A major business-led campaign calling for a shift in UK company law has reached a significant milestone, with 3,000 businesses now backing the Better Business Act, signalling growing momentum behind a drive to reform corporate governance in the UK.
The campaign, led by B Lab UK, seeks to amend Section 172 of the Companies Act, compelling all UK businesses to align the interests of shareholders with those of employees, customers, communities and the environment. The aim is to move away from shareholder primacy — the current legal framework — towards a multi-stakeholder model that supports long-term, sustainable growth.
Since its launch in 2021, support for the campaign has increased tenfold, reflecting increasing demand from business leaders for a system that prioritises people, planet and profit equally.
The announcement comes as the government prepares to update the Audit Reform & Corporate Governance Bill, with business governance reforms now a key priority for the Business & Trade Committee.
“The Better Business Act presents an opportunity for the UK’s future,” said Chris Turner, CEO of B Lab UK and campaign director for the initiative.
“The growth of the coalition from 300 to 3,000 businesses in just three years is testament to a mindset shift. ‘Business as usual’ isn’t working — we must challenge the status quo.”
The coalition is made up of businesses across more than 15 sectors, from local SMEs to household names including Virgin Group, Iceland, Tony’s Chocolonely, Danone, Bloom & Wild, Olio, and The Guardian, alongside trade bodies and nonprofits such as ShareAction, RSPB, and the Institute of Directors.
Research cited by the campaign shows overwhelming public support, with 76% of people saying the law should be changed to require companies to consider social and environmental impact alongside financial returns.
“Putting purpose at the heart of business unleashes growth,” said Tessa Clarke, Co-Founder and CEO of Olio.
“We’ve seen it ourselves — purpose has helped us win customers, retain top talent, and raise over $50 million from impact-focused investors. This is not a moral luxury — it’s a commercial imperative.”
The UK is now home to the largest B Corp community in the world, with certified businesses outperforming the market. UK B Corp SMEs saw revenue growth of 23.2%, compared to the national average of 16.8%, underlining the case for expanding stakeholder governance across the wider business landscape.
As corporate scandals and growing inequality continue to erode public trust in business, the coalition argues that now is the time for government action.
“B Corps continue to raise the ceiling,” said Turner. “Now government must raise the floor.”
With 3,000 businesses now on board and cross-sector support growing, pressure is mounting on policymakers to deliver a future-fit framework for UK business — one that sees purpose and profit as partners, not opposites.
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3,000 businesses back Better Business Act in push for UK corporate reform