ARCH Canadian Voices on the Role of Business in Society

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Inequality and inequity are often brought up by Survey Participants right after - almost in the same breath - as the challenge of climate change. Further, a good number of the Survey Participants explain they see the two challenges as being interrelated. These Survey Participants argue that global inequalities and inequities will worsen moving forward due to climate change while the world’s ability to fight climate change will be weakened by existing inequalities and inequities. It is quite similar to how inequalities and inequities have been worsened due to the COVID-19 pandemic while the response to COVID-19 is rendered more complicated due to inequalities and inequities5.

iii. Lack of Trust and Social Cohesion “It’s remarkable to me, in a world where we’ve become so interconnected, that we’ve grown so far apart.” – Walied Soliman, Canadian Chair of Norton Rose Fulbright “Lack of trust and social cohesion” encompasses different ways people expressed challenges with respect to mistrust within society and in institutions: lack of understanding of each other; geopolitical tension, risks, and uncertainty; polarization, isolation, and populism; and more. It is named the third most often as a top global challenge by Survey Participants. A version of lack of trust and social cohesion is named by 47% of the Survey Participants. The Survey participants describe this challenge as one being international in scope, but which also applies within Canada. Lisa Kimmel, Chair and CEO of Edelman’s Canadian and Latin American operations, points out that the Edelman Trust barometer shows that in all countries including Canada there has been a steady decline in trust in institutions. Louis Audet, Executive Chairperson of Cogeco Inc., is of the opinion that the lack of trust and social cohesion is an important problem, “We have become concerned that a significant percentage of the population is on the fringes of the social project. In society, when you have a big percentage protesting instead of participating, you have a Figure 8: List of terms used by Survey Participants to describe problem.” Sophie Brochu, President various challenges related to social cohesion and mistrust and CEO of Hydro Québec (Sophie Brochu was interviewed prior to being named CEO of Hydro Québec), affirms this challenge can have consequential negative impacts, “Canadians feel they no longer have control over their destinies.” She adds that the lack of trust and social cohesion can divide communities, “When the majority feels alone, the minority becomes a threat.” 18


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APPENDIX 3: SOCIETY AND BUSINESS INITIATIVES AROUND THE GLOBE

4min
pages 76-77

APPENDIX 5: REFERENCES AND FOOTNOTES

8min
pages 79-84

UNITED NATIONS SDGS

2min
page 78

APPENDIX 1: SURVEY PARTICIPANTS’ BIOGRAPHIES

14min
pages 68-73

APPENDIX 2: METHODOLOGY & BUSINESS INTERVIEW GUIDE

3min
pages 74-75

ACKNOWLEDGEMENTS

1min
page 67

CONCLUSION: THE IMPERATIVE TO ACT

2min
page 64

6) Leading on the Big Issues

15min
pages 58-63

5) Creating and Measuring Societal Value: The Role of the Sustainable Development Goals

8min
pages 54-57

4) Sharing Value Created

2min
page 53

3) Longer-Term Thinking

5min
pages 51-52

2) Increasing Focus on All Stakeholders

2min
page 50

4) Stakeholder Approach in Theory, Shareholder Primacy in Practice

5min
pages 47-48

3) The Purpose of the Canadian Corporation

2min
page 46

2) The Evolution of the Purpose of the Corporation

5min
pages 44-45

3) Future Prepping

2min
page 39

iv) Investors

2min
page 37

iii) Customers

4min
pages 35-36

i) Communities and Civil Society

3min
page 32

ii) Employees

4min
pages 33-34

4) Personal Legacy

2min
page 29

3) Impact on Their Business

5min
pages 27-28

2) Growing Criticisms of Capitalism

6min
pages 25-26

2) Creating and Sharing Value with Stakeholders

2min
page 31

2) Business is Critical to Solving Today’s Toughest Challenges

9min
pages 21-23

iii) Lack of Trust and Social Cohesion

2min
page 19

ii) Inequality and Inequity

0
page 18

INTRODUCTION

4min
pages 5-6

i) Climate Change

1min
page 17

AND BUSINESS MATTERS

0
page 15

EXECUTIVE SUMMARY

9min
pages 8-12

LEADERSHIP PROFILES

2min
pages 13-14

1) The Status Quo is Not Sustainable

1min
page 16

Who Is This For?

0
page 7
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