B4IG Newsletter #3
In this issue:
The annual B4IG Board Meeting gathered CEOs and partners on Nov. 12
B4IG EU Statement on human rights published today
The Incubator wraps up its first cohort, with applications now open for next year
The OECD launches the WISE Centre
And more!
B4IG Updates
On Nov. 12, the B4IG annual Board meeting, co-chaired by OECD Secretary General Angel Gurría and Danone CEO and Chairman Emmanuel Faber, brought together over 40 CEOs and representatives from B4IG companies alongside OECD teams and high-level partners such as ILO, ITUC, UN Women and academics. With such high attendance and fruitful discussions, the Board meeting was a highlight of the year for the coalition, gathering CEO input on the ways in which B4IG, together with governments, can build an inclusive recovery (full press release here).
The Board adopted a strong roadmap calling on businesses and governments to coordinate efforts to define a common approach to tackling inequalities in the wake of the current economic and social crisis, including specific focuses on:
Building a future of work that ensures no one is left behind, through responsible restructurings, ensuring jobs with decent wages and adequate social protections;
Strengthening human rights and inclusive sourcing throughout company supply chains;
Complementing ESG reporting with metrics and standards that assess outcomes and impacts of a company’s activities.
From the Members
Member companies shared many inspiring best practices in preparation for the roadmap, such as:
Schneider Electric’s evaluation of its entire network of tier 1 suppliers (52,000+) through a third-party independent database covers all natures of risks while emphasizing human rights through specific categories such as freely chosen employment, child labor, and the existence of an effective grievance/complaint process.
Salesforce’s training and awareness sessions to address biases and the funding of actions and organizations that bridge the gap for minorities, including $100M to be invested by Salesforce Ventures in Black and underrepresented minority founders.
Ricoh’s support towards small and medium companies to access the necessary digital tools to work from home, including a program in Japan providing a two-month free trial of Ricoh’s remote working solutions and support of over 10,000 SMBs to make the digital transition seamless.
Pret A Manger’s Coffee Fund, which addresses declining youth involvement in coffee farming, each year supporting a group of over 60 young people across Peru through intensive training on smart technologies, improving crop yield & coffee quality and adaptation to climate change, as well as post-training support services (grants, loans).
For many more contributions and initiatives from B4IG member companies, see the complete roadmap for an inclusive recovery here.
The Actions
On International Human Rights Day (today!), B4IG is publishing a statement welcoming the European Commission’s forthcoming legislative proposal on mandatory human rights due diligence and proposing a set of considerations for the EU-wide legislation adopted during the 2020 annual Board meeting.
Given the unprecedented nature of the COVID-19 crisis, which has exacerbated existing inequalities and discriminations, ensuring respect for human rights through responsible business conduct is more necessary than ever. B4IG favors a harmonized and mandatory EU-wide legal framework that would create a level competitive playing field, holding all businesses to the same standards and providing business with more leverage to deliver on human rights advancement.
Building on individual and collective experiences, B4IG is setting forth eleven considerations for the EU as it develops its legislative proposal: read them here, and please amplify B4IG’s voice via Twitter and Linkedin.
The Incubator completed its first acceleration program with the online graduation event where the project teams shared their acceleration experience, which you can learn more about here. There were also a number of speakers talking about the future of B4IG and giving advice for connecting with impact investors, such as the inspirational words of Jean-Paul Agon, CEO of L'Oréal, whose speech you can watch here.
Having finished its first program, the Incubator team is now welcoming applications for the 2021 acceleration program. You can find the application form here. Apart from the acceleration program, the Incubator will offer an innovation studio to develop breakthrough innovations as well as a collective training program about inclusive business. To learn more about the 2021 programs, join them for an information session on Dec. 17th at 4:00pm (CEST).
On Nov. 11, the Inclusive Growth Financing Forum launched its Inclusive Growth Marketplace, following its Inaugural Roundtable held on Nov. 10. The IGFF brought together investors from around the world, representing a total of over $1.5T in assets under management to discover projects and programs designed by B4IG companies as well as by a handful of social entrepreneurs. As a collective moment bringing together private and public actors, it was an early but fruitful step toward addressing the difficulties in creating systemic change through IG investing and encouraging collaboration between these diverse stakeholders. For a taste of what kind of projects were presented, have a look at this BASF project or this interview with Manuel Bonnet, Managing Director at Fastroad, specializing in transport for people with reduced mobility.
From the OECD
On Nov. 25, the new OECD Centre on Well-being, Inclusion, Sustainability and Equal Opportunity (WISE) was launched with a high-level roundtable bringing together the OECD Secretary-General, Ministers and Heads of Foundations who have integrated well-being as a central part of their mandate and activities. WISE will work hand-in-hand with governments, businesses, foundations and civil society to strengthen the measurement of well-being, inequalities, inclusion and sustainability. It will also seek to better understand the impact that policies and business actions have on people’s lives today and on the sustainability of well-being over time. The WISE Centre, under Romina Boarini’s leadership, will continue to house the B4IG-OECD relationship at the operational level. WISE will be responsible for the work on impact measurement, also drawing on the work compiled across the OECD by the Impact Task Force led by Juan Yermo, OECD Chief of Staff.
The Global Deal Flagship Report is now available along with a video recording of the launch event. The Report focuses on how the pandemic has intensified existing inequalities, disproportionately affecting already-vulnerable groups such as low-skilled and informal workers, youth, and women. It also highlights the benefits of engaging with social partners when it comes to skill development and lifelong learning programs.
Around the Globe
The latest arrival in the fight for inclusive growth? The Vatican, as Pope Francis just announced his support for Lynn Forester de Rothschild’s Council for Inclusive Capitalism.
With vaccines arriving quickly, economist and President of Queen’s College Mohamed El-Erian’s latest article in The Guardian points to 5 key areas that governments and businesses must focus on for an inclusive post-COVID recovery, all echoing key parts of the B4IG agenda.
Thanks for reading - we’re looking forward to moving down the path to inclusive growth with you!
B4IG Team