…China, Japan lead with 79% and 78 % respectively
By Princewill Ekwujuru
PricewaterhouseCoopers (PwC) survey conducted on family businesses globally has shown that only 16 percent of Nigerian family businesses prioritize sustainability plan for growth agenda in their business model, as China and Japan lead in business sustainability.
The survey noted that the key priorities facing Nigerian family businesses are different from global trends which reflect the market condition.
The survey which was conducted across 87 territories revealed that the current thinking and outlook of 2801 family businesses show that Asian family businesses led the pack with commitment to prioritizing sustainability in their strategy with Europe and American family businesses lagging behind China and Japan.
The survey reported that 79 percent and 78 percent of respondents in China’s mainland and Japan respectively considered sustainability at the heart of everything they do compared to USA’s 23 percent and UK’s 39 percent.
The survey also observed that this reluctance to embrace sustainability comes despite the fact that family owned businesses are highly likely to see a responsibility to society.
According to Family Business Leader at PwC, Peter Englisch, “family businesses globally have a strong commitment to a wider social purpose. But there is a growing pressure from customers, lenders, shareholders and even employees, to demonstrate a meaningful impact around sustainability and wider ESG issues.
He added: “Many listed companies have started to respond but this survey indicates that family businesses have a more traditional approach to social contribution. Family businesses must adapt to changing expectations and, by failing to do so, are creating a potential business risk.”