It seems Professor Shergold is creating a new capitalist economics for business.
It is, however, unclear whether it is realistic or feasible to ask business of so many firms to do so.
It ignores the difference in the role the government should play and the role businesses should play.
Certainly there would be free riders, and perhaps many will be such free riders under what the professor is proposing!
A fundamental economic principle from Adam Smith is that social value is created at the same while every unit is pursuing it own interests!
That has been the social basis for capitalist businesses.
Now the professor is challenging that very principle!
I am not sure his proposal is sound from business point of view.
I think a possibly feasible proposal is to appropriately regulate businesses by government, so the Smith principle can always hold even when market is imperfect!
That role is for government, not for businesses, I would imagine.