Peter Underwood Senior Lecturer Faculty of Law University of Auckland

The phrase “go woke, go broke” is often used by critics of corporate social responsibility. It implies that companies face a binary choice: embrace progressive values or pursue profit. But this dichotomy between “wokeness” and capitalism is both simplistic and increasingly out of step with corporate reality. Many companies are embedding social, environmental and ethical considerations into their business strategies – not in spite of profit, but because it contributes to long-term value creation. Understanding this shift – and the backlash to it – is fundamental to grasping modern corporate responsibility. For decades, shareholder primacy prevailed in global business. This…