Promoting Inclusive Growth Through Responsible Business In Greater Manchester.pdf

This briefing paper highlights the importance of business engagement in achieving inclusive growth, focusing on responsible business practices within Greater Manchester. It draws from two reports by the Inclusive Growth Analysis Unit (IGAU).

Key Points:

1. Responsible Business and Inclusive Growth: Engaging businesses is crucial for inclusive growth strategies. Existing Environmental, Social, and Governance (ESG) and Corporate Social Responsibility (CSR) frameworks can guide responsible business behavior but need to be enhanced to explicitly support inclusive growth objectives.

2. Inclusivity Focus: Inclusive growth aims at economic inclusion, addressing both inequality and social mobility. It's not just about poverty reduction but ensuring a fair share of prosperity for all, including those in working households.

3. Responsible Business Framework: The paper proposes an Inclusive Growth Responsible Business Framework with four pillars:
- Economic Inclusion in Prosperity Created by Growth
- Inclusion of Stakeholders in Decision Making and Governance
- Inclusion through Diversity and Equality
- Environmental Sustainability

4. Screening and Engagement: Current ESG approaches focus on screening (measurement and monitoring) and engagement (raising standards). The reports examine how these can be adapted to support inclusive growth, emphasizing the need for better coordination of local activities.

5. SME Support: Greater attention should be given to supporting Small and Medium Enterprises (SMEs) in contributing to inclusive growth due to their significant role in local economies.

6. Opportunities: The new Productivity and Inclusive Growth program offers a major opportunity to drive responsible business practices and inclusive growth in Greater Manchester.