Newsletter | Council members share an update on their progress
Newsletter from the Council for Inclusive Capitalism
Council for Inclusive Capitalism members know that sharing progress is a crucial part of learning and enabling others to act. To date, our members have published more than 730 time-based and measurable commitments. This year, the Council surveyed members who have made commitments with recent end dates to ask how they have made progress in their work.
I’m excited to share that this week, the Council published its first update on the progress members are making as they advance their commitment goals. This publication leads with a high-level assessment of successes and challenges companies are experiencing with actions taken and provides early insights into the inclusive capitalism movement. It is clear from the survey that success starts from the top, but it is driven and maximized by employees. Companies attributed successes to leadership buy-in and practical employee engagement to help ensure progress against their commitments through execution.
Good business has always been about companies profitably evolving to address market demand and meet people’s needs – and learning about the successes and challenges of others help drive us to incorporate best practices that drive greater business value, resilience, and social benefit. Our member’s experiences and insights will also guide the Council’s onward initiatives to support company learning, innovation, and adoption of inclusive capitalism practices.
Lynn Forester de Rothschild
Founder and Co-Chair
View more than 50 actions for good health and wellbeing.
JOIN US FOR THE NEXT EVENT IN OUR INCLUSIVE CAPITALISM LEARNING SERIES
Council for Inclusive Capitalism members are invited to join us at 12:30 p.m. EDT on May 23 as we partner with PolicyLink to host a webinar on corporate performance standards for racial and economic equity.
In this one-hour session we will explore how business leaders and investors can contribute to a healthy labor force, an economically secure consumer base, and a well-functioning society.
Participants will get an early look at draft corporate standards (which are being developed by Corporate Racial Equity Alliance, a collaboration led by JUST Capital, PolicyLink, and FSG) to help companies tackle inequity in their business. This is a chance to share your perspective and to hear from business leaders who are making meaningful changes for people of color within and beyond their DEI initiatives.
JUST TRANSITION FRAMEWORK FOR COMPANY ACTION FEATURED IN NEW PUBLICATIONS
The urgent global shift to greener energies cannot succeed if it does not meet the needs of people as well as the planet. Two new reports were released in recent weeks that incorporate the Just Transition Framework for Company Action and its pragmatic suggestions for a private-sector driven energy transition that focuses on workers, communities, and consumers.
“Achieving a just transition in the energy system” from the World Business Council for Sustainable Development (WBCSD), the Council for Inclusive Capitalism, and PricewaterhouseCoopers LLP (PwC) highlights company actions and emerging best practices for just transition strategies from companies spanning the energy value chain. A comprehensive compilation of case studies and insights from WBCSD’s Energy Pathway members offers real-world examples that identify emerging innovations, approaches, and learnings across the four pillars of the Council’s Framework.
Download the report to dive into project examples from CLP Group/ EnergyAustralia, Électricité de France (EDF), Equinor (USA), and more.
“Tackling inequality: An agenda for business action” from the Business Commission to Tackle Inequality (BCTI) offers a compelling case for business efforts to tackle inequality, as well as a common and holistic agenda for private sector action. Action 10 in the Agenda highlights the importance of a just transition and showcases the pillars of action from the Council’s framework as a pathway to progress.
“A just transition will ensure human rights are core to business operations, bring universal access to essential products and services, prepare the workforce of the future and engage in true social dialogue,” writes Council Founder and BCTI co-chair Lynn Forester de Rothschild in the report. Download the report to learn more about the just transition and a nature-positive economy.
FIND THE COUNCIL AT UPCOMING EVENTS
2023 National Investor Relations Institute (NIRI) Annual Conference
June 6-8, 2023 | Chicago
The Council for Inclusive Capitalism will join the NIRI Annual Conference on June 8 in Chicago to discuss systemic change.
June 26-28, 2023 | Boston
The event will convene an influential audience of finance, investment, and sustainability professionals to share insights, address key challenges, and showcase leading sustainable financial products and services. Click below to register and apply our exclusive 10% discount code GF23C4IC at checkout.
STEWARD ACTION: VERIZON ACHIEVES PAY EQUITY AMONG ALL U.S. EMPLOYEES
Verizon commits to 100% pay equity in salary for men and women globally and with respect to race and ethnicity within the United States. By monitoring their hiring and compensation practices continuously, they succeeded in reaching this goal in 2021. The company had 100% pay equity in salary for women and men. In the U.S., they also had 100% pay equity in salary with respect to race and ethnicity.
According to their 2021 public ESG Report, “Verizon has removed from our employment applications all questions seeking current or past salary information. We use language analytics software to scan our job postings to leverage inclusive language. We also provide hiring managers with training and structured interview guides to reduce the potential for bias in hiring decisions.”
Visit Verizon’s profile on our website to see 11 more actions from Verizon.
ALLY RESOURCE: HIGHLIGHTS IN FINANCE
In 2022, the World Benchmarking Alliance’s Financial System Benchmark assessed 400 of the world’s most influential financial institutions — including banks, insurance companies, pension funds, and investment consultants — on their progress in supporting a just and sustainable economy.
In a new report, WBA uses the benchmark findings to highlight the state of play in the financial system across governance and climate and the relationship between them. The authors look at progress on impact strategy and corporate policies, board-level oversight and remuneration through to gender, engagement and public policy. The report shows which industries and geographies are leading on disclosure, where there is a lack of transparency and, most importantly, where institutions can take positive action to accelerate their progress.
‘INVESTORS SHOULD ENGAGE MORE, NOT DIVEST’
In an interview with Net Zero Investor magazine, Inclusive Capital Partners co-founder and managing partner Lynn Forester de Rothschild reflects on asset owners’ role in driving the net zero agenda and highlights the importance and impact of active stewardship and engagement efforts.
In the exclusive Q&A, she states: “To achieve a just transition, the world must also solve for affordable and secure energy today while also investing in lower-emission sources and scaling renewable sources for the future. Companies already invested in today’s energy system have the infrastructure, skills, distribution and relationships to scale up the energy system of tomorrow. Dismantling the current system for energy production before building the new will threaten a just and stable transition.”
👋 WELCOME NEW COUNCIL MEMBERS
Co-Founder and CEO, Aequales
Managing Partner and Founder, Arueira Ambiental
Founder and President, Blue Medium
General Director, Birus
Co-Founder and CEO, CES Environmental Solutions
Founder and CEO, The Coding School
Founder and Executive Director, CorpsAfrica
Executive Director and CEO, Communitas America
President, Community Dreams Foundation
Daniel Alfredo Materon Osorio
CEO, Compañia de Credito Rapidos – Rapicredit
Pablo Tokos Larraίn
CEO, Dr. Akhtar Hameed Khan Memorial Trust
Co-Founder and CEO, Ecoprotein Pvt LTD
Shan Ul Haq
CEO, Equal Playing Field
Chair, European Women on Boards (EWOB)
President, EUSL Foundation
CEO, The ForeverGreen Group
Interim Co-CEO, FSG
Founder and CEO, Gojo & Company
Co-Founder and Director, Impulse Biomedical
Founder and Executive Chairperson, Harpalium Initiative
Ignacio de Leon
CEO, Kozolchyk National Law Center
Founder and Director, Learning Life
CEO, London Green Bridge
CEO, NM2 Technologia Ambiental
Founder & CIO, Ocean Park Investments
Managing Director, Offploy CIC
Co-Founder, OpenAir Collective
Founder and Chairman, Ownership Works
Co-Founder and CEO, Parker
Marketing Director, Rwathia Agrofarm
Founder and CEO, SCOPE
CEO and Producer, SevGenMedia
Robert F. Smith
Founder, Chairman and CEO, Vista Equity Partners
📰 INCLUSIVE CAPITALISM IN THE NEWS
Fortune | Corporations were never supposed to write the rules of the game. Now they need to help make them better for capitalism to survive
MarketScreener | Claudio Descalzi: Eni S.p.A. inaugurates the Oyo Centre of Excellence for Renewable Energy and Energy Efficiency with the Republic of Congo and UNIDO
Bilyonaryo.com | Jaime Zobel de Ayala: Profit and purpose can merge: JAZA joins global leaders in call for inclusive and sustainable economy
Global Banking and Finance Review | Tata Consultancy Services: Solving the scope 3 emissions conundrum
Responsible Investor | Nick Robins: Investors praise SSE’s Just Transition progress report
Prime Business | Ford Foundation, UN Women seek intervention of cultural, faith leaders in tackling GBV in Nigeria
Forbes | Bank of America launches program for underrepresented entrepreneurs