With the aim of harnessing the private sector to create a more inclusive, sustainable, and trusted economic system, an alliance of global business leaders has announced the launch of the Council for Inclusive Capitalism with The Vatican.
Led by CEOs and executives representing more than $10.5 trillion in assets under management and 200 million workers in over 163 countries, the council, which will meet annually with Pope Francis and Cardinal Peter Turkson, will work to encourage business and investment leaders to embrace its guiding principles and publicly commit to taking collective action that advances inclusive capitalism, starting with their own institutions.
To that end, twenty-eight organizations, including BP, Johnson & Johnson, Mastercard, Merck, Salesforce, State Street, TIAA, and the Ford and Rockefeller foundations, have announced two hundred and thirty commitments. Guided by a focus on equality of opportunity, irrespective of socioeconomic background, gender, ethnicity, religion, or age; equitable outcomes; fairness across generations; and fairness to those whose circumstances prevent them from full participation in the economy, the commitments are aligned with the United Nations’ Sustainable Development Goals.
“An economic system that is fair, trustworthy, and capable of addressing the most profound challenges facing humanity and our planet is urgently needed,” said Pope Francis. It is time to take up “the challenge by seeking ways to make capitalism become a more inclusive instrument for integral human well-being.”
“Capitalism has created enormous global prosperity, but it has also left too many people behind, led to degradation of our planet, and is not widely trusted in society,” said Lynn Forester de Rothschild, founder of the council and managing partner of Inclusive Capital Partners. “This [c]ouncil will follow the warning from Pope Francis to listen to ‘the cry of the earth and the cry of the poor’ and answer society’s demands for a more equitable and sustainable model of growth.”
