Our Purpose
Changing Business for Good.
Created more than 50 years ago, Virgin spans multiple sectors and industries, driven by Richard Branson’s ambition to create a brand and businesses (no matter the sector or territory) that truly put the wellbeing of its people and customers at the heart of every product or service we launched. A brand that at its core would always: Be Human, Be Visionary and Be Brave, for the good of all, by challenging the status quo and shaking up markets, while championing people and the planet.
By defining our purpose as Changing Business for Good we are strongly stating that this is not a case of lip-service but tangible, positive, impactful action. And importantly we want to be a shining example and inspiration to all businesses, globally.
Future-proofing our purpose ??
Conversations around sustainability and inequality are becoming more urgent, and it is vital to ensure Virgin continues to look out for our people, our customers’ and our planet's best interests for the next 50 years and beyond.
Recently, we’ve made a number of important changes to ensure Changing Business for Good is always at the heart of everything we do.
The Virgin brand has never agreed with shareholder primacy and disappointingly it is currently law that every company in the UK should put their profits for shareholders above the wellbeing of any other stakeholder.
We believe that is not the way a purpose-led business (or any business) should be run. So, in 2021, Virgin Management, Virgin Red and Virgin StartUp took the decision to amend our articles of association for Virgin Group, pledging to always consider the wellbeing of all stakeholders (not just shareholders) in every business decision we take going forward.
This important change shows clearly that we are committed to our belief that business should be a force for good in the world and to make sure our purpose, Changing Business for Good, is at the heart of our constitution.
By amending our articles, we’re clearly showing that our purpose is at the heart of every decision we will make from now on. This is a legally binding document which governs how the Virgin Group will be run, now and in the future. We will ensure the decisions we take are in the best interests of our people, customers, partners, communities, suppliers and the environment.
Really importantly, changing our articles means that we will be thinking about all stakeholders when we consider:
the industries we are in and how we show up in them
the markets we operate in
and the partners we choose to work with
To support our people to embed purpose in the day-to-day running of our business and when making investment decisions, we developed a ‘Purpose Decision-Making Filter’. The filter not only ensures that we always prioritise all stakeholders, but also that we embed our core ‘Purpose Pillars’ into the heart of every business decision we make. These pillars include flourishing people, thriving communities, a healthy planet for all, and radical collaboration.
To shine a light on the value of purpose-driven business, we’ve put together a series of case studies that showcase a different way that Virgin has led from the front and changed business for good.
