Stelco, and Senior Advisor at Bennett Jones LLP, laments that there is such an abundance of misinformation and disinformation that citizens are unsure who to trust. She is of the view that this leaves society with non-rational discourse as there are no agreed-upon principles or facts. A notable number of the Survey Participants explain that they suspect this can lead to poor decision making on important topics such as the appropriate and desired role of business in society. Brianna Brown thinks that this same type of division is happening between businesses and their employees as well, “There’s a growing disconnect, not only between business and society in a broad sense, but also businesses and their employees when employees notice a wide gap between what the corporation is doing versus what they care about as an employee and as an individual”. Most Survey Participants agree that the reputation of industries as a whole and even the business community, in general, can be tarnished on account of a few ‘bad apples’ acting irresponsibly or selfishly. Some Survey Participants argue this is yet another reason business leaders should care deeply about strengthening the relationship between society and business, and they voice optimism that this represents an opportunity for businesses to do more, which can be beneficial to society and to a business’ bottom line. “Business creates jobs, wealth, and investment. That’s what we do. So, if people lose trust in us, what will they trust in?” – Louis Audet, Executive Chairperson of Cogeco Inc.
2) Growing Criticisms of Capitalism “I think the population broadly understands and believes that the capitalist system is a good one for the creation of wealth, and for economic development, but there’s increasing concerns about concentration, privacy, and income disparity.” – John Manley, the Chair of the Board at CAE The state and rules of the economic system in which a business operates will clearly have an impact on the economic and financial success of the said business. For this reason, it is paramount for business leaders to care about the conversation concerning the role of business in society as any outcomes stemming from the conversation will most likely have a profound impact on the way in which capitalism functions moving forward. A significant number of the Survey Participants point out the benefits produced by capitalism, namely the prosperity it has generated along with the human ingenuity and innovation it has unlocked. All the same, many of the Survey Participants acknowledge it has shortcomings in its current form. Tariq Fancy, a former Managing Director at BlackRock Investments, comments, “While much progress has been made in human development in recent years, the world still faces many large-scale challenges – ranging from climate change to the growing inequality of wealth and opportunity. And while capitalism has unlocked significant progress and prosperity, in recent years many have started to question a system whose side effects have put increasing strain on both people and planet.” The idea that capitalism needs to be modernized seems to be enjoying broad public support – even in the heart of the capitalist system. A poll conducted in May 2020 by JUST Capital and The Harris Poll in the United States concluded: “It’s clear the American people – across all demographics and political persuasions – want change. Our six years of polling has always supported this, but our latest survey results (…) are loud, clear, and urgent. Only 25% of Americans think capitalism is working for society today.” 24
