Hello everyone. I founded the Virgin Group in the 1970s and our non-profit foundation Virgin Unite, which celebrates its 20th anniversary this year, in 2004. I have always believed in bringing together great minds to solve some of the world’s toughest challenges — and that idea has led us to set up brilliant collectives like The Elders, The B Team and the Planetary Guardians.

We can all be proud of The B Team’s work over the past 11 years, demonstrating that purpose and profit can go hand in hand. I’m thrilled, too, for my friend and former B Team CEO Halla Tómasdóttir, who was elected President of Iceland earlier this month. The B Team has lost an incredible leader, but for a wonderful reason. Our loss is Iceland’s gain. Well done to the people of Iceland for recognizing what an extraordinary person Halla is.

Since I started in business in the 1960s, I’ve always used my voice to speak up on causes I am passionate about, whether it was protesting the Vietnam War, tackling climate change or, more recently, standing up for the people of Ukraine.

2024 is the biggest election year in human history, with nearly half the world’s people voting to elect their next leader or legislature. And around the world, democracy is on the ballot. Values and principles that many of us hold dear are at stake: freedom, the rule of law, human rights. There is no doubt that this year could have a magnitude of consequences, rippling far into the future.

Halla’s election in Iceland gives me hope. Elsewhere, things are not looking quite as good. More than 50 countries are experiencing “severe” declines in freedom. Only about 20% of the global population is said to live in truly free nations. This is worth remembering every day.

These trends are more alarming in the context of countless other threats. From armed conflict and oppression to the manmade planetary crisis, the world is not short of material challenges.

More than ever, business must be part of the solution. In this moment of numerous existential threats and declining public trust, it is so important for business leaders to stand up for what is right and just.

Responsible business depends on healthy democracies.

Democracy provides a stable, predictable environment for businesses to operate and grow. To thrive in the long term, business depends on good governance, stability, fairness and the rule of law. Where these things are threatened or nonexistent, the operational and reputational risks are just too great.

Democracy fosters accountability and collaboration, which are key to building trust. In a democratic society, businesses are in part accountable to the public, encouraging ethical norms and reducing corruption. Companies are incentivized to act with transparency and partner in ways that contribute to societal goals.

Democracy promotes innovation and competition — two cornerstones of economic progress. Providing a level playing field where businesses can compete on merit, democracy spurs creativity, productivity and technological breakthrough.

Democracy empowers citizens and stakeholders, including employees and communities, to have a voice in decision-making processes. This encourages a diversity of ideas and leads to more sustainable, people-first business practices.

Freedom and democracy are the strongest drivers of prosperity the world has ever seen. Think about Europe after World War II or Eastern Europe after the Cold War. The cause unites people in every corner of the world, including business leaders. In the United States, for example, 96% of surveyed business leaders believe the existence of a well-functioning democracy is “important” to a strong economy. More than 80% believe that businesses should act to protect democracy and support safe and fair elections.

Our democratic institutions are not perfect; they never will be. But imperfect institutions are not failed institutions. Someone once said that democracy is a slow process of stumbling to the right decision instead of going straight forward to the wrong one.

If we can change business for good, we can and must do our part to change the world for the better. And if we believe in democratic institutions, then let’s put in the work to improve them. This begins with bringing people together to strengthen civic engagement, not stoke division. An informed, active citizenry is more important and more lasting than its political leaders. Citizens are leaders.

At The B Team, we are prioritizing the importance of voter participation in this year’s elections. Please take a minute to consider some of the things all businesses can do to ensure as many as people as possible exercise their right to vote:

• Offer flexible working arrangements on Election Day.
  
• Provide paid time off to go vote.
  
• Send reminder emails to employees on or close to Election Day.
  
• Offer childcare support on Election Day.
  
• Publicize postal voting for employees unable to get to their polling station.
  
• Organize a voter registration drive.

Nonpartisan initiatives like Time to Vote in the United States are catalyzing momentum across the business community to increase voter participation in democratic elections. I invite you to learn more about their work and consider joining the growing movement.

We have reach, access and resources. Let’s use them to bring about positive change. For freedom. For democracy. For a better world for all.

"The Catalyst" is The B Team’s monthly newsletter which showcases ways in which leaders are advocating a better way of doing business. Subscribe to receive updates.