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Business World Now Able to ‘Walk the Talk’ on Stakeholder Capitalism

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The World Economic Forum today launched a set of metrics to measure stakeholder capitalism at the Sustainable Development Impact Summit. Calling on all companies to adopt the metrics to demonstrate their progress against environmental, social and governance (ESG) indicators Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, said: ‘With these metrics, the business world will finally be able to walk the talk on their commitment to ESG performance and the stakeholder capitalism principle.”

The set of 21 core and 34 expanded metrics is presented in a new report published today by the Forum, Measuring Stakeholder Capitalism: Towards Common Metrics and Consistent Reporting of Sustainable Value Creation. The work is the culmination of a year of unprecedented collaboration between the world’s four largest accounting firms – Deloitte, EY, KPMG and PwC – under the leadership of the World Economic Forum.

The initiative goes beyond the traditional remit of ESG and aligns its indicators with the SDGs by embracing metrics across four pillars: Principles of Governance, Planet, People and Prosperity. The Forum’s International Business Council (IBC) sees this as not only good for society and the planet but also good for business. “It is proven that businesses that focus on all stakeholders and the planet over the long term do better,” said Punit Renjen, Global Chief Executive Officer of Deloitte at the livestreamed session today.

The project deliberately selected existing metrics from among the plethora of overlapping ESG standards and frameworks that currently exist – the “alphabet soup” of standards, as the session moderator Gillian Tett of the Financial Times put it. ‘We’re not trying to replace anything out there. We’re just trying to come up with a common set of metrics that companies can sign up to,” said Carmine Di Sibio, EY Global Chairman and Chief Executive Officer. These metrics will allow stakeholders to understand a company’s long-term value rather than the short-term view many current financial metrics show. “This is incredibly important for investors,” Di Sibio said.

According to Bill Thomas, Global Chairman and Chief Executive Officer of KPMG International, companies also have a more direct self-interest in adopting the metrics. “One of the biggest reasons to do it is… [for] attracting and retaining the very best people today,” he said. “They want to work for an organization that has a purpose beyond simply profits; they know that business has to play a role to build a better, more sustainable society.”

The Forum’s IBC sees this moment as an opportunity to take the lead in shaping the future development of non-financial reporting. “We’re trying to influence the regulators, the standard-setters, the rating agencies around the world and say, ‘these are the ones we truly believe as a business community are the right measures to start with.’ We’re not looking for perfection, we’re looking for progress. And we’d like some consistency to demonstrate both that progress and that comparability,” said Bob Moritz, Global Chairman of PwC.

He likened the IBC’s aspiration to the process that led to the acceptance of global accounting standards, saying: “The generally accepted [indicators] and those that are practiced influence the rules, the regulations, and then we can cascade and scale those rules and regulations for more alignment, more consistency and better comparability on a worldwide basis.”

At the session to launch the report, Brian Moynihan, Chairman and Chief Executive Officer of Bank of America, and Chair of the IBC, said the metrics go some way to answering the following questions: “How do you align capitalism with the goals of society and how do you measure that in a way that can consolidate all these measurement systems into one set of metrics that the Big Four accounting firms can endorse and help companies publish, so that people can judge whether they’re making progress?”

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Human Rights

Belarus human rights situation deteriorating further

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Large crowds have demonstrated their anger at the results of the presidential election in Belarus. Photo: Kseniya Halubovich

A “systematic crackdown” against dissent in Belarus is continuing, months since the country’s disputed presidential election last year, UN rights chief Michelle Bachelet has told the Human Rights Council.

In comments to the Geneva forum on Thursday, the High Commissioner for Human Rights insisted that curbs on demonstrators had got worse since last August’s poll returned President Alexander Lukashenko to office.

Those protests had led to “mass arbitrary arrests and detentions” of largely peaceful demonstrators, along with “hundreds of allegations of torture and ill-treatment”, Ms. Bachelet said, before noting that “not one of the hundreds of complaints for acts of torture and ill-treatment” had been investigated.

The High Commissioner highlighted concerns about Government proposals which would reportedly “enable harsher punishments” for those taking part in peaceful demonstrations from now on.

To date, nearly 250 people have received prison sentences on allegedly politically-motivated charges context of the 2020 presidential election, Ms. Bachelet said.

‘Unprecedented’ human rights crisis

The OHCHR report “covers serious violations” of rights between 1 May and 20 December last year. “The events that unfolded before and immediately after the election have led to a human rights crisis of unprecedented dimension in the country”, added Ms. Bachelet.

All of the violations detailed “committed with impunity, created an atmosphere of fear”, she said, noting the further deterioration since December.

She said journalists were being increasingly targeted, “and human rights defenders both institutionally and individually. Just last week, large-scale searches of human rights defenders, journalists, and organizations such as the Belarusian Association of Journalists and Viasna (A Minsk-based human rights centre) were conducted, reportedly in connection with criminal investigations for ‘mass disorder’”.

Release innocent protesters

She told the Council it was “essential for the future of the country that respect for human rights, and the broadest possible civic space, be established. All those who have been detained for peacefully exercising their rights should be released.”

The rights chief called for “thorough, effective, credible and transparent investigations” into all the allegations of serious violations, with perpetrators being brought to justice, as well as an “immediate end” to the Government policy of harassment and intimidation of civil society and media workers.

“I further recommend comprehensive reform of the national legal framework”, she concluded. “Our report includes specific recommendations, which address key systemic issues, including with respect to fair trials, due process and the independence of the judiciary.”

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Health & Wellness

Natalia Vodianova joins UNFPA to tackle stigma and advance women’s health

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Russian supermodel and philanthropist Natalia Vodianova has been appointed as Goodwill Ambassador for the United Nations sexual and reproductive health agency, UNFPA. Photo: UNFPA

The UN’s sexual and reproductive health agency, UNFPA, on Wednesday appointed supermodel, philanthropist, and impact investor Natalia Vodianova as its newest Goodwill Ambassador, in an effort to empower women and girls, including fighting stigma surrounding menstruation.

“For too long, society’s approach to menstruation and women’s health has been defined by taboo and stigma”, said Ms. Vodianova, stressing that the situation “has undermined the most basic needs and rights of women.”

In her new role with UNFPA, officially known as the UN Population Fund, Ms. Vodianova will seek to help culturally redefine menstruation, as a normal bodily function.

On any given day, more than 800 million women and girls aged 15 to 49 are actively menstruating. In many countries, taboos surrounding the cycle leaves girls vulnerable and can even be life-threatening, says UNFPA, as they are excluded from public life, denied opportunities, sanitation and basic health needs.

Major mission

The agency said in a press release, that the issue has been starved of the attention it deserves, but in recent years that has started to change, and “achieving this, is central to UNFPA’s mandate”.

“It’s a tragic irony that something as universal as menstruation can make girls feel so isolated…We all have a role to play in breaking the taboos around menstruation”, said UNFPA Executive Director Natalia Kanem, underscoring the significance of spotlighting the damage caused.

She added that the agency “is pleased to partner with such a powerful and committed advocate. Societies prosper when girls are confident, empowered and making their own decisions!”

Building on past momentum

Over the past three years, Ms. Vodianova has teamed up with UNFPA to launch a series of “Let’s Talk” events worldwide, which have mobilised policy makers, civil society and the private sector to help tackle shame, exclusion and discrimination, faced routinely by millions of women and girls.

Leaders from various sectors such as fashion, politics, sport, technology and media have also gathered in Turkey, Kenya, Switzerland, Belarus and India to advance women’s health.

Raised in poverty by a single mother in Russia, along with caring for a half-sister who has cerebral palsy and autism, Ms.Vodianova is a passionate advocate for human rights, including reproductive rights and the rights of people living with disabilities, UNFPA noted.

The agency said it was looking forward to working with her in her role as a bridge builder across the fashion and technology industries, where she’s an influential international voice, to help achieve the Sustainable Development Goals by 2030.

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Environment

Georgia’s Blue Economy Can Be a Vehicle for Accelerating Climate Change Adaptation

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Greening the Coast and Blueing the Sea for a Resilient Georgiaa virtual event on climate change and marine pollution – was held today with the cooperation of the World Bank, the Organization of the Black Sea Economic Cooperation (BSEC) andthe Government of Georgia.

The event was focused on the findings and recommendations of two recent World Bank reports: Impacts of Climate Change on Georgia’s Coastal Zone: Vulnerability Assessment and Adaptation Options and The Cost of Coastal Zone Degradation in Georgia: A Tool for the Coastal Zone Adaptation and the Nationally Determined Contributions.

The reports identify key climate risks and vulnerabilities and the costs of environmental degradation of the coastal zone due to pollution, flooding, coastal erosion, and agricultural soil and forest degradation. Climate adaptation through resilient use of water resources and bringing back tourism to coastal areas after the COVID-19 pandemic are among the recommended priority coastal adaptation interventions.

“Georgia is committed to making its coastal and marine spaces and tourism more resilient, and our Black Sea less polluted,” said Nino Tandilashvili, Deputy Minister of Environmental Protection and Agriculture of Georgia.

With the World Bank’s global knowledge and support, Georgia is well positioned to enter a new frontier with its climate pledges under the 2015 Paris Agreement. In addition to climate adaptation measures in its coastal zone, transition to a more sustainable Blue Economy can become a public policy goal that can support Georgia’s EU integration agenda and its national development objectives, while preventing environmental degradation and ecological imbalances in the use of coastal and marine resources.

“While the reports seek to raise the level of urgency needed to reduce the impact of climate change on the coastal zone and the escalating cost of inaction, it is not too late for action to ensure that the coastline of the Black Sea of Georgia adapts to climate change. Overall, the blue economy is vital for the social-economic development of Georgia and other countries across the region,” said Sebastian Molineus, World Bank Regional Director for the South Caucasus.

Today’s event also initiated consultations on Blueing the Black Sea, a World Bank and BSEC supported new regional initiative to tackle marine pollution and catalyze Blue Economy investments in the Black Sea region. Recognizing the critical importance that environmental rehabilitation of the Black Sea has for the entire region, the World Bank supports Georgia, as well as other countries of the region, in their collaboration for effective pollution prevention, reduction, and control in the Black Sea.

“Transboundary pollution challenges require regional solutions,” noted Steven Schonberger, World Bank Sustainable Development Regional Director. “However, the regional goals have to translate into national investments that promote economic growth. Any country tackling pollution alone cannot guarantee a desirable quality of the sea water in a closed ecosystem such as the Black Sea. Considering this common ecosystem, collaboration at the regional level is essential.”

The Blueing the Black Sea consultations contribute to strengthened national and regional dialogue to address marine pollution and provide Georgia with a valuable opportunity to integrate the Black Sea into the country’s strategies for climate adaptation and mitigation.

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