A company’s ultimate purpose is to serve the common good, Best Buy Executive Chairman Hubert Joly said Wednesday at the annual conference of Business for Social Responsibility (BSR).
“The purpose of a company is not to make money,” he said. “It is to serve all of the stakeholders, including customers, employees, partners, vendors, the communities in which we operate, the environment and shareholders. The idea is that there is no trade-off, no need to choose between the various stakeholders.”
Hubert noted that businesses “do well by doing good” and that a company’s sustainability efforts are most impactful when they are connected to its business purpose and overall success.
As Best Buy navigated its Renew Blue business transformation beginning in 2012, the company intentionally continued its leadership role in positively impacting people, communities and the environment.
“Companies that are focused on short-term results are not going to perform in the long term,” Hubert said.
He also emphasized that businesses have a responsibility to use their platform to influence policymakers on important issues.
“As members of the community, as citizens or businesses, we have a voice, so we’ve got to participate in the debate,” he said.
BSR is a global nonprofit organization and consultancy with a mission to create a more just and sustainable world. Its 2019 conference, which explored “The New Climate for Business” at a time of profound societal change, and was attended by approximately 800 leaders from business, government, non-governmental organizations and academia.
To learn more about Best Buy’s Corporate Responsibility & Sustainability initiatives and how we positively impact people, communities and the environment, please visit www.corporate.bestbuy.com/sustainability.
Photo provided by SF Photo Agency.