A MOVE towards more responsible business practices may be one of the few tangible benefits of the recession.

According to survey by Business in the Community in Ireland, seven out of 10 chief executives in Ireland now believe the way business is conducted here will change for the better as a result of the recession.

Perhaps unsurprisingly in a period of such financial instability, respondents pinpointed the need to reduce costs, impose stricter governance and reassess income expectations as key aims for their businesses.

The top reason cited among executives for having a more responsible business agenda was to deliver sustainable, long-term growth for their business.

Nearly two-thirds of respondents claimed a more responsible ethos gave them a competitive advantage over rivals.

One-third also stated their company brand and reputation had benefited as a result of adopting such practices while one in five said customer loyalty had improved. However, the survey, published to coincide with national corporate responsibility week 2011, found barriers remained for those looking to incorporate more responsible practices into their business.