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Kaplan David McMillan  \nWorking Paper 21-028  \nUpdating the Balanced Scorecard for Triple Bottom Line Strategies  \nRobert S. Kaplan  \nHarvard Business School  \nDavid McMillan Palladium  \nWorking Paper 21-028  \nCopyright © 2020 by Robert S. Kaplan and David McMillan.  \nWorking papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author.  \nFunding for this research was provided in part by Harvard Business School.  \nThe authors acknowledge the assistance and support from Palladium colleagues: Joan Cabezas, Amanda Fernandez, Elizabeth Godo, Elena Gomez, Jee-Ho Kang, Aldo Labaki, Christina Shim, Eduardo Tugendhat, and Diego Vergara.  \nUpdating the Balanced Scorecard for Triple Bottom Line Strategies  \nRobert S. Kaplan 1 and David McMillan2  \nAbstract  \nMany companies are now attempting to achieve triple bottom line performance on financial, environmental and societal metrics. Successful strategies for such performance, however, generally require new relationships among multiple players in multiple sectors across a company’s supply chain for products and talent. The Balanced Scorecard (BSC), originally developed to describe and implement a single organization’s strategy, needs to be adapted to reflect such multi-stakeholder strategies for triple bottom line performance. The Financial perspective is replaced by “Outcomes”to encompass financial, environmental, and societal metrics; Customer becomes “Stakeholders” to reflect the interests ofthe multiple participants in the ecosystem; and Learning & Growth becomes“Enablers” to include the new capabilities for collaboration and alignment. The paper motivates and illustrates the new framework with examples from innovative agribusiness ecosystems.  \n1 Harvard Business School  \n2 Palladium  \nUpdating the Balanced Scorecard for Triple Bottom Line Strategies  \nSociety increasingly expects businesses to help solve problems of environmental degradation, inequality, and poverty. Several business leaders, such as Paul Polman and Larry Fink, have embraced this challenge to make business a better partner with government and civil society. The Business Roundtable, the leading gathering for FORTUNE 500 CEOs in the United States, stated, in August 2019,“Each of our stakeholders is essential. We commit to deliver value to all of them, for the future success of our companies, our communities and our country.” The World Economic Forum 2020 meeting in Davos featured the theme “Stakeholder Capitalism: A Manifesto for a Cohesive and Sustainable World.” Dozens of leading multinational companies have joined OECD’s Business for Inclusive Growth (B4IG) coalition to ensure economic growth creates economic opportunity and equality for all stakeholders.  \nThe heightened attention for companies to serve all stakeholders, not just their shareholders, apparently rejects Milton Friedman’s advocacy of shareholder primacy. Friedman acknowledged the existence of societal problems but argued that these were best solved by governments, not businesses. He stated that “the business of business is business,” and that companies best advance society’s interests by developing, producing, and selling products and services that meet customers’expectations, create jobs, and make money for shareholders.“The one and only social responsibility of business is to use its resources to increase its profits, so long as it stays within the rules of the game – engage in open and free competition without deception or fraud.” Essentially, Friedman concluded, solving societal problems is not a role that business performs well, and attempting to do so would make it less effective in creating income and wealth through its private profit-maximizing  \nactivities.  \nFriedman’s advocacy for shareholder prima","cbCaitZHY7OmOEL8","https://ap.wps.com/l/cbCaitZHY7OmOEL8","pdf",1035727,6,25,"English","# Abstract\n## Triple bottom line requirements\n## Balanced Scorecard adaptation: Outcomes, Stakeholders, Enablers\n## Illustrative examples in agribusiness ecosystems","[{\"question\":\"Why does the Balanced Scorecard need to be adapted for triple bottom line strategies?\",\"answer\":\"Triple bottom line execution depends on new relationships among multiple players across the supply chain. The original BSC structure for a single organization does not directly capture these multi-stakeholder dynamics.\"},{\"question\":\"What changes does the paper propose to the Balanced Scorecard perspectives?\",\"answer\":\"It replaces the Financial perspective with “Outcomes” to cover financial, environmental, and societal metrics. It also changes Customer to “Stakeholders,” and reframes Learning \\u0026 Growth as “Enablers” for collaboration and alignment capabilities.\"},{\"question\":\"How does the paper support the framework?\",\"answer\":\"The paper motivates and illustrates the revised framework using examples from innovative agribusiness ecosystems.\"}]","Updating the Balanced Scorecard for Triple Bottom Line Strategies - Working Paper 21-028 - Abstract correction | PDF",1789178109,9]