Topics
Social Impact
Social Impact
Strategic Alliance Among Social Impact Associations
Who: The American Sustainable Business Council + Social Venture Circle
Why did the join forces?
- To create the United States’ leading socially responsible business group
- Unite top U.S. entrepreneurs & leaders of mission-driven companies
- To amplify and extend the collective voice of the sustainable business community in previously impossible ways
Is this only about environmental or sustainable issues? No, they say
- “It is urgent that we move beyond sustainability to regenerative systems
- Expand diversity to include true social and economic inclusion
- Broaden the definition of success to include all Stakeholders (including our global community and our planet)”
Meet the New Kid: Shopping Gives. COVID Ready Response.
What is Shopping Gives? Social Impact Commerce platform that allows consumers to search and support their cause of choice from over 1.5M nonprofits while shopping, without leaving the retailers website.
Who is backing it? Caffeinated Capital Tuesday Capital, SciFi VC, Background Capital, Red Dog Capital, 20VC, Global Founders Capital, Big Future Fund, Rogue Capital, Night Capital, Manresa Ventures, & Sugar Capital
Why is the new economy the right time for ShoppingGives?
- unprecedented eCommerce growth because of COVID
- COVID and BLM have shown that society is compelled to create change as customers align with brands that make statements and stand
- Founder, Big Future Fund: Social Impact is a requirement for success
Employee Wellness. Unlimited Vacation Days.
Which company has an unlimited vacation policy? Netflix
How has the policy worked out?
- The company also has (1) no approval required for expenses (2) no dress code & (3) criticism of the company can earn you a promotion
- The CEO credits the NO RULES policy for its economic success. The company’s 2000 IPA was $1/share. The current value is $500/share
Why the employee freedom? Because it is “essential in creative companies where you have much greater risk from lack of innovation”
Classic Gen X mindset folks.
NPR | Netflix CEO Embraces ‘No Rules,’ But Work Is Anything But Chill
Diversity and Corporate Boards. 5 Year Retrospect.
Which industries have the highest rates of ethnic and racial diversity on their boards? Tech & Utilities
Which industries have the lowest rates of ethnic and racial diversity on their boards? real Estate & Energy
- 40% of the US population is underrepresented ethnic and racial groups
- 12.5% of board directors are of underrepresented ethnic and racial groups
- up from 10% in 2015
- 4% are Black directors
- 1.5% are Black women
Last week The Board Challenge asked companies to take the pledge to appoint a Black director within the next year.
The Board Challenge supporters are largely investors and tech, but some big corporate representation too. Read the list of supporters.
New York Times | Diversity Push Barely Budges Corporate Boards to 12.5%, Survey Finds
Incentives for Agriculture to Improve Carbon Footprints
Missouri Legislature’s Joint Committee on Agriculture is discussing incentives to helps the agriculture industry “to adopt best practices to scientifically address Missouri’s carbon footprint.”
The Missourian | Planning underway for legislation focused on Missouri’s agriculture industry
Starbucks Social Impact VP + Getting their Employees to the Polls
How did Starbucks get involved in this? By having conversations between managers and nearly 200,000 partners
What is Starbucks wanting to do? Help their employees and customers have access to information o register to vote and voting tools
Employees created a portal with tools and resources, like how to register to vote, requesting a mail-in ballot and volunteering as poll workers.
Starbucks CEO: no partner (employee) will have to choose between working their shift or voting on or before Election Day.
Starbucks Stories & News | Starbucks unveils plan to support partner and customer voter engagement
USA Today | Starbucks encouraging their employees to go vote on Election Day
Bonjour New Kid on the Block: Peer to Peer Clothing Rental
Who: Wardrobe
What is Wardrobe? A peer to peer clothing rental, like Airbnb but for your clothing
How does Wardrobe work?
- You contact Wardrobe’s headquarters and sends the clothing you want on the platform
- The Wardrobe team photographs and posts the items on a virtual personal closet
- The virtual closet can be viewed on the Wardrobe’s website
- With rental prices and minimum terms, from 4 days to 4 months
- You can refresh or reduce the items in the virtual closet at any time
How do renters collect the wardrobe items rented? At a participating dry cleaner
One of Wardrobe’s value propositions: sustainability
How does Wardrobe differ from other clothing rental services?
- Wardrobe retains no inventory
- Wardrobe has no warehouses, no trucks, no pick ups and no delivering items
- All items are insured by Wardrobe
Governor’s Executive Order on Diversity
The Governor: Colorado Governor Jared Polis
The Executive Order, D 2020 175, will require:
- State agencies must develop plans to improve diversity, equity, and inclusion in Colorado’s workforce
- State agencies must promote inclusive workplace cultures
- Required reporting on progress
- Review all buildings, systems, procedures and websites for accessibility and address any inequities that may be posed by contracting barriers
- Mandates that all state workers, including supervisors and executive leaders, receive trainings on equity, diversity and inclusion
- Build anti-discriminatory workplaces with “equitable hiring, compensation, and retention practices.”
Governing | Colorado Governor Orders More Workplace Diversity
COVID Impact on Sporting Events
How is the pivot to viewership working for the NBA? Recent games are seeing 16% viewer increase from before the pandemic.
Business TREND: Paying Employees to Work as Poll Workers
Started with Old Navy. Old Navy partnered with partnering with the Civic Alliance and Power the Polls to recruit 250,000 new poll workers.
Can Old Navy make an impact? it has 50,000 store employees nationwide.
It is being expanded to other Gap Inc related brands.
CNN | Old Navy to pay store employees to work election polls in November
Packers CEO & Players Agree on Social Justice Agenda
CEO of the Packers met with his players, talked with and listened to his players, and they agreed to the following 5 social justice initiatives:
- pushing for more body cameras on police officers
- getting people registered to vote
- using the Johnsonville Tailgate Village as a polling station for the upcoming election
- continuing discussions with Wisconsin Governor Tony Evers and Wisconsin State Assembly Majority Leader Jim Steineke
- making a $250,000 social justice impact grant (the team has already provided $500K in social justice grants this year).
Was this new for a Packers organization? No. Coach Vince Lombardi informed local businesses they would be blacklisted by the team if they discriminated against any of its players.
State Prohibits Toxic Chemicals in Cosmetics
Which State legislature passed this bill banning 12 chemicals in cosmetics and personal care products? California AB 2762 (2020 | CA)
Which types of chemicals are prohibited? toxic fluorinated chemicals known as PFAS, mercury, formaldehyde, + endocrine-disrupting phthalates and long-chain parabens, preservatives used in skincare products
Is this unique to California? No, 40 other countries prohibit the use of these chemicals in personal products
EWG.Org | Legislation protects Californians from 12 toxic chemicals in personal care products
Interesting Partnership to Reseed Prairie Land
Who: Burger King, Cargill and the World Wildlife Fund
What: Recently Burger King introduced the low methane Whopper. To get there, Burger King partnered with Cargill & WWF to work with ranchers in the US’s Northern Great Plains on a 3 year initiative to return cropland to native grasslands through a restoration program
The goals of the partnership:
- Convert 8,000 acres of marginal cropland throughout Montana and South Dakota to diverse grasslands
- Introduce cattle to those diverse grasslands
- Sequester the carbon equivalent of driving 70 million miles in an average vehicle
Agfundernews | Burger King, Cargill & WWF team up to reseed grasslands in the Northern Great Plains
Instagram: @dasrobbwolf
How did Kentucky target younger poll workers?
The Kentucky Secretary of State partnered with the Kentucky Guild of Brewers.
Because young voters like beer, the information about becoming a poll workers is advertised on local beer cans.
From the news release ” We need younger generations to step up and be good citizens, and so we enlisted the help of Kentucky’s craft breweries to reach them.”
The campaign name: “SOS From Your SOS”
Company Roll Out: How a Retailer Showed its Opposition to Racism
The Big Picture: Nordstrom Stands Firmly Against Racism & Injustice
How? As c commitment to be more diverse, inclusive & anti-racist
What did they do to get there? Listened to their stakeholders, their employees, their boards, their communities
Did they set measurable goals?
- By 2025, increase Black and Latin mangers by 50%
- Increase internship program to have 50% of its participants from underrepresented populations
- Examining all their policies to ensure that they are anti-bias and anti-racist
- Renewing Supplier Diversity Program with new goals to set in February 2021
- Improving metrics in their annual employee survey to limit favoritism and improve inclusion
- Expand Employee Resource Groups
- Measure Leadership by Inclusion and feedback from employees
- Double charitable contributions to anti-racist organizations
@Nordstrom on Instagram | We Stand Firmly Against Racism and Injustice
BLM. How Tech Companies have responded.
How are tech companies staying woke?
- VCs are looking to fund Black founders
- Calls to hold tech companies accountable for their diversity
- Appointing Black Board members
- Reddit co-founder Alexis Ohanian stepped down from its board & urged the addition of a Black individual to its board
BLM + COVID. 3 Keys to Customer Allure in the New Normal.
- Support your community over marketing. Prioritize spending and put that spending into your community. Think about Walmart, Target, Glossier, Sephora and many others that quickly donated to social justice organizations.
- It’s more than giving money. Lip service isn’t enough. Recognize and be Aware of significant dates like Juneteenth- give your employees the day off, take actions that support employee activism like providing rides to events
- Do the right thing. Be on the right side of history.
Most importantly, when you’re doing the right thing, it has to be authentic and fit your brand. Do good, and do it your way.
Social Impact Rankings for Universities
A new global study, Advancing University Engagement: University engagement and global league tables, published by the Univ. of Chicago, Kings College, the University of Melbourne, & the Nous Group, sets 8 standards to rank universities for social impact.
The eight standards:
- University responsibility for social commitment
- Community/Partner opinion of the university:
- Student Access
- Volunteer Commitment
- Scope of research outside of academic journals
- Community-service learning within the university curriculum
- Socially responsible purchases
- Carbon footprint
Why is this important now with a pandemic? InfoHive is revisiting this topic as it was picked up by a Monterey, Mexico publication that stressed “The current crisis only underscores the need to measure and publicize the social value that higher education brings.”
Gen Z. Where are they spending their Money?
- Gen Z prioritizes the impact of their work relative to financial gain
- Gen Z is focused on the impact of their investment having grown up with access to abundant and incessant information
- GenZ favors personalized and not algorithm generated advice
What is the IDENTITY ECONOMY?
Belgian psychotherapist Esther Perle, who practices in the U.S., says the Identity Economy is:
- rests upon a work environment where millennials want to be, and show, the best version of their true selves
- People signaling, through their platform and within their work environment, that they want to be part of the solution, not the problem
- People want a workplace that gives them a sense of personal development, purpose, and meaning.
- It asks “Who am I going to be next?” It does NOT ask ‘What am I going to do next?’
- The Identity Economy is driven by people who “need to know what you believe in and then pursue it.”
Is this limited to millennials? NO. 80% of business leader responses to PwC’s Putting Purpose to Work agree that having a sense of purpose is central to success.
Strategy + Business | A new measure of success for sporting superstars: Social impact
Professional Athletes + Social Impact Actions in 2020
Let’s look at the social impact actions of European athletes:
- Majority of F1 drivers took a knee for Black Lives Matter on July 5th during the Austrian Grand Prix
- Manchester United soccer striker Marcus Rashford persuaded the British government to continue funding free school meals voucher through the summer due to COVID
Is this new? No, stand out historically is boxing legend Muhammad Ali
What are leagues saying?
- Premier League supports players ” using their platforms to push good causes”
- In June 2020 U.S. Soccer Federation rescinded a 2017 rule that banned protests
Business + Strategy | A new measure of success for sporting superstars: Social impact
Meet this Business Promoting Kindness
The business: Tides of Kindness
The founder’s goal: “… changing the way people look at disabilities by showing abilities first.”
How is she achieving her goal: products promoting kindness, public speaking engagements, and as a correspondent that leads with kindness
Her motto: “Kindness spreads kindness.”
COVID Pivot. How Sony pivoted to Sell Out Capacity.
Sony Studios created a brand new drive-in experience for 12 films to sell out capacity.
What did Sony Studios do?
- Made the drive-in experience more- colorful lights, masked staffers and classic movie props
- Drive through red carpet experience
- vehicles could have no more than four people — all from the same household
- vehicles must be hard-topped and masks were required whenever out of the car
- questionnaire for screening COVID-19 symptoms
- masked and face-shield-ed employees took guests’ temperatures and again asked about symptoms
What are the practicalities?
- Sony Studios utilized its parking lot
- Tickets at the socially distanced events sold out in 24 hours.
Was there a partnership? Yes, Sony Studios partnered with Porche
Hollywood Reporter | Sony Debuts Sold-Out Drive-In Experience With Masks and Memorabilia
38 Female CEOs. S&P 500
A record number of women CEOs on the current S&P 500 has been reached. 38 women CEOs. 38 of 500.
The move to 38 came after Clorox named Linda Rendle its new CEO.
Women make up less than 8% of the leaders on the Fortune 500 list.
None of those women are Black or Latina.
Beyond diversity and inclusion why should I care about this? Data shows women leadership increases profits. COVID data shows women leaders did the best job of leading countries through the pandemic.
COVID & BLM. How can consumers be more socially responsible?
- Donate to charities.
- Spend responsibly.
- Ask “How many Blacks do they have on the board or in leadership positions?”
- Ask “How many women are on the board or in leadership positions?”
- Ask “How many people of color are on the board or in leadership positions?
- Does the leadership team look like the community?
- Boycott problematic brands.
- Invest in socially conscious businesses.
- Use community banks.
US News | Money | 5 Ways to Be a Socially Conscious Consumer and Financial Activist
Apple: 2030 100% Carbon Neutral
Apple announced its goal to be 100% carbon neutral by 2030. 75% reduction in emissions + developing innovative carbon removal solutions for the remaining 25%.
What parts of Apple business are included in the goal? All of it.
- its entire business
- manufacturing supply chain
- product life cycle
What Apple’s CEO is saying: “Businesses have a profound opportunity to help build a more sustainable future, one born of our common concern for the planet we share…Climate action can be the foundation for a new era of innovative potential, job creation, and durable economic growth. With our commitment to carbon neutrality, we hope to be a ripple in the pond that creates a much larger change.”
Apple | Apple commits to be 100 percent carbon neutral for its supply chain and products by 2030
Nordstrom’s New Sustainability Goals in a COVID World
COVID is often equating to greater sustainability and greater interest in diversity and inclusion, and this week’s release of new sustainability standards by Nordstrom joins the trend.
What the Nordstrom CEP is saying: “As a company, we believe the impacts we have on our employees, customers and communities extend well beyond the walls of our stores. The idea that we have a role to play in building and shaping a positive, more inclusive and sustainable future isn’t new to us, but it’s become more important than ever.”
Nordstrom’s updated corporate responsibility goals:
- By 20205 halve its use of single use plastics
- Promoting recycled beauty packaging
- Helping consumers recycle and donate clothing
- $1 million in grants to support industry innovation for textile recycling
- $250,000 in grants toward slowing and preventing climate change
- disclose traceability to the factory for 90% of Nordstrom Made products by 2025
- 90% of products from factories that invest in women’s rights
- Living Wages for products that are Nordstrom Made
- invest more than $50 million in communities where it operates
- Increased charitable matching
Public Private Partnership to Preserve Indigenous Language
The Partnership: The Cherokee Nation, the Oklahoma Film + Music Office, and FireThief Productions
What: Creating an animated series to preserve the Cherokee language
Another takeaway: Information comes from many places- don’t ignore reddit and other social media sites
Reddit | Cherokee Nation partnering with state film office, FireThief Productions on new Cherokee language animated series pilot episode
When a Tweet Shows How Business Purpose Has Changed Dramatically
The tweet by @elonmusk:
Tesla is open to licensing software and supplying powertrains & batteries. We’re just trying to accelerate sustainable energy, not crush competitors!
Which aligns with the Business Roundtable August 2019 Announcement to change the purpose of business in the US.
Connecting the dots…as business adapt to the new world.
COVID Business TREND. Drive Ins.
Who joins in the renaissance of the drive in movie theater? Wal-Mart
Wal-Mart is patterning with Tribeca to offer certain films for free.
How many stores will see their lots turned into drive in theaters? 160
Entertainment Weekly | Walmart announces free drive-in movie screenings of Black Panther, LEGO Batman, E.T., and more
This Week: World’s Largest Corporate Sustainability Bond Issued
The corporation: Google
The sustainability bond:
- $10 billion debt offering
- issued $5.75 billion in sustainability bonds
- largest sustainability (green ) bond by any company ever
- proceeds support investment in both environmental and social initiatives
The project types that the bond will fund:
- energy efficiency
- such as by optimizing use of energy, water, and materials for efficient data centers
- clean energy & smart buildings
- LEED certification to move toward its longer-term vision to source carbon-free energy for operations 24 hours a day, 7 days a week
- clean transportation to limit CO2s
- Circular economy and design to promote reuse of finite materials
Americans Look to Business for Leadership During Pandemic?
Eater theorizes that Americans are looking for leadership and finding it in chain restaurants.
Why pray tell? Because these familiar, comfort food spots are requiring masks and there is no requirement from the federal government.
Which businesses are mandating masks? Starbucks, Panera Bread, Noodles & Company, Chipotle, and McDonald’s
What considerations are behind the mask decisions? Protecting their employees, protecting their guests, protecting their stakeholders
eater | In Trying Times, Americans Look to Our True Leaders — Chain Restaurants — for Guidance
BLM + COVID Governor Executive Order: Racism is a Public Health Crisis.
The Governor: Michigan Governor Gretchen Whitmer
The Executive Directive by Governor Whitmer makes 3 points:
- “racism is a public health crisis”
- coronavirus pandemic “has revealed, confirmed, and highlighted … preexisting inequities caused by systemic racism.”
- COVID has taken a disproportionate toll on Black Americans and other minority communities
The Governor also signed an Executive Order creating the “Black Leadership Advisory Council” with the goal of promoting economic growth and wealth equity for the Black community.
@washingtonpost on instagram
The Hill | Michigan governor signs order calling racism a public health crisis
Michigan.gov | Governor Whitmer Signs Executive Directive Recognizing and Addressing Racism as a Public Health Crisis, Creates the Black Leadership Advisory Council
COVID. Women Leaders Had Better Results for their Countries
What actions did female world leaders take that limited COVID in their countries?
- Women leaders issued stay at home orders earlier
- Look to New Zealand, Taiwan, Norway, & Germany
- Women led countries had fewer cases & fewer deaths
What time frame are we looking at for this data? The 1st quarter of the pandemic
Is it that women are more risk adverse? No, women are more willing to take economic risks but less willing to take risks with health
World Economic Forum | Women leaders are better at fighting the pandemic
Diversity +Inclusion: A Group Effort
What is A Group Effort: A self-funded project by actor Ryan Reynolds to create jobs that improve diversity & inclusion on his projects
Who will A Group Effort seek to promote: “Black, Indigenous, people of color and several other marginalized communities”
Go back to this self funded part, what does that mean? “new recruits will be paid and housed out of my [Ryan Reynolds] salary and will spend their days on set learning from professionals and getting real-life experience that they can then parlay into another job and another job and hopefully a career in the film industry”
COVID + Non Profit Fundraising + Online Platform + $10 Million Investment
Who has made a $10 Million, 3 year commitment to improve online fundraising for non-profits? Okta
What are the details?
- Will fund nonprofits working at the intersection of social good and technology
- Support accelerating the nonprofit sector’s move to the cloud
- Further the digital transformation: Enabling nonprofits to reach beneficiaries and stakeholders digitally at scale
- Protecting critical data and identities
- Growing and strengthening the ecosystems, coalitions and partnerships enabling nonprofit tech
- Changing the conversation among nonprofit leaders, funders and technology partners on how we enable nonprofits with tech
Why now? The pandemic made it clear that non-profits are the safety net during a crisis
OKTA’s list of partners in this effort
Nonprofits Should Be As Powerful As Their Missions: Our $10 Million Commitment
+1 City Offering Social Impact Bonds for Homelessness
The City: Madrid Spain
How would it work for procurement?
- procurement of service providers would be carried out through social outcomes contracting methodologies
- Madrid is only required to pay for the services if the objectives are achieved
What the social impact bond will fund: “improving the effectiveness of services for vulnerable people residing in temporary accommodation”
Will the City of Madrid have partners in its social impact bond? Yes, the European Investment Advisory Hub, funded by the European Commission and the European Investment Bank (EIB)
Texas Attorney General Opinion on Governance of Non-Profits in Housing
The Texas Attorney General will be answering these questions about the governance of non-profits created for housing authorities in Texas:
1. If the Board of Commissioners of the Housing Authority took no action to approve any amendments to the non-profit’s Articles, are the purported amendments void and of no effect? [Article IX of the non-profit’s Articles of Incorporation provides that amendments to the Articles are subject to the approval of the Housing Authority.]
2. May a non-profit created by a governmental body, and stated to be an instrumentality of such governmental body, act on its own to cease serving as an instrumentality of the governmental body?
3. May a governmental body that created a non-profit as an instrumentality of such governmental body approve that the non-profit cease serving as an instrumentality in order to become a private non-profit?
4. Are the assets of a non-profit, created by a governmental body to be an instrumentality of such governmental body, public or governmental assets?
5. If so, can the either the governmental body or instrumentality non-profit convert such public or governmental assets to private assets without complying with gifting prohibitions of the Texas Constitution?
6. Do the provisions of the PFC Act apply to a non-profit corporation created by a governmental agency as the governmental agency’s instrumentality pursuant to the Texas Non-Profit Corporation Act prior to the effective date of the PFC Act?
7. If so, do the provisions of the PFC Act invalidate the purported amendments to the non- profit’s Articles of Incorporation, filed after the date of enactment of the PFC Act, in the absence of formal Housing Authority approval by its Board of Commissioners? [Section 303.027(a) requires a sponsor resolution be submitted with the amendment. Section 303.027(b) requires the signature of the secretary or clerk of the sponsor to sign the amendment. Section 303.027(c)(5) of the PFC Act states that amendments to a PFC’s Articles of incorporation must contain “a statement that the amendment was authorized by the sponsor’s governing body.” Section 303.027(c)(6) provides that the amendment must also state “the date of the meeting at which the governing body approved the amendment.”]
8. If the amendments to the non-profit’s Articles are invalid, do the original Articles filed in 1994 remain and govern operation of this non-profit? [Those original Articles provide that members of the Housing Authority Board of Commissioners serve as members of the Board of Directors of the non-profit.]
9. If the amendments to the non-profit’s Articles are considered invalid, would the Housing Authority Commissioners automatically constitute the non-profit’s Board of Directors, once again, with full authority to govern the affairs of the non-profit?
10. Pursuant to Section 303.035(d), may the Housing Authority remove the non-Commissioner Directors of the non-profit?
11. Pursuant to Section 303.045, may the Housing Authority alter the non-profit’s structure and organization?
New Study: Booming Investment in Funds that Empower Women
Who conducted the study? Wharton School of the University of Pennsylvania
What did it find?
- 2019: $4.8 billion invested in “gender-lens-related” funds
- That’s more than double the $2.2 billion from 2018
- 59% growth in the number of funds that want to make a direct impact on women
Philadelphia Inquirer | Investing in funds that empower women boomed in 2019, Wharton study finds
How retail is adopting sustainability in the new normal.
The retailer: Ulta
What new sustainability measure has Ulta adopted? A new Conscious Beauty program certifying brands in five areas
What are the 5 areas of sustainability that are considered?
- clean ingredients
- cruelty-free testing
- vegan formulations
- sustainable packaging
- positive impact
Innovation. Fast Thinking. A Texas Company Thriving in COVID.
Who: Magna Imperio Systems Corps. (MI Systems).
What steps did MI Systems take during COVID that led to growth?
- Required masks company wide before any orders in Texas
- Used science to electrolyze salt water when sanitizer was in short supply
Any other things that helped MI Systems? According to 2 Texas professors, Texas and specifically Houston are well poised thanks to diverse people.
Corporate Partnership for a Sustainable Shopping Bag
Who is partnering to solve the plastic bag dilemma? Closed Loop Partners’ Center for the Circular Economy (the group partnering with Starbucks & McDonald’s for a sustainable coffee cup) & CVS Health, Target, and Walmart, and joined by Kroger and Walgreens
The investment: $15 Million
The project: “Beyond the Bag Initiative.”
COVID Corporate Action Sparks Change.org Petition
COSTCO stopped selling large sheet cakes that are purchased for large parties so as to not contribute to large group gatherings.
Now, meet Sheet-cake activist Kelly Stross
Yes, sheet cake activist. Let that sink in for a moment- sheet.cake.activist.
GrubStreet | Costco Still Doesn’t Trust America With Its Sheet Cakes
Where is the gap in corporate social responsibility?
A new paper published in Global Affairs says corporate social responsibility in forestry, mining and textiles is missing this element: long term change
Suggestions to address long term change: more information for consumers to make choices, more information to corporations on where investments are helpful, and more input from government
PHYS.ORG | Corporate social responsibility practices often lack ‘on the ground’ change
New Polling on Gender Issues
Who: PEW Research
79% say it is VERY IMPORTANT to have gender equality
69% of non feminists say it is very important to have gender equality
66% of non-feminist Republicans say it is very important to have gender equality
Gen Z & Millenial Consumers. Businesses That Align with Communities.
70%+ of the population are members of Gen Z, Millenials, and Gen X.
55% of GenZ and Millenials participated in Black Live Matters Protests or Awareness.
75% of Millenials have changed their spending habits because of environmental issues.
63% of GenZs will buy from a company that contributes to social causes.
Of businesses, these consumers want businesses to “use authenticity and transparency to prove they are community-minded and socially responsible.”
COVID. Anatomy of a Local Assistance Program.
Which local government adopted a local assistance program: Austin, Texas
What type of COVID assistance is it providing? $17 million rental assistance program
The Program’s name: Relief of Emergency Needs for Tenants (RENT) Program
History of the Relief of Emergency Needs for Tenants (RENT) Program:
- Launched version 1.0 in May
- 2/3 of applicants earn 30% of Austin’s median family income
- 11,000 applicants
- 1,681 households helped
- version 2.0 expects to launch in July and to help 2,000 households each month
KVUE | Austin announces $17M for emergency COVID-19 rent assistance
US Supreme Court Takeaways for Texas
Which U.S. Supreme Court ruling are we talking about? that employers cannot discriminate against gay or transgender persons under the Civil Rights Act of 1964
What are the potential economic and fiscal benefits of Texas passing a nondiscrimination act in employment, housing and public places?
- Contributes to attracting and retaining high-growth industries conducive to long-term economic growth
- Increasingly necessary for an active tourism market
- By 2025, a total increase in business activity in Texas of an estimated $19.8 billion in annual gross product
- By 2025, a gain of 180,226 jobs
- By 2025, an added $1.2 billion in tax revenue to the state
- By 2025, an added $0.9 billion in tax revenue to local governments
How will this change with COVID? Will only grow stronger
Waco Tribune | Ray Perryman: Supreme Court ruling on gays, transgenders points way for Texas
COVID Response. New Coalition Against Big Meat.
Big meat as in big poultry, beef, pork producers. To clarify for our gentle subscribers whose minds wander.
The new coalition goal: “Boycott Big Meat” national consumer education and lobbying campaign
Members of the coalition:
- The Organic Consumers Association (OCA)
- Forward Latino
- Socially Responsible Agricultural Project (SRAP)
- Dr. Mercola
- U.S. Farmers & Ranchers for a Green New Deal
How was the coalition received in Iowa? Endorsed by 50+ groups, including Cedar Rapids, Iowa Sunrise Hub and Iowa Alliance for Responsible Agriculture
What are the coalition’s Policy Goals: “decentralized system of organic regenerative pasture-raised/grass-fed meat production, run by a diverse network of local/regional independent farmers, ranchers, processors and retailers who are committed to fair pay and safe working conditions, and environmental and climate justice.”
COVID + BLM + Entertainment Industry = New executive vice president, philanthropy and social impact
The entertainment company: Sony Music
The newly created position: executive vice president, philanthropy and social impact
What does Sony Music want the executive vice president, philanthropy and social impact to achieve? Advance humanitarian efforts through impactful contributions and sustained strategic partnerships.
Who will the executive vice president, philanthropy and social impact report to? Sony/ATV Chairman and CEO Jon Platt and Sony Music Entertainment Chief Operating Officer Kevin Kelleher
What social impact actions has SONY taken in 2020?
- $100 million fund to support social justice and anti-racist initiatives
- Sony Corporation’s $100 million fund for global Covid-19 relief
Variety | Sony Music Group Names Towalame Austin Executive VP of Philanthropy and Social Impact
New Professional Sports Alliance for Social Responsibility in the Golden State
The coalition of professional sports teams: The ALLIANCE: Los Angeles
The members: Los Angeles include the Anaheim Ducks, Los Angeles Angels, Los Angeles Chargers, LA Clippers, Los Angeles Dodgers, Los Angeles Football Club, LA Galaxy, LA Kings, Los Angeles Lakers, Los Angeles Rams and Los Angeles Sparks
The goal of The ALLIANCE: Los Angeles: investment and impact for social justice through sport
How will they achieve this goal?
- Addressing racial injustice and disparities
- Developing educational opportunities
- Supporting other important issues facing communities of color, particularly Black communities
- Advocating for social justice
- Supporting the Play Equity Fund’s social justice movement in communities across greater Los Angeles
- Supporting Orange County’s Accelerate Change Together (ACT) Anaheim
Is the intent to spread to other states? Yes. Hello, Texas and all your professional sports teams.
Financial Managers Stewarding Social Responsibility
- Axa Investment Management
- Adopts one of the world’s toughest diversity policies “o force businesses around the world to appoint more women to board roles.”
- Goldman Sachs
- announced it will not take companies public unless they have at least one “diverse” board member
What is seen as working against corporate boards without diversity?
- These boards are viewed as having greater financial risk
- The pandemic has reinforced interest in diversity
National Review | Unacknowledged, but ‘Socially Responsible’ Legislators
BLM. NBA Jerseys can have Social Justice Messages
How will the social justice messages be displayed on NBA jerseys? The message will replace player names above their number.
What social justice statements can be chosen by players?
- “Black Lives Matter,”
- “Say Their Names,”
- “Vote,”
- “Equality,”
- “Freedom,”
- “Sí Se Puede” (Yes We Can),
- “I Can’t Breathe”⠀
- Justice
- Peace
- Enough
- Power to the People
- Justice Now
- Say Her Name
- Liberation
- See Us
- Hear Us
- Respect Us
- Love Us
- Listen
- Listen to Us
- Stand Up
- Ally
- Anti-Racist
- I Am A Man
- Speak Up
- How Many More
- Group Economics
- Education Reform
- Mentor
After the first 4 games, the social justice message can stay and the player name can be below the jersey number.
Deadline | NBA Approves 29 Social Justice Statements For Player Jerseys
2020 TREND. When a Corporation Asks a NFL Team to Change Names.
Which business asked the Redskins to change their name? FedEx
How did FedEx ask the Redskins to change their name? A one-sentence statement from Memphis-based FedEx, “We have communicated to the team in Washington our request that they change the team name.”
What’s the background between FedEx and the Redskins?
- FedEx is a Fortune 100 company with a 2 decade relationship with the Redskins
- FedEx holds the naming rights to the team’s existing stadium in Landover, Md., through 2026 under a 27-year, $205 million deal signed in November 1999
Who else has called on the Redskin name change?
- 85 investment firms and shareholders representing $620 billion in assets
- the group asked FedEx, Nike and PepsiCo to sever ties with the team unless its name changes
Natural Hair + Schools + Jobs = Meet Legislature #4 to Protect You
Where: Virginia
What: Virginia became the 4th state to prohibit discrimination against natural hair in schools and places of work
Refinery 29 | instagram | Virginia Becomes the 1st Southern State to Ban Natural Hair Discrimination
Leadership. Black police leadership = fewer fatal police shootings
When a city law enforcement is led by Black commanders:
- 65% lower per-capita rate of fatal shootings by police officers
- For a city of 1 million, this means 21 fatalities instead of 35
The data used: police data from the 60 largest U.S cities between 2015 and the first half of 2020
What the data also illuminates:
- 75% of the top 20 cities with the highest rates of fatal police shootings are led by white police leaders
- 13 out of the 20 cities with the lowest fatal police shooting rates are led by Black leaders
COVID Contact Tracing Assist from Tech Non-Profit
The tech non-profit: Silicon Slopes, that represents the state’s tech start-up community
What help is Silicon Slopes offering to governmental entities?
- a unified “crisis response service” for state governments
- test deployment
- virus-tracking
- data collection
Which tech companies are leading the initiative?
- Nomi Health, health-care vendor
- Overall coordinator for the organizations and processes
- Provides materials for pop-up test sites and connecting vendors, state health agencies, and public officials
- Domo, marketing analytics firm
- Qualtrics, an online survey software company
- Delivers an accessible symptom checking website
Government Technology | After Ironing Out Kinks, States Renew COVID-19 Contracts
How fast did Corporate America respond to BLM?
- By June 4th, almost all of the 50 largest corporations issued a BLM statement
- By June 4th, $1.1 billion had been pledged to Black Lives Matter, the NAACP, community rebuilding or outreach
- On June 1st, ViacomCBS turned 10 of its networks dark for 8 minutes and 46 seconds
- Vail Resorts Chief Executive Officer Rob Katz said his company and industry haven’t done enough to improve racial diversity in skiing, calling his own lack of action a “personal failing.”
- UnitedHealth Group created an education fund for George Flloyd’s children
- Goldman Sachs pledged $10 million “to help address racial and economic injustice.
Why has the response been different this time?
- Pandemic.
- Brands that are silent have more at risk than those that weigh in because “people are at home and watching.” – Tiffany McGhee, CEO and co-chief investment officer of institutional investment services at Momentum Advisors
- Polarizing Politics.
- Access to Information.
- “People are going to hold companies accountable, not just for what they say but for what they do.” – Rashad Robinson, president of Color of Change
Washington Post | Silent No More on Race, America’s CEOs Fumble for Right Words
By the Numbers. Growth of Social & Sustainability Bonds bolstered by COVID.
- $32 billion of “social” and “sustainability” bonds were issued in April 2020
- this growth is due to social bonds financing, both public and private responses, to create positive social outcomes to COVID
- 10.5% increase in government issued social and sustainability bonds in 2019
- In 2019, corporations went from issuing 3% of these bonds to 13%
- Since 2017, North America has increased its portion of social & sustainability bonds
Real Estate Development Meets Social Impact
Where is this happening? Detroit, Michigan
How does real estate development make a social impact? By revitalizing inner-city communities without displacing the community
What specific strategies are being used?
- connecting with tenants on a personal level
- growing real estate development around human capital
- addressing low rates of home-ownership in Detroit, the goal is buyer-friendly, rent-to-own leases
COVID & BLM Changed Fabric & Business of Fashion
What ways did COVID change the fashion industry?
- Supply Chains matter and the impact on people, communities & the environment matter to businesses and to consumers
- Identified systemic racism in the industry
The benefit to profits: “If you’re really authentically purpose driven…you can see an increase in productivity and innovation and in commitment, people get very excited when they think their job is likely to make a difference in the world, and that gives you some of the leeway you need to put purpose sometimes in front of profit.”
Sourcing Journal | In Fashion, Social Impact Is the New Black
Meet Imagine. CEOs supporting Corporate Social Responsibility. Why COVID strengthens their work.
Who is involved with Imagine: CEOs committed to speeding and scaling up corporate social responsibility efforts
Why has COVID solidified their goals of social corporate responsibility? capitalism as-is is not working because of the glaring inequalities in society
Who founded Imagine? Paul Polman, former CEO of Unilever, a pioneer of stakeholder capitalism who took over Unilever leadership during the 2008 recession with the goal of building a stronger society as Unilever grew stronger
What did the COVID pandemic reveal? “That global issues facing humanity today—the coronavirus, the climate crisis, cybersecurity—need global responses.”
Tim Cook on Corporate Social Responsibility
To open Apple’s WWDC 2020, Apple CEO said:
- On iPhone’s part in social responsibility:
- “We are humbled by it,”
- “some of the most dramatic societal changes have occurred because someone captured video,”
- “The thing that has changed though, and we’re very proud of this, is that we put a camera in everybody’s pocket, and so it becomes much tougher as a society, I believe, to convince themselves that it didn’t happen, or that it happened in a different manner or whatever it might be.”
- On corporate social responsibility:
- “We turned the company upside-down to help the world on COVID, and donated all of that, hundreds of millions of dollars,”
- “And so, I think my own view is, you pay what you owe in taxes, and then you give back to society. And Apple is clearly doing that.”
Apple Insider | Apple CEO Tim Cook pushes social responsibility in interview
The Age of Corporate Social Justice
What are the signs that we’re entering the Age of Corporate Social Justice?
- They make more money.
- Research says profits are higher at companies with effective corporate social responsibility programs.
- Consumers & Employees want more from corporations.
- The Killing of George Floyd brought about strong calls for social action by companies.
- 130 year old brands, like aunt Jemima, are being rebranded
- Companies are declaring Juneteenth company wide holidays
- Actions that are viewed as unjust are met with public criticism
- Donating to anti-LGBT politicians sees immediate backlash against corporations
- Selling facial recognition software which has been shown to mis-identify black and brown persons is criticized, and companies pull their software from the market
What can we learn?
- It is a solid NO to vanity projects
- Your company’s good acts have to fit your company and your community
- It is not just your company, it is your company’s partners also
- Be public about your social positions
Harvard Business Review | We’re Entering the Age of Corporate Social Justice
Why are Social Impact Funds out performing in a COVID world?
What reasons are financial experts offering for the success of socially responsible investments?
- A COVID recession is “a very humanitarian recession”
- Companies that are seen as helping, are benefitting
- Companies that are seen as bending the rules are losing value
New Tool for Social Impact Data
The new kid on the block: America’s Charities Engage software
What does America’s Charities Engage software offer?
- end-to-end giving and corporate social responsibility solution
- tells the complete picture of an organization’s global impact
- provides a complete picture of incorporating the United Nations Sustainable Development Goals (SDGs)
- manages all receipt, reconciliation, and distribution of employee-designated donations
Company Uses BlockChain to Fight Climate Change
The Company: Unilever
How is Unilever using blockchain to fight climate change?
- 1st, it established a billion-dollar fund to fight climate change
- 2nd, by using blockchain to create a deforestation supply chain
- 3rd, set a goal of 2032 to have an anti-deforestation supply chain
What Unilever subsidiary is also using blockchain? Ben & Jerry’s
How does Ben & Jerry’s use blockchain?
- Blockchain facilitates contributions to offset the carbon footprint
CryptoCurrency Post | Unilever Uses Blockchain Technology to Fight Climate Change
+1 Company Recognizing Juneteenth
The Company: Twitter
How will Twitter treat Juneteenth moving forward? Juneteenth will be a company holiday in the US henceforth
Diversity & Inclusion in Tech Spurred by BLM
The company: IBM
What did IBM’s top executive in North Carolina say? “If you’re going to be a good corporate citizen, then your employee base should match its surroundings, and quite often employers failed to look at that.”
What police reforms did the IBM CEO support as it pulled its facial recognition software?
- Creating a federal registry of police misconduct
- Greater police accountability for misconduct
- Expanding STEM education opportunities to communities of color
- Condoning mass surveillance, racial profiling, & violations of basic human rights and freedoms
Corporate Injustice Social Impact Plan
The company: Comcast
The Social Justice Impact Plan:
- $100 million
- $75 million in cash
- $25 million in media
- multiyear plan
- to “fight injustice and inequality against race, ethnicity, gender identity, sexual orientation or ability,”
The plan includes partnerships with:
- NBCUniversal & Sky to build programs & allocate resources
- for partnerships with national and local organizations
The Company’s statement:
“We know that Comcast alone can’t remedy this complex issue. But you have my commitment that our company will try to play an integral role in driving lasting reform. Together, we hope to help create a more equitable, just and inclusive society.” – Comcast CEO Brian Roberts
TV Technology | Comcast Pledges $100M for Social Justice, Equality
4 Policy Statements from Ben & Jerry’s Black Lives Matter Statement
Ben & Jerry’s social impact background:
- 1985 created the Ben & Jerry’s Foundation
- Employee-led grant program
- In 2018 distributed $2.7 million to support grassroots organizing for social and environmental justice
- Shares its values transparently & on its products
- Provides premiums to dairy farmers who achieve levels of sustainable agriculture and also dignified livelihoods for their farm workers
How is Ben & Jerry’s entity organized?
- B Corp
- It is a purpose-driven business owned by a multinational company
- & it is profitable
The 4 Policy Actions Ben & Jerry’s calls for in its statement:
- Elected officials must commit to a formal process of healing and reconciliation
- “Congress to pass H.R. 40, legislation that would create a commission to study the effects of slavery and discrimination from 1619 to the present and recommend appropriate remedies”
- Create a national task force to draft bipartisan legislation aimed at ending racial violence and increasing police accountability
- Reinstate DOJ’s Civil Rights Division that has been rolled back
Ben & Jerry’s | We Must Dismantle White Supremacy Silence Is Not An Option
Forbes | Why Ben & Jerry’s Won’t Stay Silent On White Supremacy—Or Other Social Justice Issues
Business Waves Fess for Black Businesses
Who: Uber Eats
What did Uber Eats do to promote black businesses?
- Waves fees for black owned businesses through 2020
- The app will prompt people to a list of available Black-owned restaurants in your area
Did Uber make a statement on Black Lives Matters? Yes.
- “I wish that the lives of George Floyd, Ahmaud Arbery, Breonna Taylor, and countless others weren’t so violently cut short.”
- “I wish that institutional racism, and the police violence it gives rise to, didn’t cause their deaths. I wish that all members of our Black community felt safe enough to move around their cities without fear.”
- “We know this isn’t enough. It won’t be enough until we see true racial justice. But we plan to work day in and day out to improve, learn, and grow as a company. Lastly, let me speak clearly and unequivocally: Black Lives Matter.”
Thrillist | Uber Eats Is Waiving Delivery Fees for All Black-Owned Restaurants
Anti-Racism: Local Resolution Creating Reparations Commission
Where: Chicago
What: Chicago City Council is considering a resolution to create a Reparations Commission for the next 20 years
What would be the goal of Chicago’s Reparations Commission?
- investigating how the city could make amends for slavery
- amends for housing segregation
- amends for other racist policies that inflicted harm on the city’s black residents
- “ensure equity, equality, and parity for citizens of African descent in Chicago who are mired in poverty”
Who would have a seat on the commission?
- the mayor
- 5 members of the city council
- 10 members from the public
- at least 8 people who would have to be from an “eligible impacted community”
Route 50 | One City Considers Creating a Reparations Commission
Anti-Racism: School Districts Cut Contracts with Police
Which school districts have cut their contracts with local police departments? Minneapolis & Portland
Which school districts are poised to follow suit? Denver, Phoenix, & Chicago
What are supporters saying?
- “It became a question of our morals, and what we value, and where we put our money.” -Minneapolis Board of Education student representative
- “We don’t have rigorous, causal evidence proving that SROs make schools safer,” -Associate professor at the Rutgers Graduate School of Education who studies school violence prevention.
- “When we need them, we’ll call them.” -Denver Board of Education Secretary Tay Anderson
Stateline via Route 50 | After George Floyd, Some School Districts Cut Ties With Police
Fortune 500 CEO Letters on Social Impact & Black Lives Matter
Which Fortune 500 CEOS? The 4 Black CEOs out of the 500 Fortune 500 CEOs
Who: Jide Zeitlin, CEO of the luxury goods brand Tapestry
What did Zeitlin say?
- “We can replace our windows and handbags, but we cannot bring back George Floyd, Ahmaud Arbery, Breonna Taylor, Eric Garner, Trayvon Martin, Emmett Till, and too many others. Each of these black lives matter,”
- Will “convene a number of social justice, legal, and corporate entities to formulate a longer-term plan for addressing systemic inequality” in areas like health, economic opportunity, and public safety.
Who: Marvin Ellison, CEO of Lowe’s
What did Ellison say?
- “I grew up in the segregated south and remember stories my parents shared about living in the Jim Crow South,” wrote Ellison. “So, I have personal understanding of the fear and frustration that many of you are feeling.”
- Lowe’s has a ZERO tolerance policy on racism
- Commitment to new resources to better support employee and communities
Who: Merck CEO Ken Frazier
What did Frazier say?
- “What the African American community sees in that videotape is that this African American man, who could be me or any other African American man, is being treated as less than human,”
- “huge opportunity gaps” still exist today
- “It is the responsibility of corporate America to bridge those gaps,”
Who: Roger Ferguson, CEO of TIAA
What did Ferguson say?
- “Personally, I am outraged by the recent incidents of racism, violence and police brutality against members of the African American community. The haunting video of Mr. Floyd’s last breaths is a sobering reflection of this national crisis,”
- “Particularly with the pandemic issues we are confronting in 2020, this is a time when we must embrace our differences and become more inclusive,
COVID Reshapes Corporate Focus
Who: Former CCO of Ascott, current CEO of National Volunteer and Philanthropy Centre
Why will the corporate focus switch to purpose driven?
- Chaos of the pandemic offered time to think about purpose as they had caught up on a slower day to day operations
- Awareness of corporate social responsibility (CSR) is growing during COVID
- More companies have been actively socially responsible during COVID
- Business Roundtable led the way with its August 2019 announcement changing corporate purpose to a commitment to ALL stakeholders not prioritizing shareholders
CNA Luxury | Companies will step up CSR efforts post-pandemic, says NVPC deputy CEO
How a Company Increases its Corporate Social Responsibility Goals Amid COVID
Who: Intel
How is Intel increasing its corporate social responsibility (CSR) goals?
- Launching a new 2030 csr strategy
- New RISE framework for CSR to be more:
- (R)esponsible
- (I)nclusive
- (S)ustainable
- (E)nable global challenges, tech industry initiatives, and Intel operational and supply chain goals
What is included as tangible CSR goals?
- 90% of employees believe that Intel has a strong safety culture
- 50% employee participation in their global corporate wellness program
- ensuring respects for human rights across suppliers
- delivering over 10 million community service hours
- 2x the number of women and minority numbers in senior leadership roles
- better accessibility for workers with disabilities
- increasing global spending with diverse suppliers by 100%
- 100% renewable energy goal
- conserving energy
- reducing carbon emissions by 10%
- increasing product energy efficiency for microprocessors
- achieving net positive water use by conserving 60 billion gallons of water
- achieving zero total waste to landfills
Forbes | Intel’s Amps Up Its 2030 CSR Goals Amongst COVID-19 Crisis
Auto manufacturer CEO letters on Black Lives Matter
Who: CEO Mary Barra of General Motors Co.
What did Barra say?
- Start asking “What are we going to do?”
- Expressed impatience and disgust
- GM will be inclusive
- Barra will lead an inclusion advisory board “of both internal and external leaders”
- GM will condemn intolerance
- GM will stand up against injustice
Who: Executive Chairman Bill Ford and CEO Jim Hackett of Ford Motor Co.
What did they say?
- They will meet with employees across the company
- They will engage with the Ford African Ancestry Network ( employee resource group dedicated to promoting diversity)
- “pain that many of our team members have long felt in their daily lives.”
Who: CEO Mike Manley of Fiat Chrysler Automobiles NV
What did Manley say?
- He is “deeply disturbed”
- He and the Company “emphatically reject the hatred and prejudice”
- They have the power to make a difference & they will being by listening to their employees
Legislative TREND. State Social Impact Funds for Cannabis
Where: Massachusetts
What? S2650 (2020 | MA)
How would Massachusetts social impact fund for cannabis function?
- Creates the Cannabis Social Equity Loan Trust Fund
- Offers no-interest loans to cannabis entrepreneurs from communities disproportionately impacted by “previous marijuana prohibition and enforcement”
- Funded by revenue from the cannabis excise tax + private gifts, grants, and donations
Governing | Legislative Watch: The Cannabis Industry in the Age of COVID
2 Universities Divesting from Fossil Fuels
The Universities:
- University of Manchester
- Cornell
How did the Universities take action?
- Manchester updated its Socially Responsible Investment Policy
- Cornell Trustees voted for divestment
Their funds:
- Manchester has 3-5% of its investments in fossil fuels
- Cornell $6.9 billion endowment portfolio
- 4.2% is in fossil fuels
- 70% of the university’s assets under investment are run by managers committed to considering
University of Manchester to decarbonise its investment portfolio
Universities Ranked for Social Impact
Who is ranking universities for their social impact? Times Higher Education
When did they start the social impact ranking? 2017
What system do they use to rank a Univeristy’s social impact? United Nation’s Sustainable Development Goals (SDGs)
How are they adapting this system? Since 2019, they have created a ranking for each of the SDGs
Is Univeristy participation growing? Yes, 476 universities participated in 2019 & 860 in 2020
Stanford Social Innovation Review | University Rankings as a Tool for Social Impact
COVID Bond Financing
Where: South Africa
How would social impact bonds function?
- plug the Covid-19 relief funding gap
Have other countries offered social impact bonds?
- Yes, Guatemala issued bonds for COVID relief
- The UK issued social impact bonds for a rehabilitation programme for prisoners at Peterborough Prison
Fin24 | Could a social impact bond work to fund SA’s Covid-19 interventions?
Investors Push for COVID worker protection disclosures
Which company’s investors? Amazon
Who is included in these investors?
- managers of pension funds in New York, California, & Illinois
What do Amazon’s investors want to know?
- Investors want Amazon to release a report detailing the outcomes of its investments in worker safety during the pandemic
- Investors want the report released at the annual shareholder meeting
CNBC | Amazon investors want the company to address worker safety at its shareholder meeting
3 Ways COVID is Changing Corporate Social Impact Programs
- More Companies Supporting Non-Profits
- Buy one mask, donate one mask
- Partnerships with food banks
- Partnerships with Girls & Boys Clubs
- Companies quickly adapt to help other companies move to an online environment
- eBay’s “Up and Running” program helps retailers with their ecommerce presence + pledges of up to $100 million in support for small businesses
- Increase in Cause Branded Products
- Threadless & chain restaurant Bonchon launched limited edition Bonchon-designed shoes with all proceeds benefiting restaurant industry workers adversely affected by COVID-19
Forbes | Is COVID-19 Changing Corporate Social Impact Programs Forever? Let’s Hope So.
How did a Cosmetic Company Embed Zero Waste in its Company?
The Company: Lush Cosmetics
When was Lush founded? 1995 in a single storefront in Poole, England
How did Lush embed zero waste in its ethos?
- Lush is vertically integrated and controls its supply chain, so it saves money by reducing packaging
- Lush reformulates products to reduce water content
- Lush adopts technology like Lush Lens App, which allows customers to use their phones to scan products and get the typical information they would find on a physical label
- For 10 years, Lush has used recycled paper and 100% PCR content for all our plastics
- Localizing supply chain by developing meaningful partnerships with local processors
GreenBiz | How cosmetics retailer Lush is making purposeful profit through circularity
The largest educator-only pension fund on ESG investments
What is the largest educator-only pension fund? California State Teachers’ Retirement Systems
What 4 ways has CALSTRs integrated climate into their ethos?
- beliefs
- policies
- stewardship efforts
- investments
How does CALSTRS engage corporations on climate issues?
- initiatives like Climate Action 100+
- developing viable energy storage technology by supporting storage technology development and implementation through investments
- implementing a meaningful price on carbon
COVID & Museums Re-Opening
What are examples of COVID protocols being adopted by museums?
- mask requirements
- one way only routes
- social distancing requirements
- sanitation stations
- online ticket purchasing
- staggered entrance times
- elimination of audio guides/requiring visitors to bring their own headphones
- cancelled group tours
- plexiglass protections for staff
- scheduled sanitizing of surfaces
New York Times | Europe’s Museums Begin Reopening, Cautiously, With New Rules
+1 Corporate Responsibility, Philanthropy, and Sustainability Leader in “Wake of COVID”
Who has a new Corporate Responsibility, Philanthropy, and Sustainability leader? Wells Fargo
What will the Corporate Responsibility, Philanthropy, and Sustainability leader oversee?
- corporate citizenship
- charitable giving
- public affairs
- sustainability experience
How does this tie to COVID? Wells Fargo is working to ensure housing security, small business stability, & consumer financial health
3 Ways COVID Forcing Sustainability
Looking at the fashion industry, how will sustainability increase in the new normal?
- Consumers have an increasing awareness that individual actions have societal consequences, which strengthens consumer calls for sustainability
- Employees will prioritize sustainability and social responsibility
- Immediate Economic Advantage to brands that are sustainable and socially responsible. Consumers are more focused on where products come from
Forbes | Coronavirus Will Force Fashion To A Sustainable Future
What Does GenZ Want from Loyalty Programs? Social Impact
How do we know what GenZ wants? The 8th annual Australian customer loyalty and loyalty program research study, For Love or MoneyTM 2020
What social impact rewards does GenZ favor in consumer loyalty programs?
- Recycling rewards
- Healthy behavior rewards
- Retirement Contribution Cash Back rewards
- Cost of Living Rewards that reduce phone, energy or insurance bills
- Cryptocurrency (e.g bitcoin) rewards
68% of participants in the study found that customer reward programs improve brand loyalty.
Modern Currency | Australian loyalty program members want rewards with social impact
+1 Business Adds Director of Social Impact
Who: makeup brand Rare Beauty
Why is Rare Beauty hiring a Director of Social Impact? To make a positive impact by:
- helping the brand move beyond words
- taking action to support mental health awareness
- having a leader solely focused on this responsibility
- holding the brand accountable, both internally and externally
Elle | Selena Gomez’s Rare Beauty Is Hiring
CNBC | Selena Gomez is hiring a ‘director of social impact’ for her makeup brand
President of an Oil Refiner Chooses Social Responsibility
Who: President of Orlen, Poland’s biggest oil refiner
Why does Orlen call for social responsibility?
- Pandemics should be responded to with “bold decisions in all areas of life, especially in business “
- Thinking should be global, without losing sight of your country
- Companies should make decisions to benefit society
- Diversification is necessary including adding zero- and low-emission generation sources
The first News | Orlen boss calls for social and economic responsibility in times of pandemic
COVID Business TREND: Social Distancing Apps
What perks do app users receive? users gain points for distancing that can then be used with participating retailers
Considering additional social impact/social responsibility versions of this app? Yes, to offer discounts for recycling and volunteering
From the Founder: “We don’t have really big aspirations outside of encouraging people and supporting brands, but we like to think that those are pretty big aspirations that will bring about some positive change,”
KNoxNews | Knoxville company creates app that rewards social distancing
Hackers new territory: Companies appearing to fake Social Responsibility
Whose research discovered this new hacker paradise? Corey Angst, professor of IT, analytics and operations at Notre Dame’s Mendoza College of Business
What is the Information Systems research by the professor? “Too Good to Be True: Firm Social Performance and the Risk of Data Breach,”
What’s the big picture here? If your company is ‘greenwashing’ or perceived as ‘greenwashing’ your risk of being hacked is higher.
What’s an example: If your social responsibility is contributing to a program that provides medical assistance to Sub-Saharan African countries but your primary business is mining coal in the Appalachians. The disconnect of the good works & your primary business is catching the attention of hackers.
COVID Relief Fund Established by Utility
Who: CenterPoint Energy Foundation
What: CenterPoint Energy’s COVID-19 Relief Fund
The relief Fund’s mission:
- $1 million in direct contributions
- up to $500,000 in matching gifts for employees’ contributions
- qualifying 501(c)3 organizations are eligible
Business TREND. Creating a Council for Sustainable Finance & Investing
Who: Goldman Sachs
What: Global Markets Division Sustainable Solutions Council’s composed of traders, sales staff and others
Why:
- share expertise on sustainable finance and investing
- build data sets and analytics tools
How does this support businesses? Clients look to achieve climate-change investment commitments after COVID and low oil prices
What did Morningstar Inc say about ESG funds? Returns at ESG funds held up better than non-ESG funds
Reuters | Goldman Sachs Puts Premium on Sustainable Investing With New Global Markets Council
ESGs Strong During COVID.
How funds focused on ESG have fared during COVID:
- Higher inflows in the same month over non-ESG funds
- 54% of global investors will increase ESG investments in 2020
- 80% of global ESG ETFs listed in Europe outperformed the MSCI World
How funds with NO ESG focus have fared:
- worst monthly outflows on record in March
ETF Stream | ETF Insight: ESG ETFs score major victory during coronavirus turmoil
Funds Europe | Sustainable funds resilient amidst covid-19 sell-off, study finds
What is corporate digital responsibility?
Corporate digital responsibility covers 4 areas:
- environmental
- responsible recycling or the disposal of tech equipment
- social
- data privacy protection of customers, employees, and other stakeholders
- economic
- creation of new digital-era jobs that are enriching, purposeful, and interesting (not gig employment)
- technological
- calling for a ban on the weaponization of AI and similar digital technologies
- avoiding biased or inaccurate AI decision-making algorithms can lead to unfair or discriminatory practices
Why is corporate digital responsibility timely?
- risks too high for corporate bad or unethical digital practices
- impact could be a total loss of personal privacy
- social and economic costs of unregulated gig-economy jobs with few or no social protections
What does data say about corporate growth and responsibility?
- 75% of Unilevers growth is attributable to its corporate responsible, sustainable line
MIT Sloan School | Corporate Responsibility in the Digital Era
COVID+ State Lottery Regulator = Social Responsibility Position
The State: Kentucky
The Kentucky Lottery Commission’s corporate social responsibility position: Kentucky Lottery’s Vice President of Communications and Social Responsibility
How much has revenue decreased since COVID? 50% decrease in lottery sales
Social responsibility actions during COVID:
- not inviting people who might be having financial difficulty to buy lottery games tickets
- “We’re going to continue to operate in a socially responsible manner, while we work to meet our commitments to Kentucky’s students.”
LEX18 | Kentucky lottery losses in the mega millions; overall sales down 7.3 percent
3 Ways COVID Moves Cannabis to Mainstream
- Elected officials embraced cannabis during COVID
- States declared cannabis an essential business
- Relaxing protocols to ease access to cannabis
CalMatters | COVID-19 pandemic response elevates cannabis to mainstream
Thank you for subscribing to our newsletter.
Great things are just around the corner!