Global Agenda Council on the Role of Business 2011

The role of business has undergone a fundamental transformation in the last 20 years. Demographic and macroeconomic shifts, globalization and new technologies, among other factors, have given rise to an era in which annual revenues of the world’s largest multinational corporations exceed the GDPs of many countries; and half of the 10 largest companies are headquartered outside Europe and the United States. These changes have not only caused the proliferation of larger, more global businesses, but also fundamentally altered the role that business is expected to play in societies around the world.

In today’s world of globalized markets, different ownership models and conceptions of business intersect and overlap. A fundamental re-evaluation of the role of business is required for the private sector to retain legitimacy, regain public trust and safeguard its licence to operate in this interdependent landscape.