Dr. Suren Gomtsian writes blog post on responsible business practices during COVID-19 crisis in Oxford Business Law Blog
Dr. Suren Gomtsian's post is titled 'When Businesses Can Do Good: Lessons from the Coronavirus Crisis for Promoting Responsible Business Practices.'
Associate Professor in Business Law and Co-Deputy Director of the Centre for Business Law and Practice Dr Gomtsian summarises his article for the Oxford Business Law Blog.
‘Profits are key for businesses, but recent media coverage is abundant with stories of companies contributing to global efforts against Covid-19 and its impact. The universal threat has united all in the pursuit of a common purpose, teaching important lessons for the promotion of responsible business practices in normal times.
If we want businesses to act responsibly, we need to deliver a clear message by developing consensus over global challenges and communicating it clearly to businesses as one shared global voice. We also need to set out what practical steps businesses need to take to achieve the common goal – whether through government nudges or endorsements in social and news media.
Last, because most threats, such as inequality and climate risks, affect nations differently, the only way to show business which are the urgent matters and how businesses are expected to respond is through cooperation on a global scale.’