Newsletter | 730 Days of Inspiration, Action, and Progress
Notes from the Council | December 2022
Last week, the Council for Inclusive Capitalism celebrated its second anniversary, building on a year of remarkable growth. Witnessing the energy and ingenuity this community brings to the work of making economies more inclusive and sustainable gives me hope for the future.
Members of the Council for Inclusive Capitalism know the strongest and most valuable businesses are those that profitably create value for everyone — consumers, employees, communities, shareholders, and the planet. This is not woke, as my friend Professor Bob Eccles of the Said School at the University of Oxford says, it’s simply capitalism. And those leaders correctly reading systemic risks do not wonder whether we should do the work. They instead ask, “How shall we do it?”
It will take a global movement to realize the change we need. That’s why the Council for Inclusive Capitalism took our work and that of our members this year to the World Economic Forum’s Annual Meeting in Davos, Climate Week in New York City, and the Thomson Reuters’ Trust Conference in London. At the United Nations COP27 in Sharm el-Sheikh, we cohosted an event with the WBCSD to explore guidance on a just transition for leaders in the energy and food sectors, and we presented our Just Transition Framework for Company Action as a resource for private and blended finance projects during an event with the World Benchmarking Alliance. And at the G20 summit in Bali, we partnered with AVPN to convene dozens of leaders in business, finance, philanthropy, and policy to galvanize action and collaboration on capital mobilization needed to deliver a just energy transition.
These global gatherings are important to accelerating private sector leadership for a more inclusive capitalism. But even more important are individual business leaders recognizing their agency, taking action, and sharing their actions for others to learn from.
If you are not already a member, I invite you to join the Council for Inclusive Capitalism. Be part of this community of more than 365 private and public sector leaders putting forth more than 650 actions that demonstrate how businesses can profitably meet the climate and inequality challenges of our time. The Council now hosts the most comprehensive platform of private sector actions for inclusive capitalism tied to the Sustainable Development Goals and WEF Sustainable Value Creation Pillars. We also launched this year the Inclusive Capitalism Learning Series for business executives to share best practices and learn from others. See our line-up of virtual events and join us next year as we work to support our members finding and adopting new ideas to deepen their impact.
I am proud of how we continue to grow our leadership across geographies, welcoming seven new leaders to our Steering Committee this year to guide our work and show us new directions for progress:
- Eduardo Bartolomeo, CEO of Vale
- Natarajan Chandrasekaran, Chairman of Tata Sons Ltd
- Lim Boon Heng, Chairman of Temasek Holdings
- Pelin Akin Özalp, Afken Holding Board Member
- Punit Renjen, CEO of Deloitte Global
- Dan Schulman, President and CEO of PayPal
- Feike Sijbesma
We launched the Council for Inclusive Capitalism in 2020 with inspiration from Pope Francis’s public appeal to business leaders to respond concretely to the issues of our day. We also recognize that the work of inclusive capitalism belongs to each of us, regardless of where we come from or what we believe. While a secular organization, we welcome guidance from global faith and ethical leaders on the moral imperative to act for our economics to be inclusive and sustainable. Read our guiding principles to learn more about the values and approach to business and investment that the Council believes will extend the benefits of our economic system to all people and build a more sustainable future.
The Council for Inclusive Capitalism is a platform for action. We are a community of learning. We are a movement for change. I am excited to see where your actions will take inclusive capitalism in 2023. Sign in to your account to offer new commitments to action that your company has pursued this year. Or, if you are new to inclusive capitalism, join us to learn and take action. As we each share updates and actions, we inspire others to keep aiming higher with us.
Let us celebrate the milestones we have achieved together and anticipate the good work to come.
Lynn Forester de Rothschild
Founder and Co-Chair
Council members look toward 2023 with hope
|View more than 200 company actions to reduce inequalities
Dismantling systematic barriers to equitable personal finance with OurBanc
The United States Federal Deposit Insurance Corporation (FDIC) estimates American Black and Hispanic households are six times more likely than white households to go without checking or savings accounts. Should businesses worry that roughly 63 million Americans don’t use essential banking services? David Dwumah, CEO of financial technology startup OurBanc Corporation, highlights how unlocking greater economic participation for these potential customers is key to closing the racial wealth gap — and a big opportunity for business.
“Economic inequality and a lack of access to opportunities have historically created societal tensions,” he writes in a new interview with the Council for Inclusive Capitalism. “By implementing a more inclusive financial system, we give ourselves a much better chance to resolve these domestic and global challenges, bolster trust and confidence in our economic system and way of life, and demonstrate our ability to adapt to changing times.”
OurBanc’s mission is to improve the financial health of Americans by dismantling systematic barriers to equitable personal finance. Read how they are bringing together public and private institutions and community stakeholders to discover new opportunities that create prosperity for all.
Putting Purpose at the Core of Business Practices
What is the difference between “purpose” and “ESG”? Are they just two ways of talking about the same thing? And is it really possible — or desirable — to try to measure purpose in practice?
On December 8, the Council for Inclusive Capitalism hosted Charles Wookey, former CEO of Blueprint for Business, Melanie Dulbecco, CEO of Torani, and Laila Page, Head of Sustainable Banking, Performance and Frameworks for Natwest Group for a member workshop to explore pragmatic approaches to centering business practices around purpose for greater action and impact. Watch the recording to learn more about putting purpose at the center of your work in 2023.
|Watch the video|
Catch up on more Inclusive Capitalism events:
Video: Measuring and Managing Impact
A recording of the Council for Inclusive Capitalism’s last webinar event featuring an introduction to B Lab’s B Impact Assessment (BIA) Tool is now available to view. This free and confidential self-assessment tool can help companies across regions and sectors understand, measure, and manage their operational impact. Watch it here.
Framework for a Just Energy Transition: On the Road at COP27
The Council for Inclusive Capitalism joined world leaders on the ground at the UN COP27 climate conference to highlight the imperative of delivering a just energy transition and share the stories of Council companies doing this work. Click to view recordings of these sessions:
- ‘How Can Companies Contribute to an Inclusive Just Transition?’, hosted by the World Benchmarking Alliance
- ‘Accelerating a just transition in the energy and food systems’, cohosted by the World Business Council for Sustainable Development’s (WBCSD) and the Council for Inclusive Capitalism
🤝Steward Action: Nehemiah Manufacturing boosts local economy through second-chance hiring
New Council Steward Nehemiah Manufacturing, a consumer goods production and packaging company headquartered in Cincinnati, Ohio, USA, is dedicated to bringing manufacturing jobs back to their city’s core neighborhoods to stimulate community development and economic growth. Led by CEO Dan Meyer, the company follows a policy of “second chance” hiring, giving jobs to candidates with poor or no work history or a personal record that would disqualify them from many positions.
Nehemiah has committed to create more jobs for the underserved community of Lower Price Hill, located in the urban core of Cincinnati and near their newly-expanded facilities there. By 2024, they will add 25 jobs, with 75% of the new hires as second chance opportunities.
The Nehemiah team describes the success of the program for the employees and the business: “The rewards over the past five years have been amazing. In this group, we find rare diamonds – some of the hardest working people we’ve ever seen. In proving themselves, these employees become fiercely loyal – insistent on high quality; positive teamers who help each other; hard chargers who self-sacrifice for the success of all.”
Click below to learn more about their commitment to creating jobs and changing lives.
📖 Ally resource: How the private sector can accelerate equitable climate and health outcomes
In a new publication, Council for Inclusive Capitalism Ally Forum for the Future offers guidance to businesses, investors, and policy makers on how to leverage their net zero strategies in a way that simultaneously accelerates good public health.
“Human health relies on fresh water, healthy food, clean air and a stable climate,” write the authors. “The climate crisis is also a health crisis, and by taking an integrated approach, we are convinced we can make greater progress on each than if we address them separately.”
The report provides encouraging examples of integrated action on climate and health and details actions businesses can take to make change happen. The publication illustrates opportunities to integrate equity of health outcomes into companies’ and investors’ climate and health strategies and explores the intersection of biodiversity and nature with climate and health, with a focus on four sectors which have particular leverage: food, technology, the built environment and healthcare.
|Download the guide|
👋 Welcome New Council Members
Co-Founder and Executive Director,
Arab Youth Climate Movement Qatar
Ozan Eren Bilgen
Dr. Scott Levy
CEO, Bedford Row Capital
CEO, Business for Inclusive Growth
Director, Cambridge Institute for Sustainability Leadership
Founder, Carbon Neutral Initiative
Executive Director, Center for Peace and Development, Balochistan
CEO, Climate Bonds Initiative
Co-Founder, Climate Vault
CEO, Dynamic Planet
Tamer Seckin, MD
President, Endometriosis Foundation of America
Chairman and CEO, First Philippine Holdings
Founder and CEO, Fives Futbol
President, Fundacion Comunidad Verde
Dr. Roomi Saeed Hayat
CEO, Institute of Rural Management
Executive Director, Ipieca
President and CEO, Jeremiah Program
Chairman, Mahendra & Young Knowledge Foundation
CEO, Mākhers Studio
CEO, Nehemiah Manufacturing Co.
Founder, President, and CEO; Next Step Network
Jonathan Fantini Porter
Executive Director, The Partnership for Central America
Founder, Responsible Business Project 2030
Executive Director, Re-Generate
Executive Director, Sindh Green Foundation
CEO, Swaniti Initiative
COO, toolbox INDIA Foundation
Dr. William Mapham
CEO and Founder, Vula Mobile
Co-Founder and CEO, Walor
Executive Director, Women’s Fund of the Greater Cincinnati Foundation
CEO and Founder, XENO Corporation
Enter the name of any member in our site search bar to find their profile and learn more about them.
|See all Council members|
📰 Inclusive Capitalism in the News
Financial Times | Investors push food companies to go greener
DuPont | Edward Breen: DuPont joins semiconductor climate consortium as a founding member
Eni | Claudio Descalzi: Eni launches ‘World Energy Review 2022’ statistical review
Enery Egypt | David Katz: Plastic Bank & Henkel Egypt celebrate collecting 300 million plastic bottles in 2 years
Anglo American | Duncan Wanblad: Anglo American updates on carbon neutrality, biodiversity, and responsible mining assurance
World Benchmarking Alliance | Gerbrand Haverkamp: Fifth iteration of the Corporate Human Rights Benchmark assesses 127 companies
New York Times | Alistair Phillips-Davies: Giant wind farms arise off Scotland, easing the pain of oil’s decline
Investor’s Business Daily | Al Kelly: Ronald Reagan And The Pope Taught Visa’s CEO Key Lessons
Rain Magazine | Nieman Marcus awards Brunello Cucinelli the Nieman Marcus Award for Distinguished Service in the Field of Fashion