The debate over the role of business in society has grown sharper in recent years. Some argue that corporations should focus only on delivering profits to shareholders. Others maintain that lasting success depends on addressing broader social responsibilities. Dame Alison Rose, who spent more than three decades at NatWest Group and served as its chief executive from 2019 to 2023, is firmly in the latter camp. She believes that businesses not only can serve society but must do so if they are to thrive in the long term.
Her conviction comes from years spent navigating the complexities of banking through crises and transformation. Rose has seen first-hand how decisions made in corporate boardrooms ripple out to communities, shaping access to credit, opportunities for entrepreneurs, and even the confidence of households. In her view, the notion that business is separate from society is outdated.
A Broader Mandate
When Dame Alison Rose stepped into the role of chief executive, she carried a mandate to restore trust and ensure the bank’s relevance in a rapidly changing world. For her, this meant broadening the definition of value beyond quarterly earnings. She emphasized that an institution like NatWest held a responsibility to the wider economy, from small businesses looking for their first loans to families striving for financial stability.
She often pointed out that companies draw legitimacy from the societies in which they operate. If they undermine the health of those societies—by neglecting environmental concerns, ignoring inequality, or pursuing narrow self-interest—their own foundations erode. In Rose’s eyes, the smartest strategy is one that strengthens communities while also strengthening the bottom line.
Supporting Entrepreneurs and Small Businesses
Rose became widely known for championing small and medium-sized enterprises. She recognized that entrepreneurs drive much of the innovation and job creation in the UK, yet many face hurdles in accessing financing and support. Her work included expanding resources for female entrepreneurs, after research revealed persistent gaps in funding and mentorship.
This focus reflected her belief that inclusive growth is not just a matter of fairness but a driver of resilience in the wider economy. By helping a broader range of business owners succeed, financial institutions help ensure that opportunity is not concentrated in too few hands. Rose saw this as both a moral responsibility and a strategic imperative.
The Climate Challenge
Another area where Rose pressed for action was sustainability. She viewed climate change as one of the most significant challenges facing both society and business. Under her leadership, NatWest committed to aligning its lending and investment strategies with net-zero goals, with the recognition that banks play a central role in shaping which industries expand and which contract.
Her perspective was that environmental responsibility and financial prudence could not be separated. Businesses that ignored climate risk, she argued, were underestimating the long-term costs that would come from inaction. By contrast, those that invested in sustainable transitions stood to benefit from new markets and future stability.
Rebuilding Trust
Rose’s tenure was also marked by a determination to rebuild trust in banking. After the 2008 financial crisis, the public’s confidence in large financial institutions had been deeply shaken. She sought to address this by fostering transparency and accountability, emphasizing that culture inside a bank shapes the experiences of customers outside it.
She believed that serving society required listening—whether to regulators, customers, employees, or communities. By embedding responsiveness and responsibility into business culture, she aimed to restore a sense of legitimacy that could not be achieved through financial performance alone.
Business as a Social Partner
The theme running through Rose’s leadership was the idea of business as a social partner. In her view, success and responsibility were not competing goals but mutually reinforcing. Companies that invest in people, protect the environment, and act with integrity build resilience and long-term profitability. Those that do not are vulnerable to erosion from within and backlash from without.
For Rose, the measure of a business is not just in dividends paid but in the confidence it generates among the communities it serves. As she explored in further depth in this piece on Female First, profits may keep shareholders invested, but it is trust and contribution that keep society invested.
A Lasting Lesson
Looking back on her career, Rose underscores that leadership is not about choosing between business performance and social value. It is about recognizing that the two are intertwined. A company that sees itself as part of the fabric of society does not just endure; it earns the right to grow.
Her conviction remains clear: business must serve society, because society is what gives business its purpose.
For more on Dame Alison Rose, check out the following article: