Business leaders have greater responsibilities than obeying the law

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The FT published this as an editorial last night:

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They are right, of course.

But this does not just apply to pensions. It also applies to tax. And corporate reporting. And the environment and so much else.

But this requires three other things.

The first is that business should realise that regulation exists for a purpose.

The second is that they should stop the talk of the burden on business: fair competition that does not leave innocent victims behind is not a burdensome activity; it's a necessity, but so are the rules that let it happen.

Third, the law should be enforced and right now in tax, company law and I am sure many other areas that is not done because of a lack of resources and a importantly a lack of willing on the part of a government that doe not really believe in its own role.

Business ethics are vital. But so is the rule of law. It's time both sides changed their attitudes to make sure that we get the very best business we can. We're too often a long way from there right now.