Equity Group Holdings Managing Director Dr. James Mwangi has joined a league of CEOs representing 14 global firms to advocate for an inclusive and sustainable economy following economic fallout caused by coronavirus pandemic.
The leagued has committed to champion cross-sector collaboration in the creation of a purpose-first economy. In a global call to action, the letter signed by the signatories outlines their vision for a new global economy that is more equal, inclusive, and sustainable; an economy that is more resilient in the face of pandemics, climate change and many other global challenges that the world is facing.
The CEOs’ open letter has been endorsed by the UN Secretary-General António Guterres, UNICEF Executive Director Henrietta Fore, and OECD Development Co-operation Director Jorge Moreira da Silva, among others.
“Rather than ’build it back’, we are choosing to ’build it better’,” states the joint signatories in the commitment letter
Dr. Mwangi joined the CEOs of Mastercard, Fortune Media, Mahindra, Interface, Voyager, Danone, DSM, Philips, L’Oréal, International Chamber of Commerce, Ketchum PR, Natura & Co., and Beiersdorf in calling on businesses, governments, and development actors to join them in accelerating the transition towards an inclusive, resilient, sustainable economy that recognizes and enables purpose-first businesses to thrive.
In signing the letter, Dr. Mwangi stated that “The current state of the world economy, as evidenced by the inequality revealed by the COVID-19 pandemic, has left business leaders with only one choice; the choice to recognize that the world system only works for a few and not the majority of the world’s population,”
He went on “This demonstrates that the economic and social system we have relied on is broken. We must, as a cohesive stakeholder community of leaders, address this inequality and serve humanity in a more productive and concerted way,”
The letter says that purpose-first enterprises will constitute the fourth economy at the intersection of the three traditional economies: the private, public, and non-profit sectors.
The global corporate leaders represent a combined annual revenue of over $100 billion USD and a combined global workforce of over 500,000.
“We are honored that Equity’s business model of inclusion, high volume, low margin and the purpose of transforming lives, giving dignity and expanding opportunities for wealth creation is well aligned with the call for a purpose-first economy,” Dr. Mwangi said.
Dr. Mwangi joins other leaders in calling upon governments, corporates, and the UN system to create new policies and incentives to spur sustainable and inclusive economic growth, yielding a healthy society within planetary boundaries, for generations to come.
Prior to signing the open letter, the signatory CEOs worked with the Leaders on Purpose team that comprises experts from Harvard University, Unilever, The World Bank, and The London School of Economics on a White Paper focused on purpose-driven businesses that will be released at the 3rd Annual Leaders on Purpose CEO Summit taking place on the sidelines of the 2020 United Nations General Assembly (UNGA).