Transparency, transparency, transparency. But how do we enforce transparency?
Good pointsâŚmental models are so deeply engrained. We need to challenge the dogma and received wisdom about what the role of business is in society
I agree, creative agencies typically have a big capability gap too, to really help clients understand their holistic issues so that they can bring their creativity to bear in a meaningful way for the brand.
Yes we can. Itâs important we all put in place strategies that follow all the pillars before getting to the say: define, live, do, partner. Now that doesnât mean, I think that everything should have had already significant results before you are getting to a say. Sometimes itâs about taking other people with you on the journey. Sometimes the say is the do (esp. on advocacy etcâŚ). The important thing is that everything we do is integral part of a long term plan. Not fleeting. As also we discussed before
We have to work with the 2013 class.
Starting from Sept, with the 1st year of education, we have to fix a common Global Civic Education Act program for K-12.
We have to deliver messages to students that they can be have an impact on them parents on doing actions.
Recently, with Doxa (a research firm), we are discovered that 83% of students that worked with brands, tell back home to them parents what they did at School.
Basicly, what we have to do, is deliver the message to act to students that can be the family leaders on doing for good.
This actions delivered for brand will not be recepits as âa washing actionâ, but a better cultural behaviour.
A3: (can we save Purpose from Purpose-wash? How)
The biggest thing is INCENTIVES - sadly. Some people are motivated to make the world a better place / save the human race from extinction, but others do need their incentives to be aligned. Whilst we reward CEOs/Boards vast sums for hitting short term share price targets, we reap what we sow.
âŚSo it feels to me that the biggest leverage point is the investor community.
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Q3 is a hard oneâŚ
some of the answer lies in amplifying those organisations that are doing it well and sharing best practice
some it will be delivered through our commitment to ensuring that each of our organisations develop frameworks that identify how a business is executing its strategy against its purpose
and some of it will come from admitting our mistakes and sharing learnings
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I think we need something like an S&P500 or Moodyâs for Transparency and for real-time reporting of corporate performance against the SDGs - back to the Bloomberg for Good idea we talked about earlier
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Enforcement of transparency can be done by using Elinor Ostrom (nobel laureate) design principles and local whistle blowers such as Sela from South Africa. Of course, the accounting standards and measurement units that already operates globally is needed this system would truly be a lot better and comparable. We are working at this at RISE Research Institutes of Sweden.
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It boils down to great leadership - leaders who personally wear purpose - in order to champion purposefulness in the organisations they run and make transformative and sustainable change. We have to do as much as we can to cultivate new purpose leaders.
Totally totally with you. Transparency is key but it is seems so impossible sometimes if you look at it as a single entity. I think thatâs where collaborations are so important.
Agreed, an opportunity to link integrated reporting with digital transparency. But that also leaves gaps for tracking intangible assets and multiple forms of value creation, what Kate Rayworth calls the âgenerativeâ economy as opposed to the current âextractiveâ one that focuses on extracting financial capital from economic activity.
with one set of metrics @gibbulloch - there are so many indices and reporting models but so little consistency
Agree @gibbulloch. Hard to put together across industries, but vital.
I think Responsible 100 is trying to do something like that.
Needs to be put in context of what the world needs (science based targets).
transparency 100% but it has to be supported by honesty - balanced reporting - encouraged by stakeholders who want to understand whats working and importantly whats not, so it can be improved over time (and not in a quarter)
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Agreed and there are often defining moments of leadership when big strategic decisions demonstrate if leaders are living the purpose, especially for incumbent businesses that have spent decades maximising profits
Agree the investor community is a big point of leverage, but look out for employees as they start to find their voice. Article in the FT on this just went live and will be in Mondayâs paper. âCorporate Activists: The professionals swapping banners for briefcasesâ
https://www.ft.com/content/1dd49034-a22f-11e9-a282-2df48f366f7d
Ok you all sound smart :-). Last question now. I have been asked this question in Oxford this morning again and I wonder what is your answer. A4: should every business has a purpose? (Y/N)
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Absolutely ! How can we do that so that we can compare apples with apples - real time
The world benchmarking alliance are seeking to aggregate indices around the SDGs, providing ratings on listed companies contribution to SDGs, this could help converge and navigate the proliferation of indices