Equity Group CEO Dr. James Mwangi has joined a league of 14 global CEOs who have committed to champion cross-sector collaboration in the creation of a purpose-first economy.
Signatories to the pact have outlined their vision for a new global economy that is more equal, inclusive and sustainable; with the view of achieving resilience in the face of pandemics, climate change and other global challenges.
The commitment by the CEOs’ 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.
Mwangi joins CEOs of Mastercard, Fortune Media, Mahindra, Interface, Voyager, Donane, DSM, Philips, L'Oreal, International Chamber of Commerce, Ketchum PR, Natura & Co. and Beirsfdorf who have all signed the commitment.
Be business leaders now want 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.
“We commit to playing our role in supporting the growth of the purpose-first economy and we urge you to join us,” the letter signed by the CEOs reads, as they invite the involvement of other global actors.
In the agreement, it is envisioned that the new trajectory 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.
They have proposed a roadmap to “build the economic system better,” after COVID-19, rather than simply “building it back.”
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.
"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.”