The perception of business in Malta is generally a negative one, with companies manipulating customers and markets, abusing workers, particularly immigrants; property developers pushing ahead with little or no regard to the environment, and businessmen being caught in fraud and corruption, most of the time in collusion with politicians.
The Church cannot look the other way. It is the Church’s right to speak on economic and social problems to attune society to the needs of human dignity. It might be unable to give technical or scientific solutions, but it can speak out on the social problems that are afflicting society and that change the attitudes of the people who contribute to finding solutions to an ailing business and economic mentality.
Add to this the significant ethical concerns arising from the growth of finance and technology, issues related to cybersecurity and the invasion into privacy by means of algorithms, and the power concentrated in a few global technological companies. Board directors and management cannot be indifferent to fundamental ethical matters, and they have a direct responsibility towards society.
Pope Francis has pronounced himself clearly on his dissatisfaction with the way business is conducted today. He, however, is hopeful that a “new economy” will emerge that includes all, and that promotes human dignity and development, placing the person in the centre of all decisions.
The exercise around the “Economy of Francis”, assigned to young economists from around the world by Pope Francis, is to propose the way the economy can be regenerated in a world of peace and justice. The starting point is “work that cares, that contributes to the restoration of full human dignity, that will help to ensure a sustainability for future generations; and an economy that is at service of people, that replaces indifference with care; an economy that cares for creation, and that leaves no one behind, by giving hope to the younger generation”.
Addressing 27 business leaders known as Guardians for Inclusive Capitalism, in December 2020, a brainchild of Lynn Forester de Rotschild, the pope proposed an “economic system that is fair, trustworthy, and capable of addressing the most profound challenges facing humanity and our planet with urgency”. The Guardians announced pledges toward environment and sustainable business goals that form part of the ESG (environmental, social and governance) movement, in alignment with the pope.
In a meeting in 2022 with Deloitte Global at the Vatican, the pope encouraged employees present “to always remain aware that they leave a mark”. The ‘mark’ he was referring to is a contribution to human development while encouraging “entrepreneurial biodiversity” with a “cultural responsibility” to ensure professional, anthropological and ethical standards that are aligned to an “evangelical vision of the economy”.
In practical terms, the main question remains: is business prioritising its stakeholders – workers, customers, community – over an excessive drive for profit?
Do board members and management have an appropriate regard of the interest of their workers by giving them purpose in their life, creating an environment for them to be innovative, and empowered to be of service to others?
Are the products and services being provided enhancing the well-being of customers?
Is their special regard for the sensitivities of a diversified community and the sustainability of the world?
It is still a long way to achieve a real purpose for business, but it does not mean that it cannot be done.