LADY LYNN FORESTER DE ROTHSCHILD Launch
Inclusive Capitalism Project With Industry Leaders
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AS businesses around the globe respond to calls to demonstrate their contribution to inclusive long-term value creation for all of society, the Coalition for Inclusive Capitalism and EY have announced that they are bringing together CEOs from over 20 global companies, representing more than US$20 trillion of assets under management, to work on a proof of concept to encourage and measure long-term value creation. The project, called "The Embankment Project for Inclusive Capitalism" will develop and test a new framework to better reflect the full value companies create through human, physical, financial and intellectual capital deployment.
The 18-Month Project Will Involve Twenty Corporations
From across the consumer products, health services and the industrials sectors, in addition to 15 investment and asset management organizations. The group will scrutinize, test and refine a framework that is being developed by EY. The Coalition for Inclusive Capitalism will work collaboratively with EY and the project participants, with input from an Advisory Board which will be established comprising leading academics, regulators, international standard setters and other strategic advisors.
Lady Lynn Forester de Rothschild, Founder of the Coalition for Inclusive Capitalism, says:
"We have reached a critical point in history when popular opinion of capitalism is very low and political pressure against the status quo is building to a crescendo. This will worsen unless trust between business and the public improves. In order to achieve the desired increase in social cohesion, investors and businesses need a better way to create and articulate the long-term, inclusive value they create for their customers, employees, communities, the environment and shareholders.
"The Embankment Project for Inclusive Capitalism brings together some of the world's leading asset owners, asset managers and multinationals to address this pressing need. This is not just another siloed ESG or CSR initiative.
EY Framework Designed Deliver Trusted Information to Customers
Also to shareholders, employees and the financial community to improve the allocation of capital for long-term value creation. The asset owners and asset management firms that seek to invest in companies focused on long-term growth by taking into account intangible assets of inclusive business behavior will actively participate in the proof of concept through the Embankment Project and determine if the end product provides a valuable view of companies from which to make their investment decisions.
Mark Weinberger, EY Global Chairman and CEO, says:
"Trust in business, financial institutions and society as a whole is at an all-time low and if we hope to make any progress we have to address the issues behind these problems. We believe we can help by working with The Coalition for Inclusive Capitalism to bring together diverse stakeholders to create a framework which is a consistent model for how companies can measure and report the long-term value they create. Such a framework can supplement currently available financial information. This won't be easy, and while we may not reach a successful solution applicable to all businesses, in trying we will further this important dialogue, which will be valuable progress."
Paul Polman, CEO of Unilever and member of the project, welcomed the move, and says:
"Long-term investment and sustainable growth models go hand in hand. Businesses must operate with purpose embedded in their strategy, serving their shareholders and wider society. The ability to articulate this in a standardised, meaningful way has long been needed so markets can properly measure this broader approach to value creation."
Indra Nooyi, Chairman and CEO of PepsiCo and member of the project, commented:
"Business must do more than simply turn a profit. We must also be guided by a deep sense of purpose. This means measuring our success not only quarter to quarter, but also year to year and decade to decade. It means creating value for shareholders as well as society. Companies that embrace this mindset will be the ones to thrive long-term."
For more information, please visit: Inc-Cap.com