It starts now. Why we all have a role to play in building a better world.

I am a long-time believer that business leaders have the power to change our world. We should no longer think that maximization of stockholder returns is the sole reason for a business to exist, nor that it should even be the most important goal. The reality is that we, as business leaders, also have a role to play in creating a better, more resilient and more sustainable planet for all.

This is not just about your company’s environmental footprint or how green your operations are. It is about fundamentally striving to do the right thing by all stakeholders. It is about how you treat your employees, how you engage your customers and how you interact with your local communities. At its core, it is the belief that business can help solve the systemic social and environmental challenges that hang heavily over our world.

There is growing urgency to rise to this challenge.

Over the past six months alone, our world has faced wildfires in Australia, a global pandemic and economic disruption and calls for action to improve the treatment of minorities. These events have painfully exposed the very real issues that continue to persist in our societies and economies. When we look back on this critical time in our shared history, challenging questions will be asked: What did you do to help? Were you part of the solution? Or were you looking the other way? 

I believe it is now time to fundamentally rethink the role of business in society and strike a new balance between profit and purpose. This is more than a matter of strategy, policy and process. It is first and foremost about leadership. Ultimately, sustainable business starts at the top. We will only make progress if we have great leaders at the helm who are willing to challenge the status quo and make the long-term sustainability and resilience of our world a top business priority.

This will be a significant psychological shift for many, and questions will be asked about how you go about delivering real change on the ground. Research shows 92 percent of CEOs believe integration of sustainability will be important to the future success of their businesses. Yet our own analysis shows that in only 4 percent of executive and non-executive role specifications was sustainability experience or mindset an actual requirement.

To help you chart this course, Russell Reynolds Associates has partnered with the United Nations Global Compact (UNGC) to answer an important question: How can organizations make sustainability core to the DNA of their leadership teams?

Since the start of the year, we have immersed ourselves in the world of sustainable leadership, interviewing 55 pioneering sustainable leaders who have a track record of integrating sustainability into business strategy. We reveal the results of this study in our joint research paper, out this week. Our model of the sustainable leader sets out the unique characteristics that leaders must possess if they are to make sustainability core to their cultures and leadership frameworks. We will be talking about this much more over coming weeks.

I am proud of Russell Reynolds Associates’ contributions to advancing sustainable business and of our efforts so far to positively influence the lives of our employees, our communities and our clients – from our meaningful partnerships with the UNGC, the 30% Club and CEO Action for Diversity & Inclusion, to our inclusive selection and recruitment methods that analyze core competencies, rather than affirming biases. I also recognize that there is more to be done. But we are committed to this journey and I urge all business leaders to do the same.

Sustainability is now a defining issue of our time. At this pivotal moment, identifying and developing sustainable leaders is the most critical lever for solving today’s challenges. Our legacy as leaders no longer depends on balance sheet performance, but our willingness to help build a more sustainable, more equal and more resilient planet for all. This is not a conversation for tomorrow. It is a conversation for today. It starts now.