Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department is taking to encourage corporate responsibility among (a) SMEs and (b) large firms.

The Department works with others across Government to encourage businesses of all sizes in their corporate responsibility by setting market and regulatory frameworks and expectations for businesses across a wide range of social, environmental and governance matters – where there will be impacts and interests for employees, consumers, communities, supply chains, other businesses and investors. For example, we are strengthening corporate governance, by driving increased accountability on executive pay, strengthening the employee voice in boardrooms, and developing governance principles for large privately-held companies. Other steps being taken include the Good Work Plan to promote better quality jobs, engagement with the Corley Review in support of growing social impact investment in the UK, and measures to support prompt payment in supply chains.

Many of our leading businesses see corporate responsibility extending beyond legal compliance, and they make significant contributions towards the good of our society and the environment. We are encouraging businesses to help tackle social challenges through the Inclusive Economy Partnership as well as supporting the next generation of small firms who want to commit to social or environmental purposes alongside profit, when they incorporate.