20 years on, the system hasn’t kept up. It’s time for an upgrade.

Today, 9 June 2026, marks Better Business Day, a moment to reflect on what business can and should be. For many organisations, the day is a chance to reflect on what business looks like when the focus is no longer solely on shareholder profit, rather, on creating long-term economic value alongside positive social and environmental impact.

At Miller Research, we see this in practice every day. As a B Corp, employee-owned business and Living Wage Employer, we believe that how we do business matters just as much as what we deliver. While this approach is becoming more common, much of the legal and regulatory framework that underpins UK business has not kept pace.

One example is Section 172 of the Companies Act 2006, which requires company directors to act in good faith to promote the success of the company for the benefit of its shareholders. Although it acknowledges wider considerations, its core emphasis still reflects a model of business that is now over 20 years old.

The Better Business Act proposes a simple but important change: updating Section 172 so that all UK companies are legally required to consider their impact on people and the planet alongside shareholder interests.

We support this change. It reflects how many businesses already operate: recognising that long-term success depends on the wellbeing of employees, customers, communities and the environment, not just financial returns.

What this could mean for Wales

Through our work with B Local Cymru, we’ve seen first-hand how Wales is well positioned to lead this transition. Earlier this year, we worked with the network to explore how businesses can collectively support policy and systems change. One message was clear: Wales has a strong foundation. It combines a connected business ecosystem with close relationships between organisations and policymakers, making collaboration more achievable than in many other parts of the UK.

Wales also benefits from a progressive policy landscape. Legislation such as the Well-being of Future Generations (Wales) Act and the Social Partnership and Public Procurement (Wales) Act already places emphasis on long-term, socially responsible outcomes. Alongside this, businesses across Wales are putting these principles into practice, demonstrating what a more responsible, inclusive economy can look like.

Through our work as Co-Chairs of B Local Cymru, we’ve seen the impact of collective action in bringing these businesses together to influence policy and drive change. The opportunity now is for the legal framework to catch up with what is already happening in practice.

Time to upgrade

We support the updating of Section 172 which would bring company law in line with how modern businesses operate and the expectations placed on them.

It would:

• Clarify directors’ responsibilities to focus on long-term value, not just short-term profit
• Align UK company law with Welsh policy ambitions, supporting joined-up economic and social goals
• Support a more inclusive and sustainable economy, benefiting people, communities and the environment

In short, the Companies Act reflects a 2006 model of business. The reality of business in 2026 has moved on, and the legal framework should too.

How you can support change

• Write to your MP
• Support the Better Business Act
• Join the wider movement calling for change

Better Business Day is an opportunity to recognise the progress already being made, particularly here in Wales. But it is also a reminder that further change is needed.