The path to stakeholder capitalism requires something basic: decency
- Decency can help a business can define their role in society and make stakeholder capitalism a reality.
- Inclusivity includes a diversity of thought among employees and partners.
- For capitalism to benefit all stakeholders, companies must continue to innovate.
- Businesses must work to earn stakeholders' trust.
I believe it’s possible to have an economic engine that works for
all stakeholders: governments, people, businesses and the planet. The
World Economic Forum has established the vision, the UN has set the goals. Corporate leaders – myself included – have made a commitment. Together, we’ve charted a course to make stakeholder capitalism a reality.
But belief is not enough to get us there. Signatures, goals and
conversations are only a starting point. For companies to fundamentally
change the way we think about our purpose, demonstrate that we take our
responsibility to society seriously and have real, positive impact, we
have to do. And how we do is just as important as what we do.
Getting the “how” right requires something very basic: decency.
Have you read?
Decency is the foundation for the relationships that drive
innovation, urgency and enterprise-wide thinking and behaviors. It sets
the stage for the listening, open-mindedness and diversity of thought
that make us inclusive collaborators. And it helps build trust, the
bedrock on which everything else is based. We have to know that we’re
all working with helping hands at each other’s backs – and not in each
other’s faces.
Don’t mistake me: business is not philanthropy. It can’t be. We
have to make our margins, be competitive on price, drive profit and
grow. That’s capitalism, plain and simple. For too long, a narrow
definition of capitalism has pitted corporate profit against social
purpose, relegating decency’s role in a company to a “nice-to-have.”
But, when we dare to broaden our focus, we can see that purpose and
profit are intertwined – and that decency is the connective tissue.
Yes, companies and nations survive on people making and spending
money. But, when we bring our basic human decency to the forefront of
our work, it’s easier to see that giving people a lift, expanding the
middle class, helping them thrive and grow will also do the same for
you. And reaching out to partners and combining strengths often results
in a total impact greater than what any one party could have achieved on
their own.
At Mastercard, decency underpins our sustainability as a company
because it helps us see clearly that doing the right thing for society
leads to the right outcomes for our business. And with that, it becomes
easier to define our role in society and make stakeholder capitalism a
reality. We use our network and technology to drive financial inclusion,
digital empowerment and, ultimately, inclusive growth because decency is our guide.
Here’s what decency in action looks like for Mastercard.
Inclusion
Inclusivity makes stakeholder capitalism sustainable, both
commercially and socially. We strive for diversity of thought among our
employees and our partners. That mix of voices helps us see systemic
challenges and helps us craft long-term solutions with the
widest-reaching benefits.
For example, working with Unilever, we have helped entrepreneurs
in Kenya grow their businesses by digitizing what were formerly cash
transactions between shopkeepers and their suppliers. Those transactions
become a purchase history, which can be used to secure micro-credit
through a local bank. In Egypt, we’ve worked with the government to
digitize alimony payments, making it faster and safer for divorced women
to receive their money. Through these kinds of partnerships, we’re on
the cusp of bringing 500 million previously excluded people into the
formal economy. We continue to work with Queen Màxima of the
Netherlands, UN Secretary General’s representative on financial
inclusion, to encourage other companies to forge similar partnerships.
What is the World Economic Forum doing on cybersecurity
The World Economic Forum Platform for Shaping the Future of
Cybersecurity and Digital Trust aims to spearhead global cooperation and
collective responses to growing cyber challenges, ultimately to harness
and safeguard the full benefits of the Fourth Industrial Revolution.
The platform seeks to deliver impact through facilitating the creation
of security-by-design and security-by-default solutions across industry
sectors, developing policy frameworks where needed; encouraging broader
cooperative arrangements and shaping global governance; building
communities to successfully tackle cyber challenges across the public
and private sectors; and impacting agenda setting, to elevate some of
the most pressing issues.
Platform activities focus on three main challenges:
Strengthening Global Cooperation for Digital Trust and Security
- to increase global cooperation between the public and private sectors
in addressing key challenges to security and trust posed by a digital
landscape currently lacking effective cooperation at legal and policy
levels, effective market incentives, and cooperation between
stakeholders at the operational level across the ecosystem.Securing Future Digital Networks and Technology
- to identify cybersecurity challenges and opportunities posed by new
technologies and accelerate solutions and incentives to ensure digital
trust in the Fourth Industrial Revolution.Building Skills and Capabilities for the Digital Future
- to coordinate and promote initiatives to address the global deficit
in professional skills, effective leadership and adequate capabilities
in the cyber domain.
The platform is working on a number of ongoing activities to meet
these challenges. Current initiatives include our successful work with a
range of public- and private-sector partners to develop a clear and
coherent cybersecurity vision for the electricity industry in the form
of Board Principles for managing cyber risk in the electricity ecosystem and a complete framework, created in collaboration with the Forum’s investment community, enabling investors to assess the security preparedness of target companies, contributing to raising internal cybersecurity awareness.
For more information, please contact info@c4c-weforum.org.
Innovation
For capitalism to benefit all stakeholders, companies must
constantly innovate. But innovating from a place of decency is not just
innovating for the sake of innovation. It’s listening, understanding and
delivering what people want (smart, fast and seamless transactions)
with what they need (inclusivity, choice and control).
This requires partnering with governments, NGOs and businesses
that have deep, local understanding of the innovations different
populations need. In the Czech Republic, for example, through a “digital
country partnership” with the government, Mastercard is helping people
move away from cash and enter the financial system, helping this nation
of entrepreneurs gain valuable insights into how to expand their
businesses. In Sweden, we’re collaborating with the Bank of Åland and
fintech Doconomy to give cardholders the ability to track and reduce the
carbon footprints of purchases.
Trust
The key to all of this is trust. It has to be at the center of
what we do and how we work. We have to earn trust every day with every
single transaction, solution, tool and initiative.
At Mastercard, earning trust means taking the lead when it comes
to data security. We’re partnering with other financial institutions to
build safety standards around EMV technology, as well as QR-based
payments, contactless and tokens, to ensure people don’t have to trade
convenience for security, or vice versa. We are also working to ensure
that no one person or link in the security chain is exposed because they
don’t have the resources to keep the whole system secure. We’ve
partnered with Microsoft and others to create the Cyber Readiness
Institute to help small and medium-sized businesses obtain the tools and
resources they need to be more resilient and secure.
Above all, decency drives us to take a principled approach to how
we work with any technology, from AI to our newest resource, data. We
recently released our Data Responsibility Principles, which recognize a
person’s fundamental right to own and control their data and establishes
guardrails for how we act as responsible stewards of that data.
We live in a world where everyone, everywhere has the potential
to thrive. Decency is the key to making sure people are able to connect
with the opportunities before them. We just have to tap into our basic
human decency and let it guide us in our work.
When we do that, the path to stakeholder capitalism becomes very real and very navigable.
www.oecd.org/economy/growth/Environmental-green-growth-reform-priorities.pdf
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