Watch the inaugural event to launch Business: The next 25 years - What has gone wrong, what needs to change, and how to do it?

Marya Besharov and Thyra Lee host Emeritus Professor, Colin Mayer CBE, in celebration of Professor Mayer's time and leadership of the School as its first professor, first academic director and former Dean, and to congratulate him on his retirement. They were joined by Paul Polman, founder of Imagine and former CEO of Unilever.

The COVID-19 pandemic, the environmental crisis, systemic racism, ongoing economic inequality, and other global problems are symptoms of a deeper malaise, that cannot be solved by superficial measures such as CSR programmes or the creation of charitable foundations. Addressing these issues will require profound, systemic change and a complete rethink of the purpose of business.

But as Marya Besharov, Colin Mayer, and Paul Polman discussed at Oxford Saïd on 8 December 2021, the desire and the will to make those changes is building. ‘People I think are more aware now of the universal values that we need to protect: values like dignity and respect for everybody, values like equity, compassion. If we don't fight for that we actually undermine the future of humanity,’ said Polman.

The speakers were participating in the inaugural event of Business: The next 25 years – What has gone wrong, what needs to change, and how to do it? In a wide-ranging and thoughtful conversation, a number of important themes emerged.

The economic model is broken The focus of business in the last few decades has been wealth-creation and shareholder returns, with a belief that competition and markets will solve all problems. This is creating massive inequalities that the political system cannot cope with.

Collaboration and a new understanding of the purpose of business are the way forward As responses to COVID-19 have shown, man is a naturally communal animal and thrives from working together with others to solve problems. And this is the real purpose of business: to solve problems faced by individuals, societies, and the natural world, and to do it in a commercially viable, financially sustainable, and profitable way.

Leadership remains vital But we need a new leadership, in both government and business, that is based on collaboration and partnership rather than competition; and that creates shared values and trust.


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