Crisis in Ukraine: Leadership Matters.
Notes from the Council | Newsletter February 2022
At the Council for Inclusive Capitalism, we are deeply alarmed by Russia’s invasion of Ukraine and transgression of international law. We have also been heartened by the business community’s determined response, from statements of solidarity to humanitarian aid to the rapid adjustments being made to business strategies, investments, and operations. Leadership from all sectors that upholds the rule of law is fundamental to strong economies and healthy and stable societies. Historical moments like these can change the social, economic, and political landscape for generations to come. The private sector response to Russia’s invasion is a remarkable show of leadership. It shows that business leaders understand the corrosive effect of international law violations to their companies, the markets they operate within, and their customers. It shows a recognition of businesses’ agency in upholding a rules-based order. These leaders’ actions demonstrate that short-term profit matters less than acting to protect the dynamic economies and societies that are the foundation of strong and sustainable growth. Such a stand is the right thing to do — and is also in the best interest of companies. Together with the OECD and Business for Inclusive Growth (B4IG), the Council convened business leaders to share their actions and ideas for responding to this crisis and coordinate sustained support for those impacted by the events in Ukraine. We fully understand that each member of our community faces different circumstances that will determine whether and how to respond to these events. If you are looking for a pathway to action, consider supporting one of the organizations below that are mobilizing for those impacted by this crisis:
- International Committee of the Red Cross
- Ukraine Humanitarian Appeal
- International Trade Union Confederation (ITCU) Emergency Fund
- Jesuit Refugee Services
Recognizing all that you do to make business a force for good in the world, we thank you for your leadership.
See how businesses are responding to the events in Ukraine
Leadership from all sectors is essential in this crisis, and businesses are responding with urgency and purpose. Browse our roundup of actions to see what leading companies across industries are doing to support those impacted by the tragedy in Ukraine and uphold international law — the foundation of strong economies and societies.
👋 Equipping board members to make better-informed decisions with Council Ally Helle Bank Jorgensen of Competent Boards
Tell us about the ESG Competent Boards Designation and Certificate Programs.
Our ESG training programs are based on 12 strategic topics that cover the full range of ESG risks and opportunities, from climate change, supply chain and cybersecurity to human rights, anti-corruption and stakeholder engagement. Those taking the Designation program can join live discussions with many of our 150-plus world-class faculty of experts. There are also fireside chats, podcasts and case studies to enjoy as well as a curated topical reading list. Both the Designation and Certificate programs last around six months, with the latter being a self-paced program that attendees can fit around their schedule. Whichever stream attendees take, they leave well equipped to take part in board or executive discussions around the rapidly evolving global ESG landscape.
Why is it important for board directors to receive ESG training and how can they implement their training to help their organizations?
Incorporating ESG considerations into decision-making is fast becoming the corporate imperative. Investors have come to realize that ESG matters, including climate change, are financially material. As such, ESG needs to be incorporated in risk management processes, which means board directors must be much more literate on ESG matters – it’s their fiduciary duty if they’re to make effective business decisions. Our programs provide insight, and foresight, so board directors, both current and future, can provide effective oversight.
Taking our ESG programs has helped many of our attendees prepare themselves for future C-suite and board positions. Our education is a fundamental grounding in becoming a future-fit leader. After our programs, board directors take the experience and knowledge they’ve gained from our world-leading experts to show their companies how ESG issues play out at a broader strategic level.
Action spotlight: Heathrow Airport aims for zero carbon infrastructure
Council Steward Heathrow Airport Ltd. aims to operate zero carbon airport infrastructure by the mid-2030s. It’s airport infrastructure has been carbon neutral — contributing no net emissions — since 2019, and now they’re going a step further to fully eliminate carbon emissions. According to their latest commitment published on the Council’s platform of actions, gas-fueled heating will be the first target for greening, as it is the largest source of carbon they directly control. “Our proposed solution is based on electrification of space and hot water heating with recovery of surplus heat in summer and storage for use in winter months. This will be a major investment and a complex project which will take us 10-15 years to complete.”Read more about Heathrow’s zero carbon commitment, or click below to view more than 170 planet-related commitments.
Council Ally Accountable Impact launches the SDG Impact Pledge
Accountable Impact, joined forces to present an innovative pledge as a vehicle for companies committed to “Doing Well by Doing Good.” The SDG Impact Pledge focuses on the three P’s of sustainable development (people, planet, and prosperity) and presents the United Nations Sustainable Development Goals (SDGs) framework at an introductory level for companies that want to pioneer change by integrating sustainability strategies into their business model. “To advance the SDGs, we need authentic collaboration and meaningful partnerships. The SDG Impact Pledge is designed as a Community of Practice to share, learn, innovate, and find sustainable solutions to local and regional issues,” said Accountable Impact Founder and CEO Scarlett Lanzas, who introduced the pledge from Miami. “We believe this effort will lead to systems change in policy making, corporate governance, business action and community engagement in building a sustainable Miami for all.”Three award-winning social impact enterprises, including Council Ally
Join us at GreenFin 2022
Hosted by Council Ally GreenBiz Group, GreenFin is the premiere ESG event aligning sustainability and corporate markets. Corporate ESG ratings are now synonymous with reduced risk and higher returns. Meanwhile, loans and bonds linked to firms’ sustainability performance are skyrocketing. But the ESG marketplace faces a lack of definitions and standards, and more than a little criticism. GreenFin 22 (June 28-29, New York City) will convene an invitation-only audience of 600+ sustainability, finance and investment leaders to share insights, address the key challenges and showcase leading sustainable financial products and services.
🤝 Welcome New Council Members
|Andreas WidmerFounder and Director, The Arthur & Carlyse Ciocca Center for Principled EntrepreneurshipJohn Stankey CEO, AT&TAlexandre Mars Founder and CEO, BlisceKatherine Smith Executive Director, Boston College Center for Corporate CitizenshipPunit RenjenChief Executive Officer, Deloitte GlobalPrasad ModakExecutive President, Environmental Management Centre LLPSimon ZadekChair, Finance for BiodiversityJohn Holland KayeChief Executive Officer, Heathrow Airport Ltd.||Paolo GiordaniPresident, Istituto Diplomatico InternazionaleAdel DajaniFounding Partner, Maghreb Venture PartnersCoco AlcuazExecutive Director, Makati Business ClubSriram Kannekanti Founder and Executive Director, ProgrespectDeborah CaldwellChief Executive Officer, Religion News FoundationChristopher CoyleFounder and CEO, TAOHalla TómasdóttirChief Executive Officer, The B Team|
📰 Inclusive Capitalism in the News
Entrepreneur | What Do Investors Care About Today?Impact Alpha | Agents of Impact Eye Corporate Disclosure Rules on Climate and Human CapitalNikola | Lynn Forester de Rothschild named to Nikola Board of DirectorsHuman Rights Campaign Foundation | 21 Council member companies named to list of Top 2022 “Best Places to Work for LGBTQ+ Equality”Time | Bernard Looney: With the state of the world in the hands of big business, Some executives think it can pay to do goodFortune | 8 Council member companies featured in Fortune’s 2022 ‘World’s Most Admired Companies’ rankingsFortune | Brian Moynihan: Hear from the CEOs of Amazon, UPS, Bank of America, L’Oreal, PayPal, and others about the issues they’re focused on in 2022PV Magazine | Eric Francia: ACEN to acquire 49% interest in Vietnam solar platform of Super Energy CorporationGreen Biz | Carmine di Sibio: How to harness the transformative potential of public-private partnershipsUpstream | Mukesh Ambani: Decarbonising the world’s largest oil refinery could see Reliance emerge as a world leader in blue hydrogenGreen Biz | Ron O’Hanley: State Street acts on racism and inequalityTIAA | Roger Ferguson: TIAA announces new $1.5M endowment to Howard University, named in honor of Roger FergusonScholarShare529 | Fiona Ma: California’s College Savings Plan announces expansion of “Socially Responsible” investment lineup