Newsletter | New Year, New Commitments, New Progress

Notes from the Council | January 2022

Already a month into 2022, members of the Council for Inclusive Capitalism are bringing renewed energy to advance a more inclusive capitalism. In this new year, we’re already seeing members strive to be bolder than ever before.

As we adjust to a global economy forever changed by Covid-19, it is increasingly apparent to leaders in business, government, and civic society that the private sector has an unparalleled role, responsibility, and opportunity in making economies more inclusive and sustainable. Momentum is driving the conversation forward, setting the tone for investors and companies to take action. Supporters and skeptics alike can’t seem to stop talking about the movement. Inclusive capitalism, stakeholder capitalism, conscious capitalism, woke capitalism – no matter what you call it, businesses are most successful when the societies and economies in which they operate are healthy and prosperous.

We believe the most successful and valuable businesses will be those who are profitably contributing to healthy and prosperous societies and economies. Our actions matter.

Transparency also matters. To take action in a meaningful way and guide others looking to learn, we must be open about the commitments we are taking, the progress we are making, and the challenges we encounter and overcome. In the past, organizations shared their actions individually in sustainability or impact reports. The Council for Inclusive Capitalism seeks to aggregate and elevate this work in one place—and as a result, our commitments platform is a repository of the best inclusive capitalism concepts and reform tools being used across the globe. It can be filtered by industry sector, geography, UN Sustainable Development Goal, and World Economic Forum sustainable value creation pillar. With the Council community of leaders coming together to share their best strategies, we can see the scale of actions being taken. The result is a community of learning that advances the most impactful ethical and ESG business practices at scale.

This year, we will begin to roll out a new initiative to track, document, and share the progress of these actions.  We look forward to sharing the scale of the progress our members are making.

What progress will you make this year?  The Council is excited to share your work to advance inclusive capitalism.

We are honored to be with you on this journey.

Lynn Forester de Rothschild Founder and Co-Chair

Meredith Sumpter CEO

👋 Meet the Council: John Arensmeyer, CEO, Small Business Majority

Small Business Majority is a national small business organization that empowers America’s diverse entrepreneurs to build a thriving and equitable economy. See how John and Small Business Majority are taking action for a more inclusive capitalism.

What policies do you believe are most critical to enabling a more inclusive form of capitalism in the U.S.?

Inclusive capitalism requires that everyone in our economic system operate on a level playing field. We need policies that promote economic democracy and enable the smallest businesses in our most vulnerable communities to most effectively compete. These policies include access to responsible capital (including incentives for lenders to change the way they assess risk), access to business and technical resources, access to quality essential benefits – such as healthcare, paid leave, childcare, and retirement savings – and an equitable playing field with regard to contractual relationships, technology platforms, and government programs.

Many people view ESG as the domain of large corporations. What resources do small businesses need to support their efforts on inclusivity and sustainability?

Small businesses, particularly those owned by people of color and women, need access to responsible credit and venture capital as well as access to quality technical assistance to help them navigate a complex economic environment. This includes help preparing them to apply for loans and seek venture investments, along with tools for business planning, marketing strategies, and human resources.

📊 Council Ally World Benchmarking Alliance Releases Inaugural ‘Social Transformation’ Baseline Assessment

The United Nations’ Sustainable Development Goals (SDGs) strive to put our society, planet and economy on a more sustainable path by 2030. As businesses embrace the SDGs and pledge to support them through their operations, writes the World Benchmarking Alliance (WBA), they need to embed a central principle of the SDGs: to leave no one behind.

In its latest assessment released January 26, WBA provides insights into how 1,000 of the most influential global companies are performing on core social indicators, as outlined in their Social Transformation Framework.

Click below to read more about the Social Transformation Framework and the Baseline Assessment.

🤝 Welcome New Council Members

🌟 Members in the News

HR Daily Advisor | Audrey Treasure: A calling to educate and influence: Audrey Treasure is making a difference

New York Fed | René F. Jones: René F. Jones elected as a Class A Director to New York Fed Board of Directors

Yahoo Finance | Laura Kellers Queen, Ed.D.:  29Bison honored on Real Leaders®️ Top 200 Impact Companies of 2022

CNBC | JUST Capital releases ‘Just 100’ rankings for 2022 — and six Council member organizations made the list: Salesforce, Bank of America, Mastercard, Visa, Merck & Co, and Johnson & Johnson.

CNN Business | Mukesh Ambani:  Reliance Industries announces $80.6 billion investment in green energy

Market Watch | Brian Moynihan: ‘This is a brilliant move’: Bank of America and Wells Fargo make big changes to overdraft fees — experts explain why

Upstream Online | Josu Jon Imaz: Repsol leads Spanish consortium set to invest $4.4bn in green hydrogen

World Economic Forum, DAVOS Agenda | Sharan Burrow (co-author): 3 strategies to responsibly scale the manufacturing industry