Purposeful companies

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Is the COVID-19 crisis the paradigm shift needed to redefine business for the 21^stcentury and build trust between business and society? The crisis has hastened the trend towards ‘purpose before profit’ and the fact that purposeful companies will be the ones that thrive in the future.[vc_quotes layout=”accordion” 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Key takeaways

Sharan

•  Signing the statement of purposeful companies is not enough. We need to make it work.
• 6 billion workers are facing destitution in the informal working environment.
• Corporate social responsibility is nonsense. It’s not enough.
• Let’s make the transition to a world where everybody’s rights matter. 

Colin

•  Purpose can play a vital role in steering companies through the crisis and safely out to the other side. Purpose is about solving the problems that individuals, society and the natural world face.
•  Purpose gives psychological benefit to employees at a difficult time. Purpose makes companies more resilient and helps reduce risk.
• Technology increasingly helps use find new measures for what ‘purposeful’ means.
• A purpose statement is profoundly different from a mission statement. A purpose statement in a North Star.
• Integrated reporting is a very important step forward.

Fiona

• A lot of investors still think about ESG investment only in risk/return terms. The value of impact needs to be incorporated.
• We need between 10 and 20 trillion dollars to fund the recovery, so we cannot rely only on government for a better future.
• Stewardship is one of the most powerful tools investors have but we are underinvesting in it (.7 per cent per USD$100bn AUM).
• We must be able to measure both the financial and sustainability impacts of investments.