On 23rd March 2023, the Institute for Family Business (IFB) organised a member’s event to explore whether family businesses can carve a different trajectory and offer a more principles-based approach to responsible business that others can learn from. Hosted by IFB Partners Boodle Hatfield and entitled “Principled Leadership to Practical Action”, the event contributed to enriching the participant’s knowledge of responsible business practices and demystifying the landscape of responsible business.
At this event, Prof Maurizio Bragagni Esq OBE was a speaker and shared with participants his vast knowledge and business skills on responsible business and sustainable development accumulated during his successful career as CEO of Tratos Ltd and numerous academic engagements.
He spoke about the key objectives of a sustainability philosophy, which encompass a wide range of measures to ensure the environmental, social and economic responsibility of the family business. At Tratos he mentioned that we have understood a long time ago, a sustainable family business looks for new and innovative ways to create value while minimizing its impact on the environment and society. In doing so, a family business must be transparent about its operations and practices, communicating openly with stakeholders and taking responsibility for their actions.
Every sustainable strategy should address three main areas: economic, social and environmental. At Tratos, the social dimension got the highest priority. The reason is that Tratos is dedicated to delivering on its people-focused mission and has invested in economically deprived regions of Italy and the UK to create jobs and support local communities. Tratos works tirelessly to leave a lasting, positive legacy wherever it is present.
At Tratos we have embraced diversity, as overall it is beneficial to businesses. By embracing diversity, businesses can create a more dynamic and successful work environment that benefits everyone involved. A greater diversity has many benefits, such as improved decision-making, increased creativity, boosted innovation, better customer service and improved reputation.
Prof. Bragagni finished his remarks by pointing out that sustainability is not a “post-pandemic fad”, as it existed a long time ago. The concept of sustainable development was originally brought forward by the Brundtland Report in 1987. It was simply defined as “ development that meets the needs of the present world without compromising the ability of future generations to meet their own needs”.
In fact, sustainability has been a growing concern for businesses, governments, and individuals around the world for several years. The pandemic has only highlighted the importance of sustainability and accelerated the urgency to address environmental and social challenges.
Sustainability is a critical issue that requires urgent action from businesses, governments, and individuals around the world. By adopting more sustainable practices, companies can create value for their stakeholders, reduce their environmental impact, and contribute to a more sustainable future.