Reinventing capitalism for the long-term is a far from easy task. There is a growing acceptance among business leaders of the need to broaden the pursuit of shareholder value to one that is based on inclusivity, sustainability and purpose. This newspaper has welcomed the direction. Some attempts to confront the problem, however, have been only skin deep. Adding the label “purpose” on to existing corporate models will not be enough. Companies and policymakers should not be afraid to explore whether the change should start at the foundations of the business world, and whether new corporate structures are needed to take capitalism in this new direction.

Plenty of models already exist, from co-operatives and mutuals to employee partnerships, trusts and foundations. Corporate forms are, of course, no panacea for mismanagement — but many of these other models have become starved of attention by the dispersed share ownership model of the listed company. The danger is if countries tend towards a corporate monoculture. Policymakers should encourage a plurality of models. Boards too should remain open to potential changes of corporate form — the choice should not simply be a binary one of going public through a listing on the stock market or remaining private. In the US, the benefit corporation — with a mandate to benefit all stakeholders — is gaining momentum. A recent example of what can be done is that of Julian Richer, founder of the audio and entertainment chain Richer Sounds, who has handed control of the business to staff. Not many company owners willingly give away stock to employees but it underlines that corporate form need not be static.

Today’s leaders need to be aware that the younger generation of entrepreneurs value purpose, and ESG, more than their older forebears. These young entrepreneurs should have the option to choose models that suit those broader objectives better than the traditional route from start-up to IPO. The company of the future will not necessarily look like the company of today.