Much of corporate Australia strongly backed the Voice. The result means they are reassessing how to address social issues as past of the ESG agenda as well as delivering for employees, customers and shareholders.
It’s not just the Labor government having to suddenly recalibrate its rhetoric following the overwhelming defeat of the Voice referendum. The business community also faces an awkward dilemma.
But the result – compounded by the argument that the open backing of business “elites” was actually counter-productive – will translate intoCondescending Coalition advice to corporates to “stick to their knitting” could be more easily dismissed when more of the community was on side on a range of issues – such as gay marriage or climate change policy.It was then prime minister Scott Morrison and Peter Dutton who were regarded as out of touch with mainstream Australia.
But the “S” in ESG – although even more vaguely defined – is also considered to be an essential part of being a good corporate citizen.natural corollary to the abundance of reconciliation action plans This didn’t deter groups like the Business Council of Australia or prominent directors of major companies like Wesfarmers chair Michael Chaney from continuing to strongly support the proposal. They argued it was good business practice for ethical companies looking after employees, stakeholders and long-term shareholder returns.
Even those giving money to the campaign largely restricted themselves to providing factual information to their employees about the referendum. The hesitancy about being actively engaged in their promoting their corporate backing became more pronounced as polls showed a steady deterioration in overall support for the Voice.
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