Hendrik du Toit, CEO of Investec Asset Management, has joined over 20 leading global CEOs in spearheading a new approach to improving the way businesses report. This encourages firms to clearly demonstrate their contribution to sustainable long-term value creation for society.
Convened by the Coalition for Inclusive Capitalism and EY, the companies represent over US$20 trillion of assets under management. The project will develop and test a new framework to better reflect the full value companies create and how they impact the world around them.
Du Toit commented, "It is a great privilege to work with an exceptional group of business leaders on this project. We need to work towards a more inclusive and long-term oriented form of capitalism without sacrificing the dynamism, creativity and freedom associated with this system." The initiative was launched at the Aspen Ideas Festival by Lady Lynn de Rothschild, cofounder of the Coalition for Inclusive Capitalism, and Mark Weinberger, EY Global Chairman and CEO. The 18-month project will see six organizations from across consumer products, health services and the industrials sector, in addition to 17 investment and asset management companies scrutinize, test and refine a framework that has been developed by EY.
Lady Lynn de Rothschild, Co-Founder of the Coalition for Inclusive Capitalism, says: “Leading multinationals and financial institutions have come together to address this pressing need. By taking a broader view of an organization – its purpose, products, people and planet – companies are more likely to prosper over the longer term and curb short-term behaviour. This is not just another siloed ESG initiative, it goes well beyond the P&L and attempts to properly value a firm’s intangible strategic assets.”Return to Investment Institute