Successful chief executives have always had to balance much more than their budgets in managing competing interests. But today’s feverish politics ensure the instant glare of the public spotlight on any supposed misstep – followed by political payback and community backlash, at least as defined by social media.
But the immediate theatre will come from senators keen to demonstrate next month they are standing up for consumers – and suppliers – against greedy supermarket bosses. According to Weckert, Australian consumers already have plenty of choice in their grocery shopping despite Woolworth’s 37 per cent market share and Coles’ 28 per cent last year.
It was only a few years ago, for example, that big corporates attracted criticism for not doing enough to champion broader socially progressive issues. The original notion of the triple bottom line was overtaken by the fashionable acronym of ESG, with environmental, social and governance issues often dominating presentations to analysts and investors.
The return of inflation has clearly increased demands for politicians – and therefore companies – to concentrate on offering more practical assistance to deal with the cost of living.