Mass. CEOs pledge to help create 'sustainable economy'

By Jillian Jorgensen, Globe Correspondent  |  April 24, 2009

WASHINGTON - Expressing concern that business is getting a poor reputation in the wake of the current economic downturn, leaders of some Massachusetts businesses in sectors ranging from higher education to pharmaceuticals yesterday pledged to help create a "sustainable economy," focusing on business practices that consider not just profits, but people, and the environment.

The Massachusetts chief executives joined a conference held by the Progressive Business Leaders Network aimed at creating socially and environmentally responsible economic growth.

"It is harder during an economic crisis to hold yourself to a higher standard of people and planet in addition to profits. But, in many ways, it's the perfect time," said Tom Dretler, the president of the network and chief executive of Eduventures Inc., a Boston higher education consulting firm.

The mantra for many at the conference was adhering to a "triple bottom line" - people, planet, and profits, Dretler said.

"We believe, and we are starting to see, that the most successful companies over the long term are the ones that have that triple bottom line pledge," Dretler declared.

Joshua Boger, the chief executive of Vertex Pharmaceuticals Inc., of Cambridge, Mass., said struggling businesses may realize the 1990s model of maximizing quarterly profits is flawed, and prompt them to focus on socially responsible long-term investments. "Never waste a crisis," he said. "Crises are not fun to be in, but they're tremendous opportunities for change. People will drop all kinds of predispositions in a crisis."

For Boger, social and environmental responsibility begins with his company's basic belief and business plan, as highlighted in its mission statement and investor presentations: Benefits to the patient come first, and profits will naturally follow.

Other Massachusetts attendees included chief executives Jim Boyle, of Sustainability Roundtable Inc., Paul Sagan, of Akamai Technologies, and James Roosevelt Jr., of Tufts Health Plan. Senator John F. Kerry of Massachusetts delivered the keynote address.