every colleague feels valued and engaged. We're delighted to host the report launch at our Wellington Row office in York, highlighting how ethical practices can drive business success."

The event will feature presentations from key stakeholders, panel discussions, and opportunities for networking. Attendees will gain insights into the practical applications of the GBC framework and its benefits for businesses and society.

More information: Tracking Success for the Good Business Charter (GBC): Developing an effective approach. pure-research.york.ac.uk/ws/po … ight_Report_2024.pdf

Provided by University of York