More than 250 CEOs, business leaders, philanthropists, and government figures have signed the following open letter calling for urgent action toward a just and impact-led Covid-19 economic recovery. It is the result of the Global Steering Group for Impact Investment’s 2020 Global Impact Summit.
To the leaders, finance ministers, and central bank governors of the Group of 7 and Group of 20:
The Covid-19 crisis has created an urgent need for a just, impact-led recovery that serves all people and preserves our planet. It presses us to change our ways, so that we can better address the great social and environmental challenges ahead of us.
To save billions of people from greater hardship, it is urgent that we bring impact to the heart of our economies and put the following into action:
1. Scale impact investment to combat unemployment, reduce inequality, and preserve the environment
Introduce incentives to accelerate impact investment, which seeks social as well as financial returns in order to create sustainable jobs, advance education, improve health care, and fund the expansion of nonprofit organizations that support the most vulnerable.
Spur investment into small and medium-sized impact-driven businesses and high-growth impact ventures in developed and developing countries, to create millions of new jobs. Since many large companies are streamlining their operations and eliminating jobs, impact growth ventures and small and medium-sized enterprises provide the best route to creating new jobs and supporting the recovery.
2. Mandate impact transparency for companies
Establish impact transparency by mandating that companies publish audited financial accounts that reflect their social and environmental impacts. This will provide environmental, social, and governance investors and consumers with the transparency they need to hold businesses accountable for the harm they cause and reward them for the positive impact they create.
3. Introduce legislation to empower companies and investors to pursue impact
Shift our economies away from profit alone to profit and impact. Amend legislation and regulations to allow companies, pension funds and charitable endowments to base their decisions on return and impact.
We are at an historic crossroad. Our future is in our hands. There has never been a greater need or a greater time to transform our economies so they better serve society and preserve our planet. We call on everyone—governments, citizens, consumers, investors, companies and philanthropists—to support implementation of these measures and pave the way to a fairer and more sustainable world.
Signatories:
Sir Ronald Cohen, chair, Global Steering Group for Impact Investment
Cliff Prior, CEO, Global Steering Group for Impact Investment
A selection of signatories follows in in alphabetical order. More signatories will be added at GSG’s website.
Rosemary Addis, Impact Strategist; GSG Australia
Yael Almog, former CEO, IFRS Foundation
Ibukun Awosika, First Bank of Nigeria
Bertrand Badre, former World Bank
Yvonne Bakkum, FMO, Netherlands
Dolika Banda, Education Outcomes Fund
Matt Bannick , Stanford Graduate School of Business; GSG USA
Sir Michael Barber, Delivery Associates
Clara Barby, Impact Management Project
Dr. Francois Bonnici, Schwab Foundation
Amit Bouri, Global Impact Investing Network
Paul Brest, former dean, Stanford University Law School
Kate Byrne, president, SOCAP
Nicola Cobbold, GSG U.K.
Dame Elizabeth Corley , chair, Impact Investing Institute
Elizabeth Boggs Davidsen, UNDP
Sir Mick Davis, Portland Trust
Ashish Dhawan, Ashoka University
Ray Dhirani, World Wildlife Fund
Vikram Ghandi, Harvard Business School
Michele Giddens, Bridges Fund Management
Don Gips, Skoll Foundation
Sarah Gordon, GSG U.K.
Ulrich Grabenwarter, European Investment Fund; GSG
Nick Hurd , former minister, U.K.; GSG
Dr. Amel Karboul, former minister, Tunisia
René Karsenti, ICMA
Andrew Kassoy , B Lab
Mike Kubzansky, Omidyar Network
Mairi Mackay, British Council
Mauricio Macri , former president of the Argentine Republic
Elias Masilela, GSG South Africa
Prince Max of Liechtenstein, LGT
Sir Harvey McGrath, Big Society Capital
Giovanna Melandri, GSG Italy; Human Foundation; former minister, Italy
Brigitte Mohn , Bertelsmann Foundation
Nick O’Donohoe, CDC Group, GSG UK
Tracy Palandjian, Social Finance USA
Horacio Pavez, The Impact; GSG Chile
Paul Polman , IMAGINE, former Unilever
Alejandro Preusche, GSG Argentina
Mario Quintana, former Cabinet Office, Argentine Republic
Eric Rice, Blackrock
Lord Jacob Rothschild
George Serafeim, Harvard Business School
Sir Harry Solomon, Portland Trust
Jim Sorenson, The Sorenson Group, USA
Laurie Spengler, GSG U.K.
Carolina Stanley, former minister, Argentine Republic
Maria Laura Tinelli, Acrux Partners; GSG Argentina
Halla Tómasdóttir, B Team
Laura D’Andrea Tyson, former dean, London Business School; Haas School of Business at Berkeley
Masataka Uo, GSG Japan
María Eugenia Vidal, former governor, Province of Buenos Aires
Darren Walker , President, Ford Foundation; GSG
Urs Wietlisbach, Partners Group
Ngaire Woods, dean, Blavatnik School of Government at Oxford
Juan Yermo, OECD
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