Moving from rhetoric to action on inclusive business

AS stakeholders expect more accountability and transparency on environmental, social and governance (ESG) issues, businesses are increasingly recognising that a sole focus on profitability is not enough for long-term sustainability and competitiveness.

The Covid-19 pandemic has turned the spotlight on the social aspect of ESG like never before, while the proliferation of digital technologies has enabled businesses to address concerns. These include reimagining new ways of engaging customers and the workforce, as well as expanding access to products and services for underserved communities. Together, these factors underpin an imperative for companies - regardless of their size, sector or market - to seriously consider how a shift towards an inclusive business (IB) model can enable them to achieve a greater ESG impact.

South-east Asia's huge population of more than 600 million holds much potential for more businesses to adopt the IB model, particularly in countries with higher rural populations. However, many companies may not fully grasp what IBs are and how to build or shift towards such a business model.