Introduction

The Council for Inclusive Capitalism is a movement of the world’s business and public sector leaders who are working to build a more inclusive, sustainable, and trusted economic system that addresses the needs of our people and the planet.

Capitalism has lifted billions of people out of poverty, but many in society have been left behind and the planet has paid a price. There is a moral imperative to address this challenge, and we are taking action. Our members undertake measurable commitments to help create:

“An inclusive capitalism that leaves no one behind, that discards none of our brothers or sisters, is a noble aspiration, worthy of our best efforts.”

— Pope Francis

Background

The Council is led by Guardian CEOs and global leaders who commit their organisations to specific actions that create long-term value for all stakeholders.

To build thriving economies and societies, the Council invites organizations and leaders to join as Stewards. Together with the Guardians, they will make their own commitments, scaling actions to improve outcomes for people and the planet.

Members of The Council of Inclusive Capitalism with The Vatican

STATEMENT OF

GUIDING PRINCIPLES FOR INCLUSIVE CAPITALISM

This statement sets out the collective view of the Council for Inclusive Capitalism with the Vatican on the definition of ‘Inclusive Capitalism’ and the Guiding Principles for the Council’s activities. These Principles reflect the values and approach to business and investment that this Council believes will extend the opportunities and benefits of our economic system to all people and build a more sustainable future.

Capitalism has delivered wealth and prosperity to billions of people around the world. However, we recognize that capitalism must evolve to promote a more sustainable, trusted, equitable, and inclusive system that works for everyone. This is especially important in these days of unprecedented technological advancement, climate disruption, public health crises, and social unrest. The Council recognizes the need for determined actions by its members and others working with them to achieve these aspirations for capitalism.

The Council is committed to action. It seeks real, lasting change for the good. Member organizations will each take a different approach toward implementing the Principles for Inclusive Capitalism, but each commits to promoting sustainable, inclusive, strong and trusted economies around the world. Each of us, working together and with others, will find the best approaches for our institutions, industries, and governments that can foster inclusion; we will define and implement individual actions and approaches, following the Principles for Inclusive Capitalism. This includes further enhancement of environmental, social, and governance measures in our daily operations as we help to achieve the United Nations Sustainable Development Goals.

VISION

We consider that Inclusive Capitalism is fundamentally about creating long-term value for all stakeholders – businesses, investors, employees, customers, governments, communities, and the planet – guided by an approach that provides:

Equality of opportunity for all people to pursue prosperity and quality of life, irrespective of criteria such as socio-economic background, gender, ethnicity, religion or age;
Equitable outcomes for those who have the same opportunities and seize them in the same way;
Fairness across generations so that one generation does not overburden the planet or realize near-term benefits that incur long-term costs, at the cost of future generations; and
Fairness to those in a society whose circumstances prevent them from full participation in the economy.

The Council recognizes that different societies will place different weights on these four elements of Inclusive Capitalism.

We believe these are vital, because there is growing evidence that equality of opportunity is good for economic growth, that feeling a sense of that inclusion and fairness contributes much to happiness and well-being.

The Principles of Inclusive Capitalism appeal to a fundamental sense of justice.

VALUES

For more people to benefit from Inclusive Capitalism, the Council members will strive to contribute to a system that is:

TRUSTED

by people to meet their needs. This credibility is established by stakeholders in the system acting responsibly, transparently and with integrity, and should there be a conflict with core values, adopting a prompt and equitable response.

FAIR

and promotes diversity and equality of opportunity for individuals and a level playing field for those who engage with these opportunities. This means striving for a similar outcome for similar inputs and discouraging unjust advantage or exploitation for individual gain.

RESPONSIBLE

where individuals, governments, communities, and companies recognize how their actions impact one another and strive to minimize the negative impact.

DYNAMIC

and able to evolve so that it continues to enable and reward innovation, progress, and adaptation.

SUSTAINABLE

where incentives are aligned across generations and the main actors take a long-term perspective. This means considering the future impact of actions taken today on a broad set of stakeholders and our planet.

Analysis

Principles of Governance

We must strengthen governance structures so that organizations are grounded in the purpose that drives positive commercial and societal value over the long-term. We must also enact ethical practices, provide transparency and be accountable to a broad range of stakeholders.

Key Priority areas & SDGs

Governing Purpose
Quality of Governing Body
Stakeholder Engagement
Ethical Behavior
Risk & Opportunity Oversight

Recognizing it will take the alignment of all our organizations to have an impact on a global scale, we invite you to join the movement as a Steward of Inclusive Capitalism. Together, we can work alongside fellow leaders in transforming our economic system and put each of our organization at the forefront of building a healthier, fairer, more sustainable future for all people and our planet.