We are experiencing a revolutionary era in which business engagement is becoming essential in addressing today’s most complex global issues. In a 2011 groundbreaking article*, Michael E. Porter and Mark R. Kramer popularised the concept of ‘Shared Value’, paving the way for a new way of thinking in regard to the way businesses are creating value.
A global trend in business thinking
The central idea behind the ‘creating shared value’ concept is the interdependency between the competitiveness of a company and the health of the communities to which it is connected. In the words of the authors, this new approach, that goes beyond the notion of ‘Corporate Social Responsibility’, can help ‘reinvent capitalism and unleash a wave of innovation and growth’.
“Shared value is a management strategy focused on companies creating measurable business value by identifying and addressing social problems that intersect with their business. The shared value framework creates new opportunities for companies, civil society organizations, and governments to leverage the power of market-based competition in addressing social problems.” Shared Value Initiatives.
Why is Mazars committed to this cause?
…Because it is at the core of our identity.
Ethics and contributing to the common good have been major priorities throughout Mazars’ long history. Integrity and responsibility have been part of Mazars’ DNA since its creation; sharing is one of our four founding values (cf. Mazars Yearbook 2015, ‘Tribute to Robert Mazars’, p. 10).
. . . Because it is in line with the very nature of our business activity.
As auditors and advisors, we interact directly with key players in all sorts of industries. We are therefore uniquely positioned to understand the trends affecting the whole economy, and to envision how an ecosystem approach can help businesses create value for all their stakeholders. Business. For Good™ (Mazars’ Yearbook 2015, p. 28) is our global initiative that encourages business leaders to ‘think and act long-term’ in order to enhance business performance and pursue profit responsibly for the mutual benefit of companies, their stakeholders and society at large.
…Because we want to keep on improving our own model.
Taking in consideration the needs, expectations and demands of all stakeholders is key to building a sustainable business model. It is a trend being fuelled by several initiatives that are gaining momentum in the business community, such as Creating Shared Value, Integrated Thinking and Integrated Reporting (cf. our Integrated Reporting Approach : Mazars’ Yearbook 2015, p. 54).
…Because we can have an impact locally and globally.
Creating Shared Value brings concrete changes for the better in the communities where we do business and beyond. We want to be change agents for this movement. We want to reflect upon, question, weigh in on and help shape a better society.
This is only the beginning. There is much more work to be done.
* Creating Shared Value: Redefining Capitalism and the Role of the Corporation in Society. Harvard Business Review, Jan/Feb 2011, Vol. 89 Issue 1/2, p. 62-77
Mazars is an international, integrated and independent organisation, specialising in audit, accounting, tax and advisory services.
Mazars can rely on the skills of 17,000 professionals operating in 77 countries. As the market challenger, Mazars is fully able to provide large corporate multinational firms with seamless tailored solutions. Its complete, adaptable and flexible range of services also makes Mazars perfectly able to serve smaller companies and owner-managed businesses as well as high-net worth individuals. All Mazars staff are bonded by strong quality guidelines, determined to exceed technical and ethical standards and convinced that passion for accountancy, rigour in the way they perform their job on a daily basis and open-mindedness are the keys to success.
Mazars has engaged in a journey to discuss with all its stakeholders about matters related to the way businesses interact with their environment. This initiative is based on the Shared Value concept. Mazars’ Yearbook 2015 is entitled ‘Creating Shared Value’ and its contents are all related to this concept.
Useful material about Shared Value
Rethinking Capitalism, an interview with Michael Porter
Creating Shared Value
By Michael E. Porter and Mark R. Kramer
Creating Shared Value: It’s the Future
by FSG Impact