Supporting Public Policy: Tips for Conscious Corporate Leadership
The old adage, “Don’t mix business with politics,” may have worked in the past, but studies show consumers now want businesses to break the silence. According to a Harvard Business School working paper, “CEO activism can sway public opinion and increase consumers’ intentions to purchase the company’s products.” However, today’s heated political climate calls for thoughtful words and action.
A company’s stance on matters of public policy should be clear, honest and authentic to its core values. It is imperative for all corporate messaging and operations to correlate with the company’s social purpose and citizenship efforts. If your company does not have a defined purpose (beyond profit), start here.
Once your company’s purpose has been established, consider these tips to engage in the public policy process the right way:
- Start (and end) with full transparency. Detail your company’s planned engagement in an Annual Public Policy Agenda and make it easily accessible to all stakeholders.
- Prioritize your Public Policy Agenda items based on the company or industry’s assessment of current and developing local/national laws and regulations.
- Support government affairs programs that educate elected officials on key issues directly related to your business and its social purpose.
- Become a member of relevant industry and business trade associations and coalitions that will keep your company engaged and informed.
- Guide your company’s public policy dealings with conscious corporate governance:
- Transparency in Public Policy Advocacy
- Compliance, Accountability, and Disclosure of Political Spending
- Empowering and Supporting Employees
- Oversight and Transparency of Trade Association Contributions
[Triple] Bottom Line: If your business is part of a highly regulated industry or is heavily impacted by public policy programs, do not be afraid to highlight your company’s political involvement and due diligence. Staying active in relevant political arenas is a great way to demonstrate your company’s commitment to purpose beyond profit. Use this guide to transition from mere discussion of emerging policies, to meaningful participation and stakeholder engagement.
Ready to profit with purpose? RightCause offers consulting services, educational resources and operational guides for purpose discovery, cause marketing campaigns, events and fundraising. Learn more at rightcauseconsulting.com or email kwright@rightcauseconsulting.com to get started!