In our role as a private foundation, we have partnered with corporates as well as other foundations, and have seen the value that partnership brings in terms of sharing costs and providing broader perspectives, and in many cases external leverage.
Within corporates, social responsibility can mean a number of things: going green, advancing basic human rights, creating a philanthropic legacy, and various other incentives. Any social responsibility work done strongly benefits companies if their efforts to positively impact their community and beyond are undertaken. These changes also lead to stronger branding, enhanced reputation and increased customer loyalty.
Within our own business realm, we work through The ICM Foundation, with more and more companies joining the growing number of organizations committing to positive change locally, socially, and globally.
We are also encouraging businesses that include ESG strategies in their mandates to look to go BEYOND ESG, and to implement corporate programs that align with the deeper values being demanded by consumers and markets in their daily operations.
We also associate with and follow change-makers within the business realm, including The Do School, Conscious Capitalism Inc, Business Fights Poverty, B Corps and others looking to bring a deeper level of awareness and compassion into the corporate world.
As Rebecca Henderson says in her meaningful book Reimagining Capitalism in a World on Fire, although free market capitalism has been a great invention and a source of prosperity for the world, this success has been costly. Capitalism is on the verge of destroying the planet and destabilizing society as wealth keeps moving upwards to a small exclusive group. And as she says, Capitalism needs to rediscover the values on which it was originally based, become more purpose-driven, and have concrete goals or objectives that benefit society as a whole. Ones that extend beyond financial performance and serve the greater good.