The Business Relationships, Accountability, Sustainability and Society (BRASS) Centre, was officially opened at Cardiff University, UK, with the task of assisting the creation of new and better businesses for the 21st century.
It is the first centre funded by the Economic and Social Research Council (ESRC) to be established in Wales and will become a UK national centre of excellence for research in the social, ethical and environmental impact and responsibilities of business.
"Research at BRASS will not only advance social sciences, but will provide relevant, useful and, most importantly, convincing research that will inform policy makers and practitioners in industry and elsewhere," said Dr Gordon Marshall, Chief Executive of the ESRC. "The Centre represents a large canvas of interesting and important work which will produce a fascinating stream of results and analyses."
He added: "Now is a good time to enter social science research, given the increasing recognition of its contribution to economic competition and in enhancing the quality of life."
BRASS is one of the national centres, funded by the ESRC, which address seven priority themes as identified through scientific reviews and a major national consultation with the academic community and users of social science research from the public, private and voluntary sectors.
"All ESRC Centres can be assured that their approach has been judged by independent peer review to be of the highest quality in the UK," added Dr Marshall. "In the eyes of science peers BRASS was judged to be the best. Colleagues at Cardiff University can feel justly proud of the Centre's addition to the portfolio of ESRC activities."
The £3.1 million ESRC investment is the largest ever social sciences award in Wales and will enable researchers to create a greater understanding of those issues that will enhance business practice and improve legislation and public policy initiatives.
"The need for businesses to become more sustainable, more socially responsible and more accountable is widely acknowledged," said Professor Ken Peattie, Director of the BRASS Centre. "The challenge for businesses is how to change for the better, in the face of intense competitive pressures and rapid changes in the global economy,"
The BRASS Centre is an interdisciplinary venture, involving Cardiff University's schools of Business, City and Regional Planning and Law. It brings together the three departments' existing research expertise on issues of sustainability, business ethics, company law, corporate reporting and business communication. It also builds on their existing research strengths by focusing many of its key research projects in the food, automotive and electronics industries.
BRASS's initial research projects include many which deal with the most high profile issues on the business agenda. These include an investigation into the handling of the foot and mouth crisis; an enquiry into the role that non-executive directors play in maintaining standards of corporate behaviour in the light of the Enron and Worldcom scandals; and a study of the impacts that new environmental legislation is having on UK companies.
"The £3 million investment into BRASS covers an initial five year period, but this should just mark the beginning of the Centre's contribution to creating more sustainable and responsible businesses locally, nationally and globally," said Professor Peattie.