Monash Memo - articles - 21 November 2001

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Tim Costello talks mutual obligation

In a fascinating and entertaining address, author, lawyer, social commentator and Monash alumnus the Reverend Tim Costello discussed mutual obligation and the corporate sector at a Faculty of Business and Economics Business Associates breakfast last week.

In his address, titled 'Does mutual obligation extend to the corporate sector?', at the Peninsula campus, Rev Costello said that while in recent years there had been a profound shift in public and corporate attitudes towards 'corporate citizenship', there was still a need for improvement.

"People now expect more of business ­ that you are a social trust, a public trust, that your vocation isn't only to make money. There is this profound expectation we have of you to recognise that in making money you need to work to create a better society," he said.

"But there is scepticism out there ­ people do not believe that business will get to this point, that it may do a little but it will largely be window-dressing in the belief that profits will increase."

Rev Costello quoted a recent survey in which one out of five Australians avoided a company's product if they perceived it wasn't socially responsible.

"Many consumers form their impression of a company based on labour practices, business ethics, responsibility to society at large or environmental impacts," he said.

From left to right: Associate Professor Ron Edwards, Professor Bill Schroder, Rev Tim Costello and dean of the Faculty of Business and Economics Professor Gill Palmer.