DAVOS, Switzerland 

It is critical for the 21st century to redefine declarations of corporate purpose to produce solutions for the problems faced by both people and the planet, a distinguished British economist told Anadolu Agency.

“The future of corporate [purpose] will be based on the idea that profit should be a product of a corporation’s purpose, but not the purpose of the corporation,” said Colin Mayer CBE, professor at Peter Moores of Management Studies at the Said Business School at the University of Oxford.

He said the purpose of corporate purpose is an integral part of running a business, as

Read more: Economist sees corporate future in purpose before profits