"You can see the success of companies that elevate their purpose," Elliott said.
"The interesting thing is when you elevate purpose, your profit goes up so it's not about choosing one or the other, and I think every day more and more people are making smart choices and thinking more about what they buy."
Panelist Mark Powell, former chief executive at The Warehouse Group and CEO in residence at Massey University, said being ethical had a flow on effect from staff and company profit to society as a whole, and was an advantage in attracting and retaining staff.
"People are motivated by working for a company that is doing good or seen to be trying to make a difference," Powell said.
"People want to feel good about where they work and you don't just want compliance as a chief executive, you want commitment," he said. "So is ethical business good business, I think it is - it's good for customers, it's good for your team and your people and it is good for profit and for society."
According to Elliott, being a conscious business was becoming more important for younger staff, with 80 per cent of millenials wanting to work for a company or buy from brands that had a positive social impact.
Panelist Michele Embling, chair of PwC New Zealand, said its annual CEO survey showed customers were becoming the main driver for business strategy rather than shareholders - a shift that had occurred in the last year or so.
She said ethical business was becoming a major factor in customer's buying choices and brand support as well.