Coro’s Blog: On Purpose

By now, business leaders across Canada are increasingly aware of aligning their business with their corporate purpose. Many already have programs to drive sustainability, social impact, and community growth. Businesses with more established programs may even be looking at putting corporate purpose at the core of everything they do.

On Nov. 22, 2023 The Globe and Mail hosted a webcast featuring business leaders who are at different stages of building out corporate purpose plans and missions. They shared their challenges, as well as strategies and tactics for business leaders aiming to follow suit.

I was the kick-off speaker and the other speakers included:

• Maureen Young, Vice President, Social Purpose, Coast Capital
• Liz McBeth, CEO Armour Valve
• Christelle Francois, Chair, Table of Impact Investment Practitioners and Board Chair, Boann Social Impact
• David Redfern, President & CEO, Eastern Canada, Lafarge
• Irene Galea, Business Reporter, The Globe and Mail (moderator)

The Canadian Purpose Economy Project was an event partner which was sponsored by Coast Capital. Nearly 800 people registered for the session, showing considerable interest across Canada on the topic.

My interview explored: what corporate purpose is and what it means for business; how I got involved in the space; what is a purpose-driven organization; the role of profit in a social purpose company; the business case for becoming a social purpose company; the changes that need to happen for a business to be truly purpose-driven; purpose-washing and how to avoid it; and the role of incentives in a social purpose firm. Finally, I described our vision for the purpose economy and how to accelerate it.

Listen to: The Purpose Economy: Reshaping the metrics of business success