Changing World. Unchanging Values.

March 14, 2024
Lynn Forester de Rothschild with MBA students of the Cambridge University Judge Business School.

Newsletter from the Council for Inclusive Capitalism

Changing World. Unchanging Values.

In today’s world, buzzwords and marketing can overshadow the substance of commitments to inclusive capitalism and a sustainable future. Yet, rising above transient terminology and the latest trends also frees us to focus on the timeless principles guiding our journey toward more inclusive growth.

I recently had the honor of discussing these themes with the next generation of leaders at the University of Cambridge Judge Business School, where I gave a talk as part of the Future of Capitalism course taught by Council for Inclusive Capitalism Advisor and former TIAA CEO, Roger Ferguson.

As Roger, his MBA students, and I discussed, to shape the future of capitalism, we need to understand its historical and philosophical underpinnings, which for centuries reinforced the moral imperative of a system intended to benefit everyone. Adam Smith, the father of capitalism, believed that free markets allow people to pursue their own interests while contributing to the common good—a balance we must strive to achieve in our contemporary world. By aligning historic principles with modern innovations, we can accomplish this.

The future of capitalism poses a challenge that transcends the confines of any classroom, C-suite, or conference. Capitalism should inspire a virtuous cycle where companies, civic society, and communities aim for the common good of all stakeholders while also fostering long-term financial value.

The Council for Inclusive Capitalism’s new resource library supports collaboration and learning to help us get closer to this future. The resource library is a testament to our belief in the power of knowledge and conversation to forge a path toward an economy that reflects our shared values. This is not just an intellectual exercise but a moral imperative. The Council for Inclusive Capitalism and our members stand ready to lead the charge, and we invite you to join us.

Lynn Forester de Rothschild
Founder and Co-Chair


View nearly 200 actions for Reduced Inequalities.

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Behind the scenes of progress: An up-close look at Council Members’ Impactful Initiatives

Explore the forefront of inclusive capitalism in our Steps Forward magazine, where companies lead transformative efforts across sectors. Highlighting eco-friendly initiatives, equitable energy shifts, innovative financial solutions for inclusivity, and more, this issue delves into best practices and impactful strategies for a sustainable future. Download the third edition of our magazine for a deep dive or read our selected stories below.

Download the magazine here.


Image of wheat grainsAfrican Entrepreneurship
Learn about Traders of Africa’s online platform and how Farmz2U is building the structural engine to power a more profitable farming sector in Kenya, Nigeria, and soon all of Africa.  Read the story »


Portrait of Jacob Hill, OffployOffploy
Jacob Hill shares how his incarceration inspired him to launch an organization unlocking employment opportunities for workers with criminal records. Read the story »


Sprouting seedCentury Pacific Foods
Christopher Po shares the origins of Century Pacific’s mission to provide affordable, sustainable nutrition. Read the story »



Image of resource, a CEO blueprint for racial equity

As the U.S. and Canada marked Black History Month in February, we were reminded that equity and justice require commitment that continues beyond any single month or national context. Highlighting this, we are proud to feature “A CEO Blueprint for Racial Equity”—a collaboration by Council members PolicyLink, FSG, and JUST Capital, with additional support from Living Cities. This guide offers strategies for business leaders to advance racial equity within organizations, communities, and society at large. It’s a call to action for creating inclusive environments and advocating for systemic change.

Read now



Moral Money Summit Europe
May 22-23, 2024 | The Biltmore Mayfair, London, UK & Digital

Dive into the future of ethical finance, exploring strategies to harness the energy transition’s investment potential and navigate the complexities of green valuation, political resistance, and ESG scrutiny. Council for Inclusive Capitalism members save 20% with discount code coming soon. We encourage you to save the date. View event.

June 17-19, 2024 | Javits Center, New York, NY, USA

The Council for Inclusive Capitalism is proud to partner with GreenFin24, the premier sustainable finance event. Join the growing community of leading finance, investment, and sustainability professionals harnessing the power of capital markets to realize a net zero economy at this year’s GreenFin24. Learn more, and register with our 10% discount code GF24CIC here:


Tomohiro Hamakawa
Mana Earthly ParadiseAparna Bhatnagar Saxena

Isabella da Costa Mendes
Founding Partner and Co-CEO
ImpactA Global

Ongun Tan
Founder & CEO
Makers Consulting

Lucy Muigai
B Lab Africa

Karime Pavez
CEO & Co-Founder
I​​​​nclusiva Consulting

Hannah Maria Prietro-Seco
Liquid Mirror

Reverend Arinaitwe Hassan
New Life Skills Training Centre

Jack Jendo
Brain Digits

Flory Wilson
Founder & CEO
Reproductive & Maternal Health Compass

Antoinette Jackson
CEO & Founder

See all council members


The Economic TimesReliance Industries, led by Mukesh Ambani, aims to tackle the problem of burning agri-waste in India by establishing 100 compressed biogas plants within the next five years.

World Nation NewsRepsol, led by Josu Jon Imaz, is set to elevate its renewable capacity to unprecedented levels this year by adding 1.3 GW to its green portfolio.

Business Inquirer [Part I and Part II] | ‘Relevant Leadership’ for a Sustainable World – Jaime Augusto Zobel de Ayala shares transformative insights championing sustainability, inclusivity, and collaboration.

📖 Deeper Reading: Explore Issues within Inclusive Capitalism

The Future of ESG: Thoughts for Boards and Management in 2024
Authors: Martin Lipton, Karessa Cain, and Carmen Lu of Wachtell, Lipton, Rosen & Katz
Political conflict, cultural misappropriation, and legal challenges have led to a decline of the term ESG in the corporate and investment world. Yet, the underlying principles remain crucial for many businesses and investors focused on value creation. This paper by partners of Wachtell, Lipton, Rosen & Katz anticipates that newly tailored strategies and nuanced approaches will continue to address the value of sustainability, workforce development, and diversity—without necessarily the partisan constraints or political labeling of ESG.

Private Equity Is Starting to Share With Workers, Without Taking a Financial Hit 
Author: Lydia DePillis, The New York Times
Council member Ownership Works and leading private equity firm KKR have pioneered models for granting equity ownership to the employees of companies in its investment portfolio.  Ownership Works is now organizing a broader movement—which is based on KKR’s success and being studied at Harvard Business School—to bring together more private equity firms interested in expanding employee ownership while maintaining, and even improving, profitability.

Does Capitalism Need Reform—or Revolution? 
Author: Scott LaPierre, Harvard Business Review
With no less than six new books already released in 2024 and dedicated to questioning, reforming, or revolutionizing capitalism, Harvard Business Review breaks down the authors’ new works—including books by Oxford Professor Colin Mayer, Nobel laureate Joseph Stiglitz, and New Yorker and Bloomberg journalists—and where their arguments can take us. In separate books by Professors Mayer and Stiglitz, traditional economic arguments are exposed for their fallacies and rebuilt as scaffolding for a more prosperous, promising future.

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