Shifting The Narrative to End the Shareholder v Stakeholder Debate an Online Conference on May 17th

On March 15th, the Enlightened Enterprise Academy hosted the first in a series of four half-day online conferences in the Beyond the False Dichotomy series. Beyond the False Dichotomy: Ending the Shareholder v Stakeholder Nonsense explored why it is a false dichotomy, born of a narrative that came to dominate. It also explored the damage it causes and made the case for a need to move beyond it.

To move beyond the false dichotomy, we will need a new narrative. We will need to ensure it is widely understood and accepted. Exploring what the new narrative should be and how to achieve these objectives will be the focus of the second conference, Beyond the False Dichotomy: Shifting the Narrative on May 17th, online from 2 pm BST and Free to attend: RESERVE A PLACE NOW

To fix the damage caused by the false dichotomy and the old narrative, a new narrative will need to be accompanied by a clear understanding of what needs to change and how to cultivate the changes the new narrative will stimulate. Ending the False Dichotomy: Cultivating Changes on July 12th will be the focus of the third conference.

To ensure the shift is long-lasting and will lead to sustainable widely shared prosperity measured in terms of human flourishing and wellbeing, the focus of the final conference on September 20th is Beyond the False Dichotomy: Lessons in Longevity and Stewardship from companies that are managed for, and have been able to achieve, long-term success.

Speakers for the first conference included:

Here are some highlights from the first conference:

SHIFTING THE NARRATIVE May 17th - CONFERENCE DETAILS

The often-quoted statement by John Maynard Keyes reads, “ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist.” That is the extent of the quote as it is usually cited, but it continues.

He went on to say, “Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas. Not, indeed, immediately, but after a certain interval; for in the field of economic and political philosophy there are not many who are influenced by new theories after they are twenty-five or thirty years of age so that the ideas which civil servants and politicians and even agitators apply to current events are not likely to be the newest. But, soon or late, it is ideas, not vested interests, which are dangerous for good or evil.”

The first of the four conferences in the Beyond the False Dichotomy program explored the topic of “Ending the Shareholder v Stakeholder Nonsense.” Rather than shareholder or stakeholder primacy as the focus the argument made was that the focus should be on the long-term success of the business itself, necessitating a balanced, fair and equitable approach to the management of all stakeholders, including shareholders. Whether the dichotomy is a false one or not it was agreed, the argument for focusing on the long-term value creation capacity of the organisation, to ensure it is fit for the future, is a much better focus for good governance and management.

In this context, Keynes’s suggestion, that “soon or late, it is ideas, not vested interests, which are dangerous for good or evil,” was correct in view of our history. Ideas are usually expressed as narratives. If powerful enough they change our thinking and our behaviour. “Greed is good” is an obvious example that springs to mind.

The Shareholder v Stakeholder debate is perpetuated by narratives. Given the debate is unhelpful, we can end it by considering what new narratives might help us move beyond it. They need to be new narratives to convey new ideas – ideas that are more powerful than vested interests and the narratives they use to maintain the status quo. The new narratives must engage the “academic scribbler” and other influencers of thoughts, policies, and behaviours.

So, what new narratives are needed if we are to realise a more enlightened approach to enterprise – enterprise directed towards the achievement of its own long-term success, whilst also contributing to sustainable widely shared prosperity, measured in terms of human flourishing and wellbeing? Which narratives are likely to gain widespread support and be adopted? Are they narratives that will restore trust and confidence in Business and the economic systems we depend on?

SPEAKERS

The speakers taking part in the second conference will offer a range of perspectives that might contribute to the new narrative that is needed. They include:

• David Orrell author of Economyths
• Mark Gough, CEO of the Capitals Coalition
• Amit Bouri, CEO of the Global Impact Investment Network
• Tom VAN DER LUBBE, Co-Founder of Viisi Mortgages
• Tracey Groves, CEO of Intelligent Ethics
• Donna Hicks, Harvard Professor and Author of Leading with Dignity
• Martin Reeves, Chair of Boston Consulting Group's Henderson Institute
• I will also be speaking

TICKETS

Tickets are ￡FREE or ￡10 to include a copy of the Enlightened Enterprise Manifesto as an eBook when it is published in August/September RESERVE YOUR PLACE NOW