The Story of Inclusive Capitalism

The Council for Inclusive Capitalism has invested in building a highly engaged, targeted, and growing network of innovative Inclusive Capitalism practitioners and leaders—whose accomplishments we promote as stories of Inclusive Capitalism in action. As 2024 comes to a close, we can say with confidence that our movement is strong and growing, having come a long way since the term “Inclusive Capitalism” was first brought to life 12 years ago.

In 2012 a task force, under the leadership of Dominic Barton of McKinsey and Lady Lynn Forester de Rothschild of El Rothschild, explored the reasons for why capitalism was under siege by the public, particularly young people.   This study led to the decision by certain policy makers and investment and business leaders to create a global organization dedicated to the reform of capitalism through innovative public policy, business and financial practices and media outreach.  The goal of the Inclusive Capitalism movement is to make our economies and societies fairer and stronger; or in the frame of Martin Luther King Jr, to bend the arc of the moral universe “toward justice”.

An overview of news media mentions from then to today shows that the movement for Inclusive Capitalism has steadily grown, captured media attention, and continues to show admirable resilience. The work of Inclusive Capitalism has been featured in more than 25,000 mainstream media articles and features from around the world over the past twelve years. Initially framed within broader conversations about fairness and sustainability, the term’s visibility appears to have been driven by a combination of strategic initiatives, pivotal events, thought leadership, and influential advocacy.

In 2020, the Council for Inclusive Capitalism was established in response to Pope Francis’ call to action, uniting leaders managing $10.5 trillion in assets and 200 million workers across 163 countries. The organization’s members map their commitments to action against frameworks for change, including the SDGs and the World Economic Forum International Business Council’s pillars for sustainable value creation. Collaboration among the Council’s members has been key to advancing these goals, with leaders from diverse sectors working together to address systemic challenges and drive meaningful progress.

Advocacy and action captured in media

This collective approach is exemplified by initiatives like the Just Transition Framework, developed through partnerships with bp, Boston Consulting Group (BCG), CalPERS, and others. Released in November 2021, the framework equips companies with tools to balance climate action with economic and social equity. By providing a roadmap for businesses to navigate these challenges, the initiative reinforced the Council’s leadership on climate and equity. This, in turn, contributed to the rising visibility of Inclusive Capitalism in the media, where its relevance as a solution to pressing global challenges continues to carve out its share of voice.

Beyond these milestones, advocacy by think tanks such as the Milken Institute and influential figures like Lynn Forester de Rothschild, Bill Clinton, and Pope Francis helped bring Inclusive Capitalism into mainstream discourse.

Corporate initiatives demonstrate Inclusive Capitalism in action, often amplified through positive media coverage highlighting their societal and environmental impact. EY’s integration of Inclusive Capitalism into long-term value metrics has been featured in outlets like Financial Times and Reuters. Similarly, Legal & General’s strategies to expand wealth creation for underserved populations have been praised in financial media for aligning profitability with equitable economic opportunities.

In the Asia Pacific region, Ayala and Aboitiz’s initiatives to expand access to essential goods and services have been recognized as transformative, with regional and global media framing them as examples of Inclusive Capitalism driving both community development and business growth. Firmenich’s sustainability-driven business model has also garnered attention for showcasing its integration of environmental stewardship and social innovation.

The “anti-woke” sentiment—starting in 2022 and continuing in 2024, the global election year characterized by anti-incumbency campaigns and rise of right-wing populism—has taken its toll on Inclusive Capitalism. At the same time, the term has also shown resilience compared to the sister concept of “Stakeholder Capitalism” that has seen a more dramatic rise and fall and has been in retreat in light of the ESG backlash in the US. The term “Inclusive Capitalism” has benefitted not only from the rising profile of the Council for Inclusive Capitalism, its leadership, workstreams and conferences and major events, but also from the adoption and use of the term by a wide range of business and government leaders.

The term “Inclusive Capitalism” has benefitted not only from the rising profile of the Council for Inclusive Capitalism, its leadership, workstreams and conferences and major events, but also from the adoption and use of the term by a wide range of business and government leaders.

Inclusive Capitalism in the News (2012-2024)

Below are select coverage highlights.

2024:

Legal & General Group PLC, L&G’s ‘inclusive capitalism’ is paying dividends, December 4, 2024

Boston Consulting Group, Financing the “Just” in Just Transition, November 13

Il Giornale D’Italia, “Cormann (OECD): “Necessarie partnership pubblico-privato per aumentare il benessere economico e sociale delle società”, November 4

Geeky Gadgets, “Sam Altman Interview on AI, Capitalism, and the Power of Ambition”, October, 1

Business for Sustainable Impact, “From Theory to Action: Key Themes Driving Social Impact Around the Globe”, September 30

Time, “Why Investors Should Embrace Kamala Harris’ ‘Opportunity Economy’, September 23

The Asset, “Private capital must help drive climate action”, August 23

Allianz Global Investors, “Theme 3: ESG is dead, long live ESG 2.0”, February 21

U.S. Department of Commerce, “U.S. Department of Commerce Releases 2023 Update to Equity Action Plan, Outlines New Commitments to Advance Equity”, February 14

Ernst & Young Global Limited, “How can sustainable finance support the road to net-zero?”, January 19

Manila Bulletin, “Why Lynn Forester de Rothschild is pushing for inclusive capitalism”, January 4

2022: 

Times of Malta, “The case for inclusive growth – Joseph F.X. Zahara”, December 11

Reuters, “How companies can lead to make the energy transition work”, December 7

Energy Connects, “BCG outlines the pathway to accelerate a sustainable and equitable energy transition”, October 17

Fast Company, “PayPal’s CEO Dan Schulman: ‘Capitalism needs an upgrade.’”, September 21

WVXU Cincinnati Edition, “How some Greater Cincinnati business leaders want to make capitalism work better for us all”, September 1

Private Equity International, “Lynn Forester de Rothschild on pensions, ESG and the future of Capitalism”, August 4

GreenBiz, “GreenFin 22: The Just Energy Transition: A Framework for Company Action with Rich Lesser, Nancy Mahon, and Meredith Sumpter”, July 12

Pensions & Investments, “ESG rules for private markets begin to sprout up”, June 20

Pensions & Investments, “Asset owners’ investment lens changes”, June 20

Top 1000 Funds, “New asset owner template set to strengthen ESG integration by managers”, May 20

Benefits, “Coalition publishes model investment contracts to enforce plan ESG guidelines”, May 19

Investment & Pensions Europe, “Pension fund group develops model ESG contract language”, May 16

The Financial Times, “Inclusive capitalism comes down to the fine print”, May 16

MarketWire News, “H&R Block joins the Council for Inclusive Capitalism”, May 11

TriplePundit, “21^st century capitalism meets the Pope”, May 3

Philippine Daily Inquirer.net, “Inclusive capitalism goes global”, April 14

International Banker, “The role of banking in a just energy transition”, March 3

2021: 

BusinessWorld, “Creating Long-Term Value With Sustainability And Climate-related Disclosures”, January 10

Wall Street Journal, “Will Covid-19 Shake Up Capitalism?”, January 17

Private Funds CFO, “EY: Creating A Long-Term Value Framework”, January 22

Market Screener, “The Council for Inclusive Capitalism Announces Support of Convergence Toward Common Metrics and Standards Around ESG and SDG-Aligned Investments“, January 27

IPE, “Viewpoint: Making The Case For SDG-Aligned Investing“, January 29

Politico, “Morning Money”, February 2

Wall Street Journal, Washington Wire”, February 5

Financial Times, “Moral Money“, February 5

Yahoo News, “How America’s Business Leaders Can Restore Faith In Capitalism”, February 5

Dallas Business Journal, “Former Dallas Mayor Seeks to Increase Inclusive Capitalism“, February 9

CNBC Closing Bell, “The push for inclusive capitalism“ February 23

Enterprise Management, “Engagement Week in Review-EY Report: People Are No. 1 Priority, BOA Chair Touts Stakeholder Capitalism“, March 5

FinReg Podcast, “The Case for Inclusive Capitalism”, March 24

Forbes, “A Living Wage: The Latest ESG Challenge For Corporate Governance“, March 26

Forbes, “Coalition Of Impact Heavy Hitters Urges Coordinated White House Effort To Redefine Capitalism“, April 8

Impact Alpha, “Stakeholder-Economy Coalition Presses White House For ‘New Rules’ For American Capitalism“, April 8

Washington Post, “Corporate executives hold call to discuss halting donations and investments to fight controversial voting bills“, April 11

Wall Street Journal, “CEOs Plan New Push on Voting Legislation“, April 11

Financial Times ”CEOs discuss co-ordinated response to voting laws“, April 11

Bloomberg, “CEOs Weigh Donation, Investment Pullback Over Voting Rights“, April 11

Daily Mail, “’Political unrest is bad for business: Starbucks chair encourages 100 corporate leaders to fight to stop voting laws being changed across US“, April 11

Reuters, “Corporate leaders plan new push on U.S. voting rights, will reconsider campaign donations“, April 11

New York Times, “Defying Republicans, Big Companies Keep the Focus on Voting Rights“, April 12

Washington Post, “The Daily 202: Corporate America steps up campaign against new voting laws“, April 12

Business Insider, “100 top business leaders met to discuss halting donations to politicians who back ‘restrictive’ voting laws, including in Georgia“, April 12

CBS News, ”First-of-its-kind meeting draws more than 100 corporate leaders to discuss state voting laws”, April 12

The Wall Street Journal, “Hundreds of Companies, CEOs Band Together on Voting Access“, April 14

New York Times, “Hundreds of Companies Unite to Oppose Voting Limits, but Others Abstain“, April 14

Washington Post, “Target, Netflix, Bank of America join group of companies and top executives in new statement opposing limits on voting rights“, April 14

DealBook, “A Big Show Of Corporate Solidarity“, April 14

Greenbiz, “When It Comes To Social And Environmental Justice, Words Don’t Cut It“, April 28

New York Times, “The Mogul in Search of a Kinder, Gentler Capitalism“, May 15

Financial Advisor, “SEC Rules For Workplace Data Would Be Good For Investors“, July 30

More Than Digital, “Is Capitalism Dying? What Will Be The Future?“, August 10

Philstar, “Inclusive Capitalism, Recovery“, September 15

UpStream, “Oil Majors Including BP Partner With Council For Inclusive Capitalism For Energy Transition Framework“, November 05

Impact Alpha, “Capitalism Reimagined“, November 22

Pensions & Investments, “Investors Are Pushing For The Green-energy Transition To Be Fair“, November 29

2020:

Financial Times, “Pope Francis Gives His Blessing To Council For Inclusive Capitalism“,

December 8

Fortune, “Big Companies Join Vatican-Affiliated Council Pledging Inclusive Capitalism“, December 8

Fortune CEO Daily, “Towards A Capitalism That Better Serves Society”, December 8

CNBC, “Vatican forms alliance with the Council for Inclusive Capitalism“, December 8,

CNBC Squawk Box, “Calpers CEO Marcie Frost Says She’s Watching For The Market To Be More Aligned With The Real Economy“, December 8

2019:

The Economic Times, “We need inclusive capitalism that can help vulnerable people: Rajiv J Shah, President, Rockefeller Foundation”, November 23

Reuters, “Focus on people as well as profit, business leaders told”, November 13

Harvard Business Review, “A Guide to the Big Ideas and Debated in Corporate Governance”, October 14

Swiss Re, “Investing responsibly contributes to a more sustainable world”, September 26

The World Economic Forum, “Boardroom warriors: how CEOs are becoming champions of change”, September 1

McKinsey & Company, “More than values: The value-based sustainability reporting that investors want”, August 7

Yahoo Finance, “Deloitte chairman Nick Owen on building ‘inclusive teams, inclusive capitalism and inclusive society”, June 5

Harvard Law School Forum on Corporate Governance and Financial Regulation, “2019 Proxy Letter—Aligning Corporate Culture with Long-Term Strategy”, January 15

Financial Times, “Beyond the bottom line: should business put purpose before profit?”, January 4

2014:

The World Economic Forum, “Will 2015 be the year of Inclusive Capitalism”, December 14

The Guardian, “Business Live: Lagarde and Carney call for more integrity in capitalism”, May 27

Telegraph, “Lady De Rothschild: Inclusive capitalism is an oxymoron”, May 27

Forbes, “Capitalism for Everyone or No One”, May 26

Yahoo! Finance, “How can we deliver inclusive capitalism”, May 26

Bloomberg, “Inclusive Capitalism is An Oxymoron: De Rothschild”, May 26

Reuters US News, “The Will to Make Capitalism Fairer; The Means to Do It”, May 26

Financial Times, “Capitalism thrives by looking past the bottom line”, May 21

2012:

Observer, “Lady Lynn Forester de Rothschild’s Kinder, Gentler Capitalism”, October 16

Bloomberg, “Can Business Leaders Promote Inclusive Capitalism?”, October 11

Observer, “Business, Policy Leaders Set to Launch “Inclusive Capitalism” Initiative in U.S.”, October 10

Yahoo! Finance, “Business and Policy Leaders Launch Worldwide Initiative to Promote “Responsible, Inclusive and Ethical” Capitalism”,

London Independent, “Rothschild Who Plans to Make Big Business Honest”, September 27

London Evening Standard, “Lady and the Banks”, September 19

Daily Mail, “LYNN DE ROTHSCHILD on her campaign to rescue capitalism… and how we must stop the greed and corruption that threaten to destroy the American Dream”, July 28

Barron’s, “Video Exclusive: Give the Private Sector Credit When due, says Lady Rothschild”, June 7

Telegraph, “Personal view: Capitalism must be redefined in order to be seen as a force for good”, May 20

The Guardian, “The Case for Inclusive Capitalism” May 15