NOTES

Introduction: Why Mayo Beat Ketchup

  1. 1. Arash Massoudi, James Fontanella-Khan, and Bryce Elder, “Unilever Rejects $143bn Kraft Heinz Takeover Bid,” Financial Times, February 17, 2017, https://on.ft.com/3eHeNM4.

  2. 2. Daniel Roberts, “Here’s What Happens When 3G Capital Buys Your Company,” Fortune, accessed March 3, 2021, https://fortune.com/2015/03/25/3g-capital-heinz-kraft-buffett/.

  3. 3. Arash Massoudi and James Fontanella-Khan, “The $143bn Flop: How Warren Buffett and 3G Lost Unilever,” Financial Times, February 21, 2017, https://www.ft.com/content/d846766e-f81b-11e6-bd4e-68d53499ed71.

  4. 4. Ron Oswald (IUF), interview by author, September 28, 2020.

  5. 5. Harold Thompson (Ash Park), interview by author, April 24, 2020.

  6. 6. Vincent Lee (Bernstein), email communication with author, March 3, 2021.

  7. 7. “Unilever Announces Covid-19 Actions for All Employees,” Unilever global company website, accessed March 3, 2021, https://www.unilever.com/news/news-and-features/Feature-article/2020/unilever-announces-covid-19-actions-for-all-employees.html.

  8. 8. “From Our CEO: We Will Fight This Pandemic Together,” Unilever global company website, accessed March 4, 2021, https://www.unilever.com/news/news-and-features/Feature-article/2020/from-our-ceo-we-will-fight-this-pandemic-together.html.

  9. 9. Uday Sampath Kumar and Bhattacharjee Nivedita, “Kraft Heinz Discloses SEC Probe, $15 Billion Write-Down; Shares Dive 20 Percent,” Reuters, February 22, 2019, https://www.reuters.com/article/us-kraft-heinz-results-idUSKCN1QA2W1; Gillian Tan and Paula Seligson, “Kraft Heinz Taps as Much as $4 Billion of Credit Line,” Bloomberg, March 16, 2020, https://www.bloomberg.com/news/articles/2020-03-16/kraft-heinz-is-said-to-tap-as-much-as-4-billion-of-credit-line.

  10. 10. Mark Engel (Unilever), interview by author, May 14, 2020.

  11. 11. William McDonough and Michael Braungart, The Upcycle (New York: Northpoint Press, 2013), 35–36.

  12. 12. Kim Polman, Imaginal Cells (self-published, 2017), 8.

  13. 13. “Unilever, Patagonia, Ikea, Interface, and Natura &Co Most Recognized by Experts as Sustainability Leaders According to 2020 Leaders Survey,” GlobeScan (blog), August 12, 2020, https://globescan.com/unilever-patagonia-ikea-interface-top-sustainability-leaders-2020/.

  14. 14. Dominic Waughray (WEF), interview by author, September 25, 2020.

  15. 15. The Private Sector: The Missing Piece of the SDG Puzzle, OECD, 2018.

  16. 16. “Citing $2.5 Trillion Annual Financing Gap during SDG Business Forum Event, Deputy Secretary-General Says Poverty Falling Too Slowly,” UN, Meetings Coverage and Press Releases, accessed March 4, 2021, https://www.un.org/press/en/2019/dsgsm1340.doc.htm; “International Aid Reached Record Levels in 2019,” New Humanitarian, April 17, 2020, https://www.thenewhumanitarian.org/news/2020/04/17/international-aid-record-level-2019.

  17. 17. Emily Flitter, “Decade after Crisis, a $600 Trillion Market Remains Murky to Regulators,” New York Times, July 22, 2018, https://www.nytimes.com/2018/07/22/business/derivatives-banks-regulation-dodd-frank.html.

  18. 18. 2020 Edelman Trust Barometer, Edelman, January 2020, https://www.edelman.com/trust/2020-trust-barometer.

  19. 19. “A Message from Our Chief Executive Officer,” 2020 ESG, accessed March 4, 2021, https://corporate.walmart.com/esgreport/a-message-from-our-chief-executive-officer.

  20. 20. Eben Shapiro, “‘It’s the Right Thing to Do.’ Walmart CEO Doug McMillon Says It’s Time to Reinvent Capitalism Post-Coronavirus,” Time, October 21, 2020, https://time.com/collection-post/5900765/walmart-ceo-reinventing-capitalism/.

  21. 21. “Earth Overshoot Day—We Do Not Need a Pandemic to #MoveTheDate!” Earth Overshoot Day, accessed March 14, 2021, https://www.overshootday.org/.

  22. 22. Kenneth Boulding, “The Economics of the Coming Spaceship Earth,” in Radical Political Economy, ed. Victor D. Lippit (Armonk, NY: M. E. Sharpe, 1966), 362.

  23. 23. Niall McCarthy, Report: Global Wildlife Populations Have Declined 68% in 50 Years Due to Human Activity [Infographic], Forbes, accessed March 7, 2021, https://www.forbes.com/sites/niallmccarthy/2020/09/10/report-global-wildlife-populations-have-declined-68-in-50-years-due-to-human-activity-infographic/.

  24. 24. “Rate of Deforestation,” TheWorldCounts, accessed March 7, 2021, https://www.theworldcounts.com/challenges/planet-earth/forests-and-deserts/rate-of-deforestation/story; Alexander C. Kaufman, “Fossil Fuel Air Pollution Linked to 1 in 5 Deaths Worldwide, New Harvard Study Finds,” HuffPost, accessed March 5, 2021, https://www.huffpost.com/entry/fossil-fuel-air-pollution_n_6022a51dc5b6c56a89a49185.

  25. 25. These systemic connections between natural systems and human health are the focus of the emerging field of planetary health. To learn more, see www.planetaryhealthalliance.org.

  26. 26. Luke Baker, “More Than 1 Billion People Face Displacement by 2050— Report,” Reuters, September 9, 2020, https://www.reuters.com/article/ecology-global-risks-idUSKBN2600K4; see also Chi Xu et al., “Future of the Human Climate Niche,” Proceedings of the National Academy of Sciences 117, no. 21 (May 26, 2020): 11350–55, https://doi.org/10.1073/pnas.1910114117.

  27. 27. Tim Cook (Apple), in keynote speech at Ceres 30th Anniversary Gala, October 21, 2019.

  28. 28. “Cases, Data, and Surveillance,” Centers for Disease Control and Prevention, February 11, 2020, https://www.cdc.gov/coronavirus/2019-ncov/covid-data/investigations-discovery/hospitalization-death-by-race-ethnicity.html.

  29. 29. “Indigenous Tribes in Brazil Are Dying Twice as Much as the National Average Due to COVID-19,” World Is One News, May 25, 2020, https://www.wionews.com/world/indigenous-tribals-in-brazil-are-dying-twice-as-much-as-the-national-average-due-to-covid-19-300952.

  30. 30. SDG AMBITION: Introducing Business Benchmarks for the Decade of Action, UN Global Compact, 2020.

  31. 31. “Nearly Half the World Lives on Less than $5.50 a Day,” World Bank, accessed March 14, 2021, https://www.worldbank.org/en/news/press-release/2018/10/17/nearly-half-the-world-lives-on-less-than-550-a-day; “Learning Poverty,” World Bank, accessed March 6, 2021, https://www.worldbank.org/en/topic/education/brief/learning-poverty; World Hunger Is Still Not Going Down after Three Years and Obesity Is Still Growing—UN Report, accessed March 6, 2021, https://www.who.int/news/item/15-07-2019-world-hunger-is-still-not-going-down-after-three-years-and-obesity-is-still-growing-un-report; “Children: Improving Survival and Well-Being,” source: World Health Organization, accessed March 6, 2021, https://www.who.int/news-room/fact-sheets/detail/children-reducing-mortality.

  32. 32. “Secretary-General’s Nelson Mandela Lecture: ‘Tackling the Inequality Pandemic: A New Social Contract for a New Era’ [as Delivered],” United Nations Secretary-General, July 18, 2020, https://www.un.org/sg/en/content/sg/statement/2020-07-18/secretary-generals-nelson-mandela-lecture-%E2%80%9Ctackling-the-inequality-pandemic-new-social-contract-for-new-era%E2%80%9D-delivered.

  33. 33. Mellody Hobson, “The Future of Sustainable Business Leadership,” Ceres 2021, Virtual event, https://events.ceres.org/2021/agenda/session/430203.

  34. 34. Nick Hanauer and David M. Rolf, “America’s 1% Has Taken $50 Trillion from the Bottom 90%,” Time, accessed March 7, 2021, https://time.com/5888024/50-trillion-income-inequality-america/.

  35. 35. Rick Watzman, “Income Inequality: RAND Study Reveals Shocking New Numbers,” accessed March 7, 2021, https://www.fastcompany.com/90550015/we-were-shocked-rand-study-uncovers-massive-income-shift-to-the-top-1.

  36. 36. “A Fifth of Countries Worldwide at Risk from Ecosystem Collapse as Biodiversity Declines, Reveals Pioneering Swiss Re Index,” Swiss Re, accessed March 14, 2021, https://www.swissre.com/media/news-releases/nr-20200923-biodiversity-and-ecosystems-services.html.

  37. 37. “World Economy Set to Lose up to 18% GDP from Climate Change If No Action Taken, Reveals Swiss Re Institute’s Stress-Test Analysis,” Swiss Re, accessed May 6, 2021, https://www.swissre.com/media/news-releases/nr-20210422-economics-of-climate-change-risks.html.

  38. 38. “AT&T Commits to Be Carbon Neutral by 2035,” AT&T, accessed March 7, 2021, https://about.att.com/story/2020/att_carbon_neutral.html.

  39. 39. Sarah Repucci and Amy Slipowitz, “Democracy under Lockdown,” Freedom House, accessed March 9, 2021, https://freedomhouse.org/report/special-report/2020/democracy-under-lockdown.

  40. 40. Vincent Wood, “Britons Enjoying Cleaner Air, Better Food and Stronger Social Bonds Say They Don’t Want to Return to ‘Normal,’” Independent, April 17, 2020, https://www.independent.co.uk/news/uk/home-news/coronavirus-uk-lockdown-end-poll-environment-food-health-fitness-social-community-a9469736.html.

  41. 41. Leslie Hook, “World’s Top 500 Companies Set to Miss Paris Climate Goals,” Financial Times, June 17, 2019, https://on.ft.com/2UAlNB3.

  42. 42. Sally Uren (Forum for the Future), email communication with authors, March 22, 2021.

  43. 43. “About Donella ‘Dana’ Meadows,” Academy for Systems Change (blog), accessed March 7, 2021, http://donellameadows.org/donella-meadows-legacy/donella-dana-meadows/.

  44. 44. Jim Harter and Annamarie Mann, “The Right Culture: Not Just about Employee Satisfaction,” Gallup.com, April 12, 2017, https://www.gallup.com/workplace/231602/right-culture-not-employee-satisfaction.aspx.

  45. 45. “Unilever’s Purpose-Led Brands Outperform,” Unilever global company website, accessed March 7, 2021, https://www.unilever.com/news/press-releases/2019/unilevers-purpose-led-brands-outperform.html.

  46. 46. “Research Highlights,” NYU Stern Center for Sustainable Business, accessed March 7, 2021, https://www.stern.nyu.edu/experience-stern/faculty-research/new-meta-analysis-nyu-stern-center-sustainable-business-and-rockefeller-asset-management-finds-esg.

  47. 47. “Announcing the 2021 Rankings of America’s Most JUST Companies,” JUST Capital (blog), accessed March 7, 2021, https://justcapital.com/reports/announcing-the-2021-rankings-of-americas-most-just-companies/.

  48. 48. Larry Fink, “BlackRock Client Letter—Sustainability,” BlackRock, accessed March 9, 2021, https://www.blackrock.com/corporate/investor-relations/blackrock-client-letter; Jennifer Thompson, “Companies with Strong ESG Scores Outperform, Study Finds,” Financial Times, accessed March 9, 2021, https://www.ft.com/content/f99b0399-ee67-3497-98ff-eed4b04cfde5.

  49. 49. Sophie Baker, “Global ESG-Data Driven Assets Hit $40.5 Trillion,” Pensions & Investments, July 2, 2020, https://www.pionline.com/esg/global-esg-data-driven-assets-hit-405-trillion.

  50. 50. “Sustainable Bond Issuance to Hit a Record $650 Billion in 2021,” Moody’s, accessed March 9, 2021, https://www.moodys.com/research/Moodys-Sustainable-bond-issuance-to-hit-a-record-650-billion--PBC_1263479.

  51. 51. “Larry Fink CEO Letter,” BlackRock, accessed March 9, 2021, https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter.

  52. 52. Alan Murray, “The 2019 Fortune 500 CEO Survey Results Are In,” Fortune, accessed March 10, 2021, https://fortune.com/2019/05/16/fortune-500-2019-ceo-survey/.

  53. 53. Kathleen McLaughlin (Walmart), conversation with authors, September 20, 2020.

  54. 54. “What on Earth Is the Doughnut,” accessed March 9, 2021, https://www.kateraworth.com/doughnut/.

  55. 55. “Sustainable Business Could Unlock US$12 Trillion, Creating 380 Million Jobs,” Unilever global company website, accessed March 9, 2021, https://www.unilever.com/news/news-and-features/Feature-article/2017/Sustainable-business-could-unlock-12-trillion-dollars-and-380-million-jobs.html.

  56. 56. Hanna Ziady, “Climate Change: Net Zero Emissions Could Cost $2 Trillion a Year, ETC Report Says,” CNN Business, September 16, 2020, https://edition.cnn.com/2020/09/16/business/net-zero-climate-energy-transitions-commission/index.html.

  57. 57. “CGR 2021,” Circularity Gap Reporting Initiative, accessed March 14, 2021, https://www.circularity-gap.world/2021.

  58. 58. “Record Number of Billion-Dollar Disasters Struck U.S. in 2020,” National Oceanic and Atmospheric Administration,” accessed March 9, 2021, https://www.noaa.gov/stories/record-number-of-billion-dollar-disasters-struck-us-in-2020.

  59. 59. “Solar’s Future Is Insanely Cheap (2020),” Ramez Naam, May 14, 2020, https://rameznaam.com/2020/05/14/solars-future-is-insanely-cheap-2020/.

  60. 60. Brian Murray, “The Paradox of Declining Renewable Costs and Rising Electricity Prices,” Forbes, accessed March 9, 2021, https://www.forbes.com/sites/brianmurray1/2019/06/17/the-paradox-of-declining-renewable-costs-and-rising-electricity-prices/.

  61. 61. Levelized Cost of Energy Analysis, vol. 14, Lazard, November 2020, https://www.lazard.com/perspective/levelized-cost-of-energy-and-levelized-cost-of-storage-2020/.

  62. 62. Paul Eisenstein, “GM to Go All-Electric by 2035, Phase Out Gas and Diesel Engines,” NBC News, accessed March 9, 2021, https://www.nbcnews.com/business/autos/gm-go-all-electric-2035-phase-out-gas-diesel-engines-n1256055; Joshua S. Hill, “Honda to Phase Out Diesel, Petrol Cars in UK in Favour of EVs by 2022,” accessed March 9, 2021, https://thedriven.io/2020/10/21/honda-to-phase-out-diesel-petrol-cars-in-uk-in-favour-of-evs-by-2022/.

  63. 63. Fred Lambert, “Daimler Stops Developing Internal Combustion Engines to Focus on Electric Cars—Electrek,” accessed March 9, 2021, https://electrek.co/2019/09/19/daimler-stops-developing-internal-combustion-engines-to-focus-on-electric-cars/.

  64. 64. Gina McCarthy, “Press Briefing by Press Secretary,” White House, January 27, 2021, https://www.whitehouse.gov/briefing-room/press-briefings/2021/01/27/press-briefing-by-press-secretary-jen-psaki-special-presidential-envoy-for-climate-john-kerry-and-national-climate-advisor-gina-mccarthy-january-27-2021/.

  65. 65. “Why Corporations Can No Longer Avoid Politics,” Time, accessed March 9, 2021, https://time.com/5735415/woke-culture-political-companies/.

  66. 66. Tracy Francis and Fernanda Hoefel, “Generation Z Characteristics and Its Implications for Companies,” McKinsey, accessed March 9, 2021, https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies.

  67. 67. “7 UN Quotes to Get You Inspired for the New Global Goals,” unfoundation.org, July 30, 2015, https://unfoundation.org/blog/post/7-un-quotes-to-get-you-inspired-for-the-new-global-goals/.

Chapter 1: You Break the World, You Own It

  1. 1. “Decline of Global Extreme Poverty Continues but Has Slowed,” World Bank, September 19, 2018, https://www.worldbank.org/en/news/press-release/2018/09/19/decline-of-global-extreme-poverty-continues-but-has-slowed-world-bank.

  2. 2. David Gelles, “Rose Marcario, the Former C.E.O. of Patagonia, Retreats to the Rainforest,” New York Times, February 18, 2021, https://www.nytimes.com/2021/02/18/business/rose-marcario-patagonia-corner-office.html.

  3. 3. Jasmine Wu, “Wayfair Employees Walk Out, Customers Call for Boycott in Protest over Bed Sales to Texas Border Detention Camp,” CNBC, June 26, 2019, https://www.cnbc.com/2019/06/26/wayfair-draws-backlash-calls-for-boycott-after-employee-protest.html.

  4. 4. Kati Najipoor-Schuette and Dick Patton, “Egon Zehnder Survey: CEOs Are Too Unprepared for Leadership,” Fortune, April 24, 2018, https://fortune.com/2018/04/24/egon-zehnder-ceos-leadership/.

  5. 5. Stéphane Garelli, “Top Reasons Why You Will Probably Live Longer Than Most Big Companies,” IMD, December 2016, https://www.imd.org/research-knowledge/articles/why-you-will-probably-live-longer-than-most-big-companies/.

  6. 6. Jason M. Thomas, “Where Have All the Public Companies Gone?” Wall Street Journal, November 16, 2017, https://www.wsj.com/articles/where-have-all-the-public-companies-gone-1510869125.

  7. 7. “The Risk of Rewards: Tailoring Executive Pay for Long-Term Success,” FCLTGlobal, accessed May 25, 2021, https://www.fcltglobal.org/resource/executive-pay/.

  8. 8. Short termism: Insights from Business Leaders, CPPIB and McKinsey & Company, 2014, 5, exhibit 3, https://www.fcltglobal.org/wp-content/uploads/20140123-mck-quarterly-survey-results-for-fclt-org_final.pdf.

  9. 9. Dominic Barton, James Manyika, and Sarah Keohane Williamson, “Finally, Evidence That Managing for the Long Term Pays Off,” Harvard Business Review, February 7, 2017, https://hbr.org/2017/02/finally-proof-that-managing-for-the-long-term-pays-off.

  10. 10. “Peter Drucker Quote,” A–Z Quotes, accessed May 10, 2021, https://www.azquotes.com/quote/863677.

  11. 11. David MacLean, “It’s Not About Profit,” Whole Hearted Leaders (blog), October 12, 2016, https://www.wholeheartedleaders.com/its-not-about-profit/; “Henry Ford Quotes,” The Henry Ford, accessed March 11, 2021, https://www.thehenryford.org/collections-and-research/digital-resources/popular-topics/henry-ford-quotes/.

  12. 12. Saikat Chatterjee and Thyagaraju Adinarayan, “Buy, Sell, Repeat! No Room for ‘Hold’ in Whipsawing Markets,” Reuters, August 3, 2020, https://www.reuters.com/article/us-health-coronavirus-short-termism-anal-idUSKBN24Z0XZ.

  13. 13. Bhakti Mirchandani et al., “Predicting Long-Term Success for Corporations and Investors Worldwide,” FCLTGlobal, September 2019, https://www.fcltglobal.org/resource/predicting-long-term-success-for-corporations-and-investors-worldwide/.

  14. 14. “As Jobs Crisis Deepens, ILO Warns of Uncertain and Incomplete Labour Market Recovery,” International Labour Organization, June 30, 2020, http://www.ilo.org/global/about-the-ilo/newsroom/news/WCMS_749398/lang--en/index.htm.

  15. 15. Andrew Liveris (Dow), interview by authors, August 27, 2020.

  16. 16. 2019 Survey on Shareholder Versus Stakeholder Interests, Stanford Graduate School of Business and the Rock Center for Corporate Governance, 2019, 2.

  17. 17. “Our Credo,” Johnson & Johnson, accessed March 11, 2021, https://www.jnj.com/credo/.

  18. 18. Jessica Shankleman, “Tim Cook Tells Climate Change Sceptics to Ditch Apple Shares,” Guardian, March 3, 2014, http://www.theguardian.com/environment/2014/mar/03/tim-cook-climate-change-sceptics-ditch-apple-shares.

  19. 19. “Fact Sheet: Obesity and Overweight,” World Health Organization, April 1, 2020, https://www.who.int/news-room/fact-sheets/detail/obesity-and-overweight.

  20. 20. “Malnutrition Is a World Health Crisis,” World Health Organization, September 26, 2019, https://www.who.int/news/item/26-09-2019-malnutrition-is-a-world-health-crisis.

  21. 21. “The World Bank and Nutrition—Overview,” World Bank, October 4, 2019, https://www.worldbank.org/en/topic/nutrition/overview.

Chapter 2: How Much Do You Care?

  1. 1. Adam Smith, The Theory of Moral Sentiments, Stewart Ed. (London: Henry G. Bohn, 1853), https://oll.libertyfund.org/title/smith-the-theory-of-moral-sentiments-and-on-the-origins-of-languages-stewart-ed#lf1648_label_001.

  2. 2. “The Theory of Moral Sentiments,” Adam Smith Institute, accessed March 12, 2021, https://www.adamsmith.org/the-theory-of-moral-sentiments.

  3. 3. Smith, The Theory of Moral Sentiments.

  4. 4. Kumi Naidoo, interview by authors, October 6, 2020.

  5. 5. Colin Mayer, Prosperity: Better Business Makes the Greater Good, 1st ed. (Oxford, United Kingdom: Oxford University Press, 2018).

  6. 6. Jenna Martin, “Add Wells Fargo CEO John Stumpf and Ingersoll-Rand CEO Michael Lamach to List of Executives against North Carolina’s House Bill 2,” Charlotte Business Journal, March 31, 2016, https://www.bizjournals.com/charlotte/news/2016/03/31/add-wells-fargo-ingersoll-rand-ceos-to-list-of.html.

  7. 7. Jon Kamp and Cameron McWhirter, “Business Leaders Speak Out against North Carolina’s Transgender Law,” Wall Street Journal, March 30, 2016, https://www.wsj.com/articles/business-leaders-speak-out-against-north-carolinas-transgender-law-1459377292.

  8. 8. Josh Rottenberg, “New Oscars Standards Say Best Picture Contenders Must Be Inclusive to Compete,” Los Angeles Times, September 8, 2020, https://www.latimes.com/entertainment-arts/movies/story/2020-09-08/academy-oscars-inclusion-standards-best-picture.

  9. 9. Jeff Beer, “One Year Later, What Did We Learn from Nike’s Blockbuster Colin Kaepernick Ad?” Fast Company, September 5, 2019, https://www.fastcompany.com/90399316/one-year-later-what-did-we-learn-from-nikes-blockbuster-colin-kaepernick-ad.

  10. 10. Ed Stack, It’s How We Play the Game: Build a Business, Take a Stand, Make a Difference (New York: Scribner, 2019), 2.

  11. 11. Yvon Chouinard, Let My People Go Surfing: The Education of a Reluctant Businessman (New York: Penguin, 2005), 1.

  12. 12. Viktor E. Frankl, Man’s Search for Meaning: An Introduction to Logotherapy, 3rd ed. (New York: Touchstone, 1984).

  13. 13. “State of Workplace Empathy: Executive Summary,” Businessolver, 2020, https://info.businessolver.com/en-us/empathy-2020-exec-summary-ty.

  14. 14. Jostein Solheim (Unilever), interview by authors, August 28, 2020.

  15. 15. Clifton Leaf, “Why Mastercard Isn’t a Credit Card Company, According to Its Outgoing CEO Ajay Banga,” Fortune, December 3, 2020, https://fortune.com/longform/mastercard-ceo-ajay-banga-credit-card-payment-company/.

  16. 16. “Wipro Chairman Premji Pledges 34 Percent of Company Shares for Philanthropy,” Reuters, March 13, 2019, https://www.reuters.com/article/us-wipro-premji-idUSKBN1QU21H; “None Can Take Away Your Humility: Azim Premji,” Bengaluru News—Times of India, accessed July 15, 2021, https://timesofindia.indiatimes.com/city/bengaluru/none-can-take-away-your-humility-azim-premji/articleshow/60140040.cms.

  17. 17. Nimi Princewill, “First Black Woman to Lead WTO Says She Will Prioritize Fair Trade, Access to Covid-19 Vaccines,” CNN Business, accessed March 12, 2021, https://www.cnn.com/2021/02/15/business/ngozi-okonjo-iweala-wto-announcement-intl/index.html.

  18. 18. Ann McFerran, “‘I Keep My Ego in My Handbag,’” Guardian, August 1, 2005, https://www.theguardian.com/world/2005/aug/01/gender.uk.

  19. 19. “Jesper Brodin,” Ingka Group, accessed March 14, 2021, https://www.ingka.com/bios/jesper-brodin/.

  20. 20. Adam Bryant, “How to Be a C.E.O., from a Decade’s Worth of Them,” New York Times, October 27, 2017, https://www.nytimes.com/2017/10/27/business/how-to-be-a-ceo.html.

  21. 21. “Maya Angelou Quotes: 15 of the Best,” Guardian, May 29, 2014, http://www.theguardian.com/books/2014/may/28/maya-angelou-in-fifteen-quotes.

  22. 22. “Climate Change: The Massive CO2 Emitter You May Not Know About,” BBC News, December 17, 2018, https://www.bbc.com/news/science-environment-46455844.

  23. 23. “Sustainability Practices Followed in Dalmia Bharat Group,” Dalmia Bharat Group, accessed March 12, 2021, https://www.dalmiabharat.com/sustainability/.

  24. 24. We Mean Business Coalition, “Dalmia Cement CEO Mahendra Singhi on Setting Bold Science-Based Targets,” YouTube, published September 14, 2018, https://www.youtube.com/watch?v=fgNioqdrSKE.

  25. 25. Elizabeth Kolbert, “The Weight of the World: The Woman Who Could Stop Climate Change,” New Yorker, August 17, 2015, https://www.newyorker.com/magazine/2015/08/24/the-weight-of-the-world.

  26. 26. Arun Marsh, “Christiana Figueres on ‘Godot Paralysis’ and Courage,” video, UN Global Compact Speaker Interviews, Guardian, October 18, 2013, https://www.theguardian.com/sustainable-business/video/christiana-figueres-godot-paralysis-courage.

  27. 27. Stack, It’s How We Play the Game, 279.

  28. 28. Stack, It’s How We Play the Game, 279.

  29. 29. Stack, It’s How We Play the Game, 286.

  30. 30. Stack, It’s How We Play the Game, 295.

  31. 31. Rachel Siegel, “Dick’s Sporting Goods Reports Strong Earnings as It Experiments with Reducing Gun Sales,” Washington Post, August 22, 2019, https://www.washingtonpost.com/business/2019/08/22/dicks-sporting-goods-stock-surges-strong-nd-quarter-earnings/.

  32. 32. Steve Denning, “Making Sense of Shareholder Value: ‘The World’s Dumbest Idea,’” Forbes, July 17, 2017, https://www.forbes.com/sites/stevedenning/2017/07/17/making-sense-of-shareholder-value-the-worlds-dumbest-idea/?sh=44bb59142a7e.

  33. 33. Bill George, “Courage: The Defining Characteristic of Great Leaders,” op-ed, Harvard Business School Working Knowledge, April 24, 2017, http://hbswk.hbs.edu/item/courage-the-defining-characteristic-of-great-leaders.

  34. 34. Angie Drobnic Holan, “In Context: Donald Trump’s ‘Very Fine People on Both Sides’ Remarks (Transcript),” PolitiFact, April 26, 2019, https://www.politifact.com/article/2019/apr/26/context-trumps-very-fine-people-both-sides-remarks/.

  35. 35. Adam Edelman, “Merck CEO Quits Trump Council over President’s Charlottesville Remarks,” NBC News, accessed March 11, 2021, https://www.nbcnews.com/politics/donald-trump/merck-ceo-quits-advisory-council-over-trump-s-charlottesville-remarks-n792416.

  36. 36. Amelia Lucas, “Merck CEO Kenneth Frazier: George Floyd ‘Could Be Me,’” CNBC, June 1, 2020, https://www.cnbc.com/2020/06/01/merck-ceo-george-floyd-could-be-me.html.

  37. 37. Jeffrey Sonnenfeld, “CEOs and Racial Inequity,” Chief Executive, September 9, 2020, https://chiefexecutive.net/ceos-and-racial-inequity/.

  38. 38. K. Bell, “Facebook staff plan ‘virtual walkout’ over response to Trump posts,” Engadget, June 1, 2020, https://www.engadget.com/facebook-employees-virtual-walkout-trump-posts-175020522.html.

  39. 39. Nicole Schuman, “Airbnb CEO Delivers Empathetic, Transparent Message Regarding Layoffs,” PRNEWS, May 7, 2020, https://www.prnewsonline.com/airbnb-ceo-delivers-empathetic-transparent-message-regarding-layoffs/.

  40. 40. Ed Kuffner, “It Was a Relatively Easy Decision: J&J Exec Shares Experience Working in the Frontlines,” Yahoo! Finance, June 1, 2020, https://finance.yahoo.com/video/relatively-easy-decision-j-j-170640381.html.

  41. 41. Hannah Tan-Gillies, “The Biggest Challenge Facing Our Generation”—Kering Commits to Net Positive Impact on Biodiversity by 2025, Moodie Davitt Report, August 4, 2020, https://www.moodiedavittreport.com/the-biggest-challenge-facing-our-generation-kering-commits-to-net-positive-impact-on-biodiversity-by-2025/.

Chapter 3: Unlock the Company’s Soul

  1. 1. Paul R. Lawrence and Nitin Nohria, Driven: How Human Nature Shapes Our Choices, 1st ed. (San Francisco: Jossey-Bass, 2002).

  2. 2. Tom Johnson, “Unilever Nabs Bestfoods for $24.3B,” CNN Money, June 6, 2000, accessed March 10, 2021, https://money.cnn.com/2000/06/06/deals/bestfoods/.

  3. 3. Short Termism: Insights from Business Leaders, Focusing Capital on the Long Term, CPPIB and McKinsey & Company, January 2014, p. 5, exhibit 3, https://www.fcltglobal.org/wp-content/uploads/20140123-mck-quarterly-survey-results-for-fclt-org_final.pdf.

  4. 4. “Risk Report Reveals Pandemic Forced Companies to Review Strategy,” Board Agenda, July 15, 2020, https://boardagenda.com/2020/07/15/risk-report-reveals-pandemic-forced-companies-to-review-strategy/.

  5. 5. Sandy Ogg (Unilever), interview by authors, April 4, 2020.

  6. 6. “Unilever Issues First Ever Green Sustainability Bond,” Unilever global company website, March 19, 2014, https://www.unilever.com/news/press-releases/2014/14-03-19-Unilever-issues-first-ever-green-sustainability-bond.html.

  7. 7. Marc Mathieu (Unilever), interview by authors, August 26, 2020.

  8. 8. Keith Weed (Unilever), interview by authors, November 10, 2020.

  9. 9. Robert Lofthouse, “Purpose Unlocks Profit,” accessed March 15, 2021, https://www.alumni.ox.ac.uk/quad/article/purpose-unlocks-profit.

  10. 10. Lauren Hirsch, “People Thought Hubert Joly Was ‘Crazy or Suicidal’ for Taking the Job as Best Buy CEO. Then He Ushered in Its Turnaround,” CNBC, June 19, 2019, https://www.cnbc.com/2019/06/19/former-best-buy-ceo-hubert-joly-defied-expectations-at-best-buy.html.

  11. 11. Adele Peters, “This Food Giant Is Now the Largest B Corp in the World,” Fast Company, April 12, 2018, https://www.fastcompany.com/40557647/this-food-giant-is-now-the-largest-b-corp-in-the-world.

  12. 12. “Danone: Annual General Meeting of June 26, 2020: Shareholders Unanimously Vote for Danone to Become the First Listed ‘Entreprise à Mission,’” GlobeNewswire, June 26, 2020, http://www.globenewswire.com/news-release/2020/06/26/2054177/0/en/Danone-Annual-General-Meeting-of-June-26-2020-Shareholders-unanimously-vote-for-Danone-to-become-the-first-listed-Entreprise-%C3%A0-Mission.html.

  13. 13. Thomas W. Malnight, Ivy Buche, and Charles Dhanaraj, “Put Purpose at the Core of Your Strategy,” Harvard Business Review, September 1, 2019, https://hbr.org/2019/09/put-purpose-at-the-core-of-your-strategy.

  14. 14. “Announcing the 2021 Rankings of America’s Most JUST Companies,” JUST Capital, accessed March 7, 2021, https://justcapital.com/reports/announcing-the-2021-rankings-of-americas-most-just-companies/.

  15. 15. “Becoming Irresistible: A New Model for Employee Engagement,” Deloitte Review 16, January 27, 2015, https://www2.deloitte.com/us/en/insights/deloitte-review/issue-16/employee-engagement-strategies.html.

  16. 16. “B Corp Analysis Reveals Purpose-Led Businesses Grow 28 Times Faster Than National Average,” Sustainable Brands, March 1, 2018, https://sustainablebrands.com/read/business-case/b-corp-analysis-reveals-purpose-led-businesses-grow-28-times-faster-than-national-average.

  17. 17. “2018 Cone/Porter Novelli Purpose Study: How to Build Deeper Bonds, Amplify Your Message and Expand the Consumer Base,” Cone Communications, accessed March 14, 2021, https://www.conecomm.com/research-blog/2018-purpose-study; Meet the 2020 Consumers Driving Change, IBM and National Retail Federation, 2020, 1.

  18. 18. Dr. Wieland Holfelder, in “Chance of a Lifetime? How Governments and Businesses Are Achieving a Green Economic Recovery,” Facebook video, The Climate Group: Climate Week NYC, September 22, 2020, https://www.facebook.com/TheClimateGroup/videos/chance-of-a-lifetime-how-governments-and-businesses-are-achieving-a-green-econom/629022581139808/ (see minute 36).

  19. 19. “Report Shows a Third of Consumers Prefer Sustainable Brands,” Unilever global company website, January 5, 2017, https://www.unilever.com/news/press-releases/2017/report-shows-a-third-of-consumers-prefer-sustainable-brands.html

  20. 20. “Our History,” Unilever UK & Ireland, accessed March 27, 2021, https://www.unilever.co.uk/about/who-we-are/our-history/.

  21. 21. Claire Phillips, “Hubris and Colonial Capitalism in a ‘Model’ Company Town: The Case of Leverville, 1911–1940—Benoît Henriet,” Comparing the Copperbelt (blog), October 2, 2017, https://copperbelt.history.ox.ac.uk/2017/10/02/hubris-and-colonial-capitalism-in-a-model-company-town-the-case-of-leverville-1911-1940-benoit-henriet/.

  22. 22. Thomas W. Malnight, Ivy Buche, and Charles Dhanaraj, “Put Purpose at the Core of Your Strategy,” Harvard Business Review, September 1, 2019, https://hbr.org/2019/09/put-purpose-at-the-core-of-your-strategy.

  23. 23. Gavin Neath, interview by authors, April 10, 2020.

  24. 24. Jonathan Donner (Unilever), interview by authors, October 1, 2020.

  25. 25. William W. George, Krishna G. Palepu, Carin-Isabel Knoop, and Matthew Preble, “Unilever’s Paul Polman: Developing Global Leaders,” HBS Case no. N9-413-097 (Boston: Harvard Business School Publishing, 2013), 7, https://www.hbs.edu/faculty/Pages/item.aspx?num=44876.

  26. 26. “Mars CEO Speaks on How Gen Z Are Changing the Company’s Workplace,” Corporate Citizenship Briefing (blog), February 28, 2020, https://ccbriefing.corporate-citizenship.com/2020/02/28/mars-ceo-speaks-on-how-gen-z-are-changing-the-companys-workplace/.

  27. 27. Jack Kelly, “Millennials Will Become Richest Generation In American History as Baby Boomers Transfer over Their Wealth,” Forbes, October 26, 2019, https://www.forbes.com/sites/jackkelly/2019/10/26/millennials-will-become-richest-generation-in-american-history-as-baby-boomers-transfer-over-their-wealth/.

  28. 28. “The Deloitte Global Millennial Survey 2020,” Deloitte, June 2020, https://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennialsurvey.html.

  29. 29. “2016 Cone Communications Millennial Employee Engagement Study,” Cone Communications, accessed March 14, 2021, https://www.conecomm.com/research-blog/2016-millennial-employee-engagement-study.

  30. 30. Brandon Rigoni and Bailey Nelson, “For Millennials, Is Job-Hopping Inevitable?” Gallup, November 8, 2016, https://news.gallup.com/businessjournal/197234/millennials-job-hopping-inevitable.aspx.

  31. 31. “Engage Your Employees to See High Performance and Innovation,” Gallup, accessed March 14, 2021, https://www.gallup.com/workplace/229424/employee-engagement.aspx.

  32. 32. “Open Letter to Jeff Bezos and the Amazon Board of Directors,” Amazon Employees for Climate Justice, Medium, April 10, 2019, https://amazonemployees4climatejustice.medium.com/public-letter-to-jeff-bezos-and-the-amazon-board-of-directors-82a8405f5e38.

  33. 33. Jay Greene, “More than 350 Amazon Employees Violate Communications Policy Directed at Climate Activists,” Washington Post, January 27, 2020, https://www.washingtonpost.com/technology/2020/01/26/amazon-employees-plan-mass-defiance-company-communications-policy-support-colleagues/.

  34. 34. “Goldman Sachs to Offer Employees Clean Home Energy,” Smart Energy Decisions, February 8, 2021, https://www.smartenergydecisions.com/renewable-energy/2021/02/08/goldman-sachs-to-offer-employees-clean-home-energy.

  35. 35. “Members,” Time to Vote, accessed March 14, 2021, https://www.maketimetovote.org/pages/members; Jazmin Goodwin, “Old Navy to Pay Store Employees to Work Election Polls in November,” CNN Business, September 1, 2020, https://www.cnn.com/2020/09/01/business/old-navy-employee-pay-election-poll-workers/index.html.

  36. 36. “Employers Boosting Efforts to Create Respect and Dignity at Work,” Yahoo! Finance, February 5, 2020, https://finance.yahoo.com/news/employers-boosting-efforts-create-respect-155356022.html.

  37. 37. Claudine Gartenberg, Andrea Prat, and Georgios Serafeim, “Corporate Purpose and Financial Performance,” HBS working paper 17-023 (Boston: Harvard Business School, March 23, 2017), https://dash.harvard.edu/handle/1/30903237.

Chapter 4: Blow Up Boundaries

  1. 1. David Causey, “When We Fear the Unknown,” Warrior’s Journey, accessed March 14, 2021, https://thewarriorsjourney.org/challenges/when-we-fear-the-unknown/.

  2. 2. Christiana Figueres, Tom Rivett-Carnac, and Paul Dickinson, “86: The Scientific Case for the Race to Zero with Johan Rockström,” January 28, 2021, in Outrage + Optimism, podcast, https://outrageandoptimism.libsyn.com/86-the-scientific-case-for-the-race-to-zero-with-johan-rockstrm.

  3. 3. Gavin Neath (Unilever), written correspondence with authors, April 10, 2020.

  4. 4. “Decarbonising Our Business,” Unilever global company website, accessed March 14, 2021, https://www.unilever.com/planet-and-society/climate-action/decarbonising-our-business/.

  5. 5. “Unilever Opens $272m Manufacturing Plant in Dubai,” Sustainable Brands, December 27, 2016, https://sustainablebrands.com/read/press-release/unilever-opens-272m-manufacturing-plant-in-dubai.

  6. 6. “2019 Sustainability in a Generation Plan,” Mars, Incorporated, accessed March 14, 2021, https://www.mars.com/sustainability-plan.

  7. 7. “Top 25 Quotes by Azim Premji,” A–Z Quotes, accessed March 14, 2021, https://www.azquotes.com/author/11855-Azim_Premji.

  8. 8. In situations like optimizing a building’s performance, it may be much cheaper than trying to make each component (windows, HVAC, and so on) efficient. The whole thing can be cheaper than the parts. See Paul Hawken, Amory B. Lovins, and L. Hunter Lovins, “Chapter 6: Tunneling Through the Cost Barrier,” in Natural Capitalism: Creating the Next Industrial Revolution, 1st ed. (Boston: Little, Brown and Co., 1999).

  9. 9. Tim Cook (Apple), in keynote speech at Ceres 30th Anniversary event, New York, October 21, 2019.

  10. 10. Jemima McEvoy, “Sephora First to Accept ‘15% Pledge,’ Dedicating Shelf-Space to Black-Owned Businesses,” Forbes, June 10, 2020, https://www.forbes.com/sites/jemimamcevoy/2020/06/10/sephora-first-to-accept-15-pledge-dedicating-shelf-space-to-black-owned-businesses/.

  11. 11. Dana Givens, “Sephora Relaunches Business Incubator to Help BIPOC Beauty Entrepreneurs,” Black Enterprise, February 10, 2021, https://www.blackenterprise.com/sephora-relaunches-business-incubator-to-help-bipoc-beauty-entrepreneurs/.

  12. 12. “Unilever Commits to Help Build a More Inclusive Society,” Unilever global company website, January 21, 2021, https://www.unilever.com/news/press-releases/2021/unilever-commits-to-help-build-a-more-inclusive-society.html.

  13. 13. “Companies Taking Action,” Science Based Targets, accessed March 14, 2021, https://sciencebasedtargets.org/companies-taking-action.

  14. 14. “330+ Target-Setting Firms Reduce Emissions by a Quarter in Five Years since Paris Agreement,” Science Based Targets, January 26, 2021, https://sciencebasedtargets.org/news/330-target-setting-firms-reduce-emissions-by-a-quarter-in-five-years-since-paris-agreement.

  15. 15. “Response Required: How the Fortune Global 500 Is Delivering Climate Action and the Urgent Need for More of It,” Natural Capital Partners, October 6, 2020, https://www.naturalcapitalpartners.com/news-resources/response-required.

  16. 16. Brad Smith, “Microsoft Will Be Carbon Negative by 2030,” The Official Microsoft Blog (blog), January 16, 2020, https://blogs.microsoft.com/blog/2020/01/16/microsoft-will-be-carbon-negative-by-2030/.

  17. 17. Brad Smith, “One Year Later: The Path to Carbon Negative—A Progress Report on Our Climate ‘Moonshot,’” The Official Microsoft Blog (blog), January 28, 2021; Chuck Abbott, “Land O’Lakes, Microsoft in Carbon Credit Program,” Successful Farming, February 5, 2021, https://www.agriculture.com/news/business/land-o-lakes-microsoft-in-carbon-credit-program.

  18. 18. Alan Jope, email with authors, March 23, 2021.

  19. 19. Sundar Pichai, “Our Third Decade of Climate Action: Realizing a Carbon-Free Future,” Google—The Keyword (blog), September 14, 2020, https://blog.google/outreach-initiatives/sustainability/our-third-decade-climate-action-realizing-carbon-free-future/.

  20. 20. Justine Calma, “IBM Sets New Climate Goal for 2030,” The Verge, February 16, 2021, https://www.theverge.com/2021/2/16/22285669/ibm-climate-change-commitment-cut-greenhouse-gas-emissions; IBM is also looking to 2030 for 90 to 100 percent renewables, without offsets or sequestration.

  21. 21. Brian Moynihan, Feike Sijbesma, and Klaus Schwab, “World Economic Forum Asks All Davos Participants to Set a Net-Zero Climate Target,” World Economic Forum, January 17, 2020, https://www.weforum.org/agenda/2020/01/davos-ceos-to-set-net-zero-target-2050-climate/.

  22. 22. “Ingka Group Produces More Renewable Energy than It Consumes—2020 Report,” Energy Capital Media (blog), January 28, 2021, https://energycapitalmedia.com/2021/01/28/ingka-group-ikea/.

  23. 23. Doug McMillon, “Walmart’s Regenerative Approach: Going Beyond Sustainability,” Walmart Inc., September 21, 2020, https://corporate.walmart.com/newsroom/2020/09/21/walmarts-regenerative-approach-going-beyond-sustainability.

  24. 24. Arjun Kharpal, “Apple pledges to make products like the iPhone from only recycled material and end mining,” CNBC, April 20, 2017, https://www.cnbc.com/2017/04/20/apple-mining-end-recycled-material-products.html.

  25. 25. “Morgan Stanley Announces Commitment to Reach Net-Zero Financed Emissions by 2050,” Morgan Stanley, September 21, 2020, https://www.morganstanley.com/press-releases/morgan-stanley-announces-commitment-to-reach-net-zero-financed-e. ; “Bank of America Announces Actions to Achieve Net Zero Greenhouse Gas Emissions before 2050,” Bank of America Newsroom, February 11, 2021, https://newsroom.bankofamerica.com/content/newsroom/press-releases/2021/02/bank-of-america-announces-actions-to-achieve-net-zero-greenhouse.html; “New Citi CEO Jane Fraser Unveils Net-Zero Targets on First Day at the Helm, “ Financial News, accessed March 11, 2021, https://www.fnlondon.com/articles/new-citi-ceo-jane-fraser-unveils-net-zero-targets-in-first-day-at-the-helm-20210301.

  26. 26. Graham Readfearn, “Insurance Giant Suncorp to End Coverage and Finance for Oil and Gas Industry,” Guardian, August 21, 2020, http://www.theguardian.com/environment/2020/aug/21/insurance-giant-suncorp-to-end-coverage-and-finance-for-oil-and-gas-industry.

  27. 27. “2019 CDP Climate Response,” Target Corporation, 2019, https://corporate.target.com/_media/TargetCorp/csr/pdf/2019-CDP-Climate-Response.pdf.

  28. 28. “Tesco Set to Become First UK Retailer to Offer Sustainability-Linked Supply Chain Finance,” Tesco PLC, accessed May 13, 2021, www.tescoplc.com/news/2021/tesco-set-to-become-first-uk-retailer-to-offer-sustainability-linked-supply-chain-finance/.

  29. 29. “Salesforce Suppliers Must Maintain Sustainability Scorecard,” Environment + Energy Leader (blog), April 30, 2021, https://www.environmentalleader.com/2021/04/salesforce-suppliers-must-maintain-sustainability-scorecard-or-pay-climate-remediation-fee/.

  30. 30. “Unilever to Eliminate Fossil Fuels in Cleaning Products by 2030,” Unilever global company website, accessed March 15, 2021, https://www.unilever.com/news/press-releases/2020/unilever-to-invest-1-billion-to-eliminate-fossil-fuels-in-cleaning-products-by-2030.html.

  31. 31. “Tackling Climate Change,” Starbucks Coffee Company, accessed March 14, 2021, https://www.starbucks.com/responsibility/environment/climate-change.

  32. 32. Lauren Wicks, “Panera Bread Commits to Making Half of Its Menu Plant-Based,” EatingWell, January 10, 2020, https://www.eatingwell.com/article/7561530/panera-bread-plant-based-menu/.

  33. 33. “Zero Hunger, Zero Waste,” Kroger Co., accessed March 14, 2021, https://www.thekrogerco.com/sustainability/zero-hunger-zero-waste/.

  34. 34. Hannah Tan-Gillies, “The Biggest Challenge Facing Our Generation”—Kering Commits to Net Positive Impact on Biodiversity by 2025, Moodie Davitt Report, August 4, 2020, https://www.moodiedavittreport.com/the-biggest-challenge-facing-our-generation-kering-commits-to-net-positive-impact-on-biodiversity-by-2025/.

  35. 35. Mandy Oaklander, “Suicide Is Preventable. Hospitals and Doctors Are Finally Catching Up,” Time, October 24, 2019, https://time.com/5709368/how-to-solve-suicide/.

  36. 36. Jane Fraser, “The Incoming CEO of Citigroup, on How to Smash the Glass Ceiling,” interview by Eben Shapiro, Time, October 21, 2020, https://time.com/collection-post/5900752/jane-fraser-citibank/.

  37. 37. “Mastercard Commits to Connect 1 Billion People to the Digital Economy by 2025,” Mastercard Center for Inclusive Growth, April 28, 2020, http://www.mastercardcenter.org/content/mc-cig/en/homepage/press-releases/mastercard-commits-to-connect-1billion-by-2025.html.

  38. 38. “Ørsted (Company),” Wikipedia, accessed March 2, 2021, https://en.wikipedia.org/w/index.php?title=%C3%98rsted_(company)&oldid=1009848863.

  39. 39. “Climate Change Action Plan,” Ørsted, accessed March 14, 2021, https://orsted.com/en/sustainability/climate-action-plan.

  40. 40. BP Annual Report and Form 20-F 2019, 152; Ørsted Annual Report 2020, 98. (Note: Ørsted reports in DKK (Danish Kroner); the figure is converted from the exchange rate on March 13, 2021.)

  41. 41. “Neste Reports Slump in Oil Sales but Growth in Renewables,” Yle Uutiset, May 2, 2021, https://yle.fi/uutiset/osasto/news/neste_reports_slump_in_oil_sales_but_growth_in_renewables/11775415.

  42. 42. Stephen Jewkes, “Enel to Boost Spending on Clean Energy in Climate Goal Drive,” Reuters, November 26, 2019, https://www.reuters.com/article/uk-enel-plan-idUKKBN1Y00RL?edition-redirect=uk; “Commitment to the fight against climate change,” Enel Group, accessed March 14, 2021, https://www.enel.com/investors/sustainability/sustainability-topics-and-performances/greenhouse-gas-emission.

  43. 43. Megan Graham, “Unilever Pauses Facebook and Twitter Advertising for Rest of 2020 Due to ‘Polarized Atmosphere’ in U.S.,” CNBC, June 26, 2020, https://www.cnbc.com/2020/06/26/unilever-pauses-facebook-and-twitter-advertising-for-rest-of-2020-due-to-polarized-atmosphere-in-us.html.

Chapter 5: Be an Open Book

  1. 1. Geoffrey Mohan and Ben Welsh, “Q&A: How Much Pollution Did VW’s Emissions Cheating Create?” Los Angeles Times, October 9, 2015, https://www.latimes.com/business/la-fi-vw-pollution-footprint-20151007-htmlstory.html.

  2. 2. Alexander C. Kaufman, “Fossil Fuel Air Pollution Linked to 1 In 5 Deaths Worldwide, New Harvard Study Finds,” HuffPost, February 9, 2021, https://www.huffpost.com/entry/fossil-fuel-air-pollution_n_6022a51dc5b6c56a89a49185.

  3. 3. Jack Ewing, “Volkswagen Says 11 Million Cars Worldwide Are Affected in Diesel Deception,” New York Times, September 22, 2015, https://www.nytimes.com/2015/09/23/business/international/volkswagen-diesel-car-scandal.html.

  4. 4. Naomi Kresge and Richard Weiss, “Volkswagen Drops 23% After Admitting Diesel Emissions Cheat,” Bloomberg Business, September 21, 2015, https://www.bloomberg.com/news/articles/2015-09-21/volkswagen-drops-15-after-admitting-u-s-diesel-emissions-cheat.

  5. 5. Associated Press, “Volkswagen Offers 830 Mln-Euro Diesel Settlement in Germany,” US News and World Report, February 14, 2020, https://www.usnews.com/news/business/articles/2020-02-14/volkswagen-offers-830-mln-euro-diesel-settlement-in-germany.

  6. 6. Jessica Long, Chris Roark, and Bill Theofilou, “The Bottom Line on Trust,” Accenture Strategy, 2018, https://www.accenture.com/_acnmedia/Thought-Leadership-Assets/PDF/Accenture-Competitive-Agility-Index.pdf.

  7. 7. 2021 Edelman Trust Barometer, Edelman, 2021, 19, https://www.edelman.com/sites/g/files/aatuss191/files/2021-01/2021-edelman-trust-barometer.pdf.

  8. 8. Paul J. Zak, “The Neuroscience of Trust,” Harvard Business Review, January–February 2017, 84-90, https://hbr.org/2017/01/the-neuroscience-of-trust.

  9. 9. 2020 Edelman Trust Barometer, Edelman, 2020, 2, https://www.edelman.com/trust/2020-trust-barometer.

  10. 10. Romesh Ratnesar, “How Microsoft’s Brad Smith Is Trying to Restore Your Trust in Big Tech,” Time, September 9, 2019, https://time.com/5669537/brad-smith-microsoft-big-tech/.

  11. 11. Peter Tchir, “What If Buffett Is the One Swimming Naked?” Forbes, accessed March 14, 2021, https://www.forbes.com/sites/petertchir/2020/05/04/what-if-buffett-is-the-one-swimming-naked/.

  12. 12. “ESG Trends in the 2019 Proxy Season,” FrameworkESG (blog), July 18, 2019, http://staging.frameworkesg.com/esg-for-cxos-2019-proxy-season-trends/.

  13. 13. “S&P Global Makes over 9,000 ESG Scores Publicly Available to Help Increase Transparency of Corporate Sustainability Performance,” S&P Global, February 16, 2021, http://press.spglobal.com/2021-02-16-S-P-Global-makes-over-9-000-ESG-Scores-publicly-available-to-help-increase-transparency-of-corporate-sustainability-performance.

  14. 14. BlackRock, “Climate Risk and the Transition to a Low-Carbon Economy,” Investment Stewardship Commentary. February 2021, https://www.blackrock.com/corporate/literature/publication/blk-commentary-climate-risk-and-energy-transition.pdf.

  15. 15. “Intangible Asset Market Value Study,” Ocean Tomo, accessed March 15, 2021, https://www.oceantomo.com/intangible-asset-market-value-study/.

  16. 16. Jan Kees Vis (Unilever), interview by authors, May 20, 2020.

  17. 17. “Larry Fink CEO Letter,” BlackRock, accessed March 9, 2021, https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter.

  18. 18. “Unilever Completes Landmark Fragrance Disclosure in Industry-Leading Move,” Unilever USA, January 22, 2019, https://www.unileverusa.com/news/press-releases/2019/Unilever-completes-landmark-fragrance-disclosure.html.

  19. 19. “Unilever Has Raised the Bar for Fragrance Transparency,” Environmental Working Group, January 22, 2019, https://www.ewg.org/release/ewg-unilever-has-raised-bar-fragrance-transparency.

  20. 20. “The No No List,” Panera Bread, April 16, 2018, https://www-beta.panerabread.com/content/dam/panerabread/documents/panera-no-no-list-05-2015.pdf; “Panera Bread’s Food Policy Statement,” Panera Bread, June 3, 2014, https://www.panerabread.com/content/dam/panerabread/documents/nutrition/panera-bread-food-policy.pdf.

  21. 21. “Unilever Sets out New Actions to Fight Climate Change, and Protect and Regenerate Nature, to Preserve Resources for Future Generations,” Unilever global company website, June 15, 2020, https://www.unilever.com/news/press-releases/2020/unilever-sets-out-new-actions-to-fight-climate-change-and-protect-and-regenerate-nature-to-preserve-resources-for-future-generations.html.

  22. 22. “Unilever: How AI Can Help Save Forests—Journal Report,” MarketScreener, accessed March 11, 2021, https://www.marketscreener.com/quote/stock/UNILEVER-PLC-9590186/news/Unilever-nbsp-How-AI-Can-Help-Save-Forests-Journal-Report-31682505/.

  23. 23. Doina Cocoveanu (Unilever), interview by authors, May 21, 2020.

  24. 24. Tim Kleinebenne (Unilever), interview by authors, September 9, 2020.

  25. 25. “Unilever Commits to Help Build a More Inclusive Society,” Unilever global company website, January 21, 2021, https://www.unilever.com/news/press-releases/2021/unilever-commits-to-help-build-a-more-inclusive-society.html.

  26. 26. Sharan Burrow (International Trade Union Confederation), interview by authors, May 18, 2020.

  27. 27. James Davey, “UK Food Retailers Hand Back $2.4 Billion in Property Tax Relief,” Reuters, December 3, 2020, https://www.reuters.com/article/us-sainsbury-s-business-rates/uk-food-retailers-hand-back-2-4-billion-in-property-tax-relief-idUSKBN28D1DC.

  28. 28. Joshua Franklin and Lawrence Delevingne, “Exclusive: U.S. Companies Got Emergency Government Loans despite Having Months of Cash,” Reuters, May 7, 2020, https://www.reuters.com/article/us-health-coronavirus-companies-ppp-excl/exclusive-u-s-companies-got-emergency-government-loans-despite-having-months-of-cash-idUSKBN22J2WO.

  29. 29. “Ikea Planning to Repay Furlough Payments,” BBC News, June 15, 2020, https://www.bbc.com/news/business-53047895.

  30. 30. Darrell Etherington, “Medtronic is sharing its portable ventilator design specifications and code for free to all,” TechCrunch, March 30, 2020, https://techcrunch.com/2020/03/30/medtronic-is-sharing-its-portable-ventilator-design-specifications-and-code-for-free-to-all/.

  31. 31. Lauren Hirsch, “IBM Gets Out of Facial Recognition Business, Calls on Congress to Advance Policies Tackling Racial Injustice,” CNBC, June 8, 2020, https://www.cnbc.com/2020/06/08/ibm-gets-out-of-facial-recognition-business-calls-on-congress-to-advance-policies-tackling-racial-injustice.html.

  32. 32. They were right. In the end, 150 of the 169 SDG targets needed business to succeed.

  33. 33. Geoffrey Jones, “Managing Governments: Unilever in India and Turkey, 1950–1980,” HBS, working paper 06-061 (Boston: Harvard Business School, 2006), https://www.hbs.edu/ris/Publication%20Files/06-061.pdf.

  34. 34. Shaun Walker, “30 Greenpeace Activists Charged with Piracy in Russia,” Guardian, October 3, 2013, http://www.theguardian.com/environment/2013/oct/03/greenpeace-activists-charged-piracy-russia.

  35. 35. Kumi Naidoo, interview by authors, October 6, 2020.

Chapter 6: 1+1=11

  1. 1. Tony Dunnage (Unilever), interview by authors, June 10, 2020.

  2. 2. “Sustainable Business Could Unlock US$12 Trillion, Creating 380 Million Jobs,” Unilever global company website, accessed March 9, 2021, https://www.unilever.com/news/news-and-features/Feature-article/2017/Sustainable-business-could-unlock-12-trillion-dollars-and-380-million-jobs.html.

  3. 3. Jonathan Hughes and Jeff Weiss, “Simple Rules for Making Alliances Work,” Harvard Business Review, November 1, 2007, https://hbr.org/2007/11/simple-rules-for-making-alliances-work.

  4. 4. Steve Miles (Unilever), interview by authors, October 7, 2020.

  5. 5. Mark Engel (Unilever), interview by author, May 14, 2020.

  6. 6. Mark Engel (Unilever), interview by author, July 17, 2020.

  7. 7. Marc Benioff, Trailblazer (New York: Currency, 2019).

  8. 8. Maria Gallucci, “Apple’s Low-Carbon Aluminum Is a Climate Game Changer,” Grist (blog), July 31, 2020, https://grist.org/energy/apples-low-carbon-aluminum-is-an-climate-game-changer/.

  9. 9. “What Is ELYSIS?” ELYSIS, January 31, 2019, https://elysis.com/en/what-is-elysis.

  10. 10. Stephen Nellis, “Apple Buys First-Ever Carbon-Free Aluminum from Alcoa-Rio Tinto Venture,” Reuters, December 5, 2019, https://www.reuters.com/article/us-apple-aluminum/apple-buys-first-ever-carbon-free-aluminum-from-alcoa-rio-tinto-venture-idUSKBN1Y91RQ.

  11. 11. Felicia Jackson, “Low Carbon Aluminum Boosted By Audi’s Use in Automotive First,” Forbes, accessed March 26, 2021, https://www.forbes.com/sites/feliciajackson/2021/03/24/low-carbon-aluminum-boosted-by-audis-use-in-automotive-first/.

  12. 12. “From Our CEO: We Will Fight This Pandemic Together,” Unilever global company website, accessed March 4, 2021, https://www.unilever.com/news/news-and-features/Feature-article/2020/from-our-ceo-we-will-fight-this-pandemic-together.html.

  13. 13. Christopher Rowland and Laurie McGinley, “Merck to Help Make Johnson & Johnson Coronavirus Vaccine,” Washington Post, March 2, 2021, https://www.washingtonpost.com/health/2021/03/02/merck-johnson-and-johnson-covid-vaccine-partnership/.

  14. 14. “LCA Study Finds Corrugated Cardboard Pallets as the Most ‘Nature-Friendly’ Standardized Loading Platform,” KraftPal Technologies, August 6, 2020, https://kraftpal.com/news/lca-study-corrugated-cardboard-pallet/.

  15. 15. Leveraging Modular Boxes in a Global Secondary Packaging System of FMCG Supply Chains, Consumer Goods Forum, 2017, 7.

  16. 16. “Agricultural Land (% of Land Area),” World Bank Group, DataBank, accessed March 10, 2021, https://data.worldbank.org/indicator/AG.LND.AGRI.ZS; Tariq Khohkar, “Chart: Globally, 70% of Freshwater Is Used for Agriculture,” World Bank Blogs (blog), March 22, 2017, https://blogs.worldbank.org/opendata/chart-globally-70-freshwater-used-agriculture; Natasha Gilbert, “One-Third of Our Greenhouse Gas Emissions Come from Agriculture,” Nature News, October 31, 2012, https://doi.org/10.1038/nature.2012.11708.

  17. 17. “The Consumer Goods Forum Launches Food Waste Coalition of Action,” Consumer Goods Forum, August 17, 2020, https://www.theconsumergoodsforum.com/news_updates/the-consumer-goods-forum-launches-food-waste-coalition-of-action/.

  18. 18. A New Textiles Economy: Redesigning Fashion’s Future, Ellen MacArthur Foundation, 2017, figure 6.

  19. 19. “About the RBA,” Responsible Business Alliance, accessed March 10, 2021, http://www.responsiblebusiness.org/about/rba/.

  20. 20. “ICT Industry Agrees Landmark Science-Based Pathway to Reach Net Zero Emissions,” GSMA Association, February 27, 2020, https://www.gsma.com/newsroom/press-release/ict-industry-agrees-landmark-science-based-pathway-to-reach-net-zero-emissions/.

  21. 21. Global Warming Potential (GWP) of Refrigerants: Why Are Particular Values Used? United Nations Environment Programme; Rob Garner, “NASA Study Shows That Common Coolants Contribute to Ozone Depletion,” NASA, October 21, 2015, http://www.nasa.gov/press-release/goddard/nasa-study-shows-that-common-coolants-contribute-to-ozone-depletion.

  22. 22. Amy Larkin and Kert Davies, Natural Refrigerants: The Solutions, Greenpeace, 2009, https://www.greenpeace.org/usa/wp-content/uploads/legacy/Global/usa/planet3/PDFs/hfc-solutions-fact-sheet.pdf.

  23. 23. “Coca-Cola Installs 1 Millionth HFC-Free Cooler,” Coca-Cola Company, January 22, 2014, https://www.coca-colacompany.com/press-releases/coca-cola-installs-1-millionth-hfc-free-cooler; “Mission Accomplished,” Refrigerants, Naturally!, June 25, 2018, https://www.refrigerantsnaturally.com/2018/06/25/mission-accomplished/.

  24. 24. Amy Larkin, email communication with authors, October 12, 2020.

  25. 25. Lillianna Byington, “Diageo and PepsiCo Will Debut Paper Bottles in 2021,” Food Dive, July 14, 2020, https://www.fooddive.com/news/diageo-and-pepsico-will-debut-paper-bottles-in-2021/581512/.

  26. 26. Hannah Baker, “Asda, Costa and Morrisons among retailers to sign up to scheme to cut single-use plastic,” Business Live, November 12, 2019, https://www.business-live.co.uk/retail-consumer/asda-single-use-plastic-refill-17241796.

  27. 27. “Indonesia In-Store Refill Station Launches with 11 Unilever Brands,” Unilever global company website, June 3, 2020, https://www.unilever.com/news/news-and-features/Feature-article/2020/indonesia-in-store-refill-station-launches-with-11-unilever-brands.html.

  28. 28. Rebecca Marmot, interview by author, June 22, 2020.

  29. 29. Charlie Beevor, interview by author, October 6, 2020. Beevor says that 2.3 billion people live without access to a safe toilet, and 4.5 billion live in places where human waste is not safely managed.

  30. 30. Marmot, interview.

  31. 31. Sanjiv Mehta, interview by author, October 21, 2020.

  32. 32. Global Market Report: Tea, International Institute for Sustainable Development, 2019, 1.

  33. 33. “The World’s Top Tea-Producing Countries,” WorldAtlas, September 17, 2020, https://www.worldatlas.com/articles/the-worlds-top-10-tea-producing-nations.html; “Rwandan Tea Sector,” Gatsby, accessed March 10, 2021, https://www.gatsby.org.uk/africa/programmes/rwandan-tea-sector.

  34. 34. “Unilever Tea Rwanda Project Inaugurated in Nyaruguru District,” MINAGRI Government of the Republic of Rwanda, accessed March 10, 2021, https://minagri.prod.risa.rw/updates/news-details/unilever-tea-rwanda-project-inaugrated-in-nyaruguru-district-1.

  35. 35. Cheryl Hicks (TBC), email communication with authors, April 1, 2021.

  36. 36. Doug Baker (Ecolab), interview by authors, May 12, 2020.

Chapter 7: It Takes Three to Tango

  1. 1. Barry Newell and Christopher Doll, “Systems Thinking and the Cobra Effect,” United Nations University, Our World (blog), September 16, 2015, https://ourworld.unu.edu/en/systems-thinking-and-the-cobra-effect.

  2. 2. Adam Mann, “What’s Up With That: Building Bigger Roads Actually Makes Traffic Worse,” Wired, June 17, 2014, https://www.wired.com/2014/06/wuwt-traffic-induced-demand/.

  3. 3. Karl Evers-Hillstrom, “Lobbying Spending Reaches $3.4 Billion in 2018, Highest in 8 Years,” OpenSecrets, Center for Responsive Politics, January 25, 2019, https://www.opensecrets.org/news/2019/01/lobbying-spending-reaches-3-4-billion-in-18/.

  4. 4. Lynn Grayson, “CERES Confirms Business Supports Climate Change Action,” Jenner & Block, Corporate Environmental Lawyer (blog), December 2, 2015, https://environblog.jenner.com/corporate_environmental_l/2015/12/ceres-confirms-business-supports-climate-change-action.html.

  5. 5. World Bank, “State and Trends of Carbon Pricing 2020” (Washington, DC: World Bank, May 2020), https://openknowledge.worldbank.org/bitstream/handle/10986/33809/9781464815867.pdf?sequence=4.

  6. 6. Anne Kelly (Ceres), interview by authors, May 28, 2020.

  7. 7. Sharan Burrow (International Trade Union Confederation), interview by authors, May 18, 2020.

  8. 8. Gabriela Baczynska and Kate Abnett, “European Politicians, CEOs, Lawmakers Urge Green Coronavirus Recovery,” Reuters, April 14, 2020, https://www.reuters.com/article/us-health-coronavirus-climatechange-reco-idUKKCN21W0F2. (These calls for actions could draw on some existing efforts to rethink policy and investment, such as the Club of Rome’s “Planetary Emergency Plan” to invest in smart green growth.)

  9. 9. “Business for Nature,” Business for Nature, https://www.businessfornature.org.

  10. 10. “A New Mandate to Lead in An Age of Anxiety,” Edelman, accessed May 15, 2021, https://www.edelman.com/trust/2021-trust-barometer/insights/age-of-anxiety.

  11. 11. Fiona Harvey, “Industry alliance sets out $1bn to tackle oceans’ plastic waste,” Guardian, January 16, 2019, http://www.theguardian.com/environment/2019/jan/16/industry-alliance-sets-out-1bn-to-tackle-oceans-plastic-waste.

  12. 12. Sarah Parsons, “Unilever’s Cruelty-Free Beauty Portfolio Now Includes Suave,” Cosmetics Business, February 12, 2020, https://cosmeticsbusiness.com/news/article_page/Unilevers_cruelty-free_beauty_portfolio_now_includes_Suave/162313.

  13. 13. Tim Kleinebenne, interview by authors, September 9, 2020.

  14. 14. Duncan Clark, “Which Nations Are Most Responsible for Climate Change?” Guardian, April 21, 2011, http://www.theguardian.com/environment/2011/apr/21/countries-responsible-climate-change.

  15. 15. “Deforestation: Solved via Carbon Markets?” Environmental Defense Fund, accessed March 10, 2021, https://www.edf.org/climate/deforestation-solved-carbon-markets.

  16. 16. Data calculated from “Oilseeds: World Markets and Trade,” Global Market Analysis, Foreign Agricultural Service/USDA, March 2021, https://apps.fas.usda.gov/psdonline/circulars/oilseeds.pdf, table 11.

  17. 17. Eoin Bannon, “Cars and Trucks Burn Almost Half of All Palm Oil Used in Europe,” Transport & Environment, accessed March 26, 2021, https://www.transportenvironment.org/press/cars-and-trucks-burn-almost-half-all-palm-oil-used-europe.

  18. 18. Bhimanto Suwastoyo, “Activists Welcome New Indonesia Oil Palm Plantation Data but Want Follow-Ups,” Palm Scribe, January 21, 2020, https://thepalmscribe.id/activists-welcome-new-indonesia-oil-palm-plantation-data-but-want-follow-ups/.

  19. 19. Gavin Neath (Unilever), interview by authors, April 10, 2020.

  20. 20. Rebecca Henderson, Hann-Shuin Yew, and Monica Baraldi, “Gotong Royong: Toward Sustainable Palm Oil,” HBS Case 316-124 (Boston: Harvard Business School, 2016).

  21. 21. Henderson, Yew, and Baraldi, “Gotong Royong.”

  22. 22. John Sauven (Greenpeace), interview by authors, April 27, 2020.

  23. 23. David Gilbert, “Unilever, World’s Largest Palm Oil Buyer, Shows Leadership. Will Cargill?” Rainforest Action Network, The Understory (blog), December 11, 2009, https://www.ran.org/the-understory/unilever_world_s_largest_palm_oil_buyer_shows_leadership_will_cargill/.

  24. 24. Sauven, interview.

  25. 25. Impacts and Evaluation Division, RSPO Impact Report 2016, Kuala Lumpur: Roundtable on Sustainable Palm Oil, 2016, https://rspo.org/library/lib_files/preview/257.

  26. 26. Dominic Waughray (World Economic Forum), interview by authors, September 25, 2020.

  27. 27. Sauven, interview.

  28. 28. A. Muh and Ibnu Aquil, “Indonesia Reduces Deforestation Rate as Researchers Urge Caution,” Jakarta Post, June 9, 2020, https://www.thejakartapost.com/news/2020/06/08/indonesia-reduces-deforestation-rate-as-researchers-urge-caution.html.

  29. 29. Eillie Anzilotti, “This Rwandan Factory Is Revolutionizing How Humanitarian Aid Is Done,” Fast Company, June 8, 2017, https://www.fastcompany.com/40427006/this-rwandan-factory-is-revolutionizing-how-humanitarian-aid-is-done.

  30. 30. Central Institute of Economic Management, Ministry of Planning and Investment, Exploring the Links Between International Business and Socio-Economic Development of Vietnam: A Case Study of Unilever Vietnam, Vietnam, 2009.

Chapter 8: Embrace the Elephants

  1. 1. Mindy Lubber (Ceres), interview by author, April 16, 2020.

  2. 2. Rupert Neate, “New Study Deems Amazon Worst for ‘Aggressive’ Tax Avoidance,” Guardian, December 2, 2019, https://www.theguardian.com/business/2019/dec/02/new-study-deems-amazon-worst-for-aggressive-tax-avoidance.

  3. 3. Lorne Cook and Mike Corder, “Starbucks Court Ruling Deals Blow to EU Tax Break Fight,” San Diego Union-Tribune, September 24, 2019, https://www.sandiegouniontribune.com/business/nation/story/2019-09-24/starbucks-court-ruling-deals-blow-to-eu-tax-break-fight.

  4. 4. Tabby Kinder, “Why the UK Tax Authority Is Accusing General Electric of a $1bn Fraud,” Financial Times, August 4, 2020, https://www.ft.com/content/02a6fa1b-8b62-4e1e-9100-fe620c8ec96c.

  5. 5. Jesse Pound, “These 91 Companies Paid No Federal Taxes in 2018,” CNBC, December 16, 2019, https://www.cnbc.com/2019/12/16/these-91-fortune-500-companies-didnt-pay-federal-taxes-in-2018.html.

  6. 6. Alan Murray and David Meyer, “The Unfinished Business of Stakeholder Capitalism,” Fortune, January 12, 2021, https://fortune.com/2021/01/12/unfinished-business-of-stakeholder-capitalism-executive-ay-contract-workers-taxes-ceo-daily/.

  7. 7. OECD Centre for Tax Policy and Administration, “Revenue Statistics 2020—The United States,” https://www.oecd.org/tax/revenue-statistics-united-states.pdf.

  8. 8. OECD Centre for Tax Policy and Administration, “Revenue Statistics 2020—Sweden,” https://www.oecd.org/ctp/tax-policy/revenue-statistics-sweden.pdf.

  9. 9. “Countries Urged to Strengthen Tax Systems to Promote Inclusive Economic Growth,” United Nations Department of Economic and Social Affairs, February 14, 2018, https://www.un.org/development/desa/en/news/financing/tax4dev.html.

  10. 10. FACTI Panel Interim Report, United Nations, September 2020, https://www.factipanel.org/documents/facti-panel-interim-report.

  11. 11. Bob Eccles (Saïd Business School at Oxford), email correspondence with author, August 31, 2020.

  12. 12. Janine Juggins (Unilever), conversation with author, September 20, 2020.

  13. 13. “A Responsible Taxpayer,” Unilever, accessed March 8, 2021, https://www.unilever.com/planet-and-society/responsible-business/responsible-taxpayer/.

  14. 14. The Business Role in Creating a 21st-Century Social Contract, Business for Social Responsibility, 2020, 28.

  15. 15. Janine Juggins (Unilever), conversation with author, September 20, 2020.

  16. 16. Sean Fleming, “Corruption Costs Developing Countries $1.26 Trillion Every Year—Yet Half of EMEA Think It’s Acceptable,” World Economic Forum, December 9, 2019, https://www.weforum.org/agenda/2019/12/corruption-global-problem-statistics-cost/.

  17. 17. Ending Anonymous Companies: Tackling Corruption and Promoting Stability through Beneficial Ownership Transparency, The B Team, 2015.

  18. 18. “Partnering Against Corruption Initiative,” World Economic Forum, accessed March 14, 2021, https://www.weforum.org/communities/partnering-against-corruption-initiative/.

  19. 19. Ending Anonymous Companies, 4.

  20. 20. David McCabe, “TikTok Bid Highlights Oracle’s Public Embrace of Trump,” New York Times, September 4, 2020, https://www.nytimes.com/2020/09/04/technology/oracle-tiktok-trump.htm; Kelly Makena, “Oracle Founder Donated $250,000 to Graham PAC in Final Days of TikTok Deal,” The Verge, October 17, 2020, https://www.theverge.com/2020/10/17/21520356/oracle-tiktok-larry-ellison-lindsey-graham-super-pac-donation-jaime-harrison.

  21. 21. David Montero, “How Managers Should Respond When Bribes Are Business as Usual,” Harvard Business Review, November 16, 2018, https://hbr.org/2018/11/how-managers-should-respond-when-bribes-are-business-as-usual.

  22. 22. “Nigeria’s Ngozi Okonjo-Iweala’s Mother Freed by Kidnappers,” BBC, December 14, 2012, https://www.bbc.com/news/world-africa-20725677.

  23. 23. “CEO Pay Increased 14% in 2019, and Now Make 320 Times Their Typical Workers,” Economic Policy Institute, August 18, 2020, https://www.epi.org/press/ceo-pay-increased-14-in-2019-and-now-make-320-times-their-typical-workers/.

  24. 24. Drew Desilver, “For Most Americans, Real Wages Have Barely Budged for Decades,” August 7, 2018, https://www.pewresearch.org/fact-tank/2018/08/07/for-most-us-workers-real-wages-have-barely-budged-for-decades/.

  25. 25. Theo Francis and Kristin Broughton, “CEO Pay Surged in a Year of Upheaval and Leadership Challenges,” Wall Street Journal, April 11, 2021, sec. Business, https://www.wsj.com/articles/covid-19-brought-the-economy-to-its-knees-but-ceo-pay-surged-11618142400.

  26. 26. “Pay Gap between CEOs and Average Workers, by Country 2018,” Statista, November 26, 2020, https://www.statista.com/statistics/424159/pay-gap-between-ceos-and-average-workers-in-world-by-country/.

  27. 27. David Gelles, “The Mogul in Search of a Kinder, Gentler Capitalism,” New York Times, May 15, 2021, sec. Business, https://www.nytimes.com/2021/05/15/business/lynn-forester-de-rothschild-corner-office.html.

  28. 28. Roger Lowenstein, “The (Expensive) Lesson GE Never Learns,” Washington Post, October 12, 2018, https://www.washingtonpost.com/business/the-expensive-lesson-ge-never-learns/2018/10/12/6fb6aafa-ce30-11e8-a360-85875bac0b1f_story.html.

  29. 29. Andrew Edgecliffe-Johnson, “GE’s Larry Culp Cites Pandemic Sacrifice to Defend $47m Bonus,” Financial Times, January 26, 2021, https://www.ft.com/content/2cce969c-80a7-4831-aadf-02c1394ac7ab.

  30. 30. Thomas Gryta, Theo Francis, and Drew FitzGerald, “General Electric, AT&T Investors Reject CEO Pay Plans,” Wall Street Journal, May 4, 2021, sec. Business, https://www.wsj.com/articles/general-electric-at-t-investors-reject-ceo-pay-plans-11620147204.

  31. 31. The Business Role in Creating a 21st-Century Social Contract, 29.

  32. 32. Adele Peters, “Gravity Payments Expands Its $70,000 Minimum Wage to Idaho Office,” Fast Company, April 28, 2020, https://www.fastcompany.com/90477926/gravity-payments-is-expanding-its-70000-minimum-wage-from-seattle-to-idaho.

  33. 33. William Lazonick et al., “Financialization of the U.S. Pharmaceutical Industry,” Institute for New Economic Thinking (blog), December 2, 2019, https://www.ineteconomics.org/perspectives/blog/financialization-us-pharma-industry.

  34. 34. John R. Graham, Campbell R. Harvey, and Shiva Rajgopal, “The Economic Implications of Corporate Financial Reporting,” Journal of Accounting and Economics 40 (December 2005): 3–73.

  35. 35. William Lazonick, Mustafa Erdem Sakinç, and Matt Hopkins, “Why Stock Buybacks Are Dangerous for the Economy,” Harvard Business Review, January 7, 2020, https://hbr.org/2020/01/why-stock-buybacks-are-dangerous-for-the-economy.

  36. 36. Jonathon Ford, “Boeing and the Siren Call of Share Buybacks,” Financial Times, August 4, 2019, https://www.ft.com/content/f3e640ee-b537-11e9-8cb2-799a3a8cf37b; “Boeing—Research (R&D) Spending 2006–2018,” AeroWeb, http://www.fi-aeroweb.com/firms/Research/Research-Boeing.html.

  37. 37. Rashaan Ayesh, “New Boeing CEO David Calhoun Criticizes Predecessor, Looks to Future,” Axios, May 6, 2020, https://www.axios.com/new-boeing-ceo-criticizes-predecessor-looks-future-648df2a3-5973-492e-bb59-5f1cd35f9dc8.html.

  38. 38. “Predicting Long-Term Success for Corporations and Investors Worldwide,” FCLTGlobal, September 29, 2019, https://www.fcltglobal.org/resource/predicting-long-term-success-for-corporations-and-investors-worldwide/.

  39. 39. “S&P 500 Buyback Index,” S&P Dow Jones Indices, https://www.spglobal.com/spdji/en/indices/strategy/sp-500-buyback-index/#overview.

  40. 40. Saikat Chatterjee and Adinarayan Thyagaraju, “Buy, Sell, Repeat! No Room for ‘Hold’ in Whipsawing Markets,” Reuters, August 3, 2020, https://www.reuters.com/article/us-health-coronavirus-short-termism-anal-idUSKBN24Z0XZ.

  41. 41. “Stewardship Code—Sustainable Investing,” Robeco, November 16, 2020, https://www.robeco.com/en/key-strengths/sustainable-investing/glossary/stewardship-code.html.

  42. 42. Shaimaa Khalil, “Rio Tinto Chief Jean-Sébastien Jacques to Quit over Aboriginal Cave Destruction,” BBC News, September 11, 2020, https://www.bbc.com/news/world-australia-54112991.

  43. 43. Ben Butler and Calla Wahlquist, “Rio Tinto Investors Welcome Chair’s Decision to Step Down after Juukan Gorge Scandal,” Guardian, March 3, 2021, http://www.theguardian.com/business/2021/mar/03/rio-tinto-investors-welcome-chairs-decision-to-step-down-after-juukan-gorge-scandal.

  44. 44. Tensie Whelan, “U.S. Corporate Boards Suffer from Inadequate Expertise in Financially Material ESG Matters,” NYU Stern Center for Sustainable Business, January 1, 2021, https://ssrn.com/abstract=3758584.

  45. 45. Tim Quinson, “Corporate Boards Don’t Get the Climate Crisis: Green Insight,” Bloomberg Green, January 13, 2021, https://www.bloomberg.com/news/articles/2021-01-13/corporate-boards-don-t-get-the-climate-crisis-green-insight.

  46. 46. Ceres, Running the Risk: How Corporate Boards Can Oversee Environmental, Social and Governance (ESG) Issues, November 2019, 6.

  47. 47. J. Yo-Jud Cheng, Boris Groysberg, and Paul Healy, “Your CEO Succession Plan Can’t Wait,” Harvard Business Review, May 4, 2020, https://hbr.org/2020/05/your-ceo-succession-plan-cant-wait; Karlsson Per-Ola, Martha Turner, and Peter Gassman, “Succeeding the Long-Serving Legend in the Corner Office,” Strategy+Business, Summer 2019, https://www.strategy-business.com/article/Succeeding-the-long-serving-legend-in-the-corner-office?gko=90171.

  48. 48. Deb DeHaas, Linda Akutagawa, and Skip Spriggs, “Missing Pieces Report: The 2018 Board Diversity Census of Women and Minorities on Fortune 500 Boards,” The Harvard Law School Forum on Corporate Governance (blog), February 5, 2019, https://corpgov.law.harvard.edu/2019/02/05/missing-pieces-report-the-2018-board-diversity-census-of-women-and-minorities-on-fortune-500-boards/.

  49. 49. Richard Samans and Jane Nelson, “Integrated Corporate Governance: Six Leadership Priorities for Boards beyond the Crisis,” Forbes, June 18, 2020, https://www.forbes.com/sites/worldeconomicforum/2020/06/18/integrated-corporate-governance-six-leadership-priorities-for-boards-beyond-the-crisis/.

  50. 50. “40 Million in Modern Slavery and 152 Million in Child Labour around the World,” International Labour Organization, September 19, 2017, http://www.ilo.org/global/about-the-ilo/newsroom/news/WCMS_574717/lang--en/index.htm.

  51. 51. Global Estimates of Modern Slavery: Forced Labour and Forced Marriage, International Labour Office, 2017, 25.

  52. 52. “Nearly Half of Global Workforce at Risk as Job Losses Increase Due to COVID-19: UN Labour Agency,” UN News, April 29, 2020, https://news.un.org/en/story/2020/04/1062792.

  53. 53. Rosey Hurst (Impactt), interview by authors, October 1, 2020.

  54. 54. Corporate Human Rights Benchmark, 2019 Key Findings, World Benchmarking Alliance, 2019, 4.

  55. 55. Corporate Human Rights Benchmark, 2020 Key Findings, World Benchmarking Alliance, 2020.

  56. 56. “Investors BlackRock, NBIM and CalSTRS vote against Top Glove directors after quarter of workforce reportedly contract COVID-19,” Business & Human Rights Resource Centre, January 7, 2021, https://www.business-humanrights.org/fr/derni%C3%A8res-actualit%C3%A9s/investors-blackrock-nbim-vote-against-top-glove-directors-after-a-quarter-of-its-workforce-reportedly-contracted-covid-19/.

  57. 57. Sharan Burrow (International Trade Union Confederation), interview by authors, May 18, 2020.

  58. 58. Jane Moyo, “Gap Inc. Publishes Its Supplier List to Boost Supply Chain Transparency,” Ethical Trading Initiative (blog), December 2, 2016, https://www.ethicaltrade.org/blog/gap-inc-publishes-its-supplier-list-to-boost-supply-chain-transparency.

  59. 59. “Billionaires Got 54% Richer during Pandemic, Sparking Calls for ‘Wealth Tax,’” CBS News, accessed May 27, 2021, https://www.cbsnews.com/news/billionaire-wealth-covid-pandemic-12-trillion-jeff-bezos-wealth-tax/.

  60. 60. Nichola Groom, “Big Oil Outspends Billionaires in Washington State Carbon Tax Fight,” Reuters, October 31, 2018, https://www.reuters.com/article/us-usa-election-carbon/big-oil-outspends-billionaires-in-washington-state-carbon-tax-fight-idUSKCN1N51H7.

  61. 61. Center for Responsive Politics, “US Chamber of Commerce Profile,” OpenSecrets, https://www.opensecrets.org/orgs/us-chamber-of-commerce/summary?id=D000019798. OpenSecrets tracks 5,500 organizations and their lobbying spending. The Chamber topped them all.

  62. 62. Amy Meyer, Kevin Moss, and Eliot Metzger, “Despite Shared Membership, US Chamber of Commerce and Business Roundtable at Odds over Climate Policy,” World Resources Institute (blog), October 19, 2020, https://www.wri.org/blog/2020/10/us-chamber-commerce-business-roundtable-odds-over-climate-policy.

  63. 63. David Roberts, “These Senators Are Going After the Biggest Climate Villains in Washington,” Vox, November 18, 2019, https://www.vox.com/energy-and-environment/2019/6/7/18654957/climate-change-lobbying-chamber-of-commerce.

  64. 64. “CVS Health Leaves U.S. Chamber of Commerce,” Washington Post, July 7, 2015, https://www.washingtonpost.com/news/wonk/wp/2015/07/07/cvs-health-leaves-u-s-chamber-of-commerce/.

  65. 65. Hal Bernton and Evan Bush, “Energy Politics: Why Oil Giant BP Wants Washington Lawmakers to Put a Price on Carbon Pollution,” Seattle Times, January 21, 2020, https://www.seattletimes.com/seattle-news/politics/new-bp-ad-campaign-calls-on-washington-legislature-to-put-a-price-on-carbon-pollution-from-fossil-fuels/.

  66. 66. Steven Mufson, “French Oil Giant Total Quits American Petroleum Institute,” Washington Post, January 15, 2021, https://www.washingtonpost.com/climate-environment/2021/01/15/french-oil-giant-total-quits-american-petroleum-institute/.

  67. 67. Andrew Berger, “Brandeis and the History of Transparency,” Sunlight Foundation (blog), May 26, 2009, https://sunlightfoundation.com/2009/05/26/brandeis-and-the-history-of-transparency/.

  68. 68. “Financing Democracy: Funding of Political Parties and Election Campaigns and the Risk of Policy Capture” (Paris: Organisation for Economic Co-operation and Development, 2016), https://www.oecd-ilibrary.org/governance/financing-democracy_9789264249455-en, Table 2.6.

  69. 69. Alex Blumberg, “Forget Stocks or Bonds, Invest in a Lobbyist,” Morning Edition, January 6, 2012, https://www.npr.org/sections/money/2012/01/06/144737864/forget-stocks-or-bonds-invest-in-a-lobbyist.

  70. 70. Alan Zibel, “Nearly Two Thirds of Former Members of 115th Congress Working Outside Politics and Government Have Picked Up Lobbying or Strategic Consulting Jobs,” Public Citizen, May 30, 2019, https://www.citizen.org/article/revolving-congress/.

  71. 71. “Corporate Carbon Policy Footprint—the 50 Most Influential,” InfluenceMap, October 2019, https://influencemap.org/report/Corporate-Climate-Policy-Footpint-2019-the-50-Most-Influential-7d09a06d9c4e602a3d2f5c1ae13301b8.

  72. 72. Andrew Ross Sorkin, “IBM Doesn’t Donate to Politicians. Other Firms Should Take Note,” New York Times, January 12, 2021, https://www.nytimes.com/2021/01/12/business/dealbook/political-donations-ibm.html.

  73. 73. Diversity Wins: How Inclusion Matters,” McKinsey & Company, May 2020, 4, https://www.mckinsey.com/~/media/mckinsey/featured%20insights/diversity%20and%20inclusion/diversity%20wins%20how%20inclusion%20matters/diversity-wins-how-inclusion-matters-vf.pdf.

  74. 74. Vijay Eswaran, “The Business Case for Diversity in the Workplace Is Now Overwhelming,” World Economic Forum, April 29, 2019, https://www.weforum.org/agenda/2019/04/business-case-for-diversity-in-the-workplace/.

  75. 75. Sarah Coury et al., “Women in the Workplace,” McKinsey & Company, September 30, 2020, https://www.mckinsey.com/featured-insights/diversity-and-inclusion/women-in-the-workplace#.

  76. 76. “The Top Jobs Where Women Are Outnumbered by Men Named John,” New York Times, The Upshot (blog), April 24, 2018, https://www.nytimes.com/interactive/2018/04/24/upshot/women-and-men-named-john.html?mtrref=undefined&gwh=02D75850C7633B545BCB33CF0AD30264&gwt=regi&assetType=REGIWALL.

  77. 77. Ellen McGirt and Aric Jenkins, “Where Are the Black CEOs?” Fortune, February 4, 2021, https://fortune.com/2021/02/04/black-ceos-fortune-500/.

  78. 78. Lesley Slaton Brown, “HP Unveils Bold Goals to Advance Racial Equality and Social Justice,” HP Development Company, L.P., HP Press Blogs (blog), January 15, 2021, https://press.hp.com/us/en/blogs/2021/HP-unveils-bold-goals-to-advance-racial-equality.html.

  79. 79. Caroline Casey, “Do Your D&I Efforts Include People with Disabilities?” Harvard Business Review, March 19, 2020, https://hbr.org/2020/03/do-your-di-efforts-include-people-with-disabilities.

  80. 80. “Work and Employment,” World Report on Disability, World Health Organization, 2011, 242.

  81. 81. Getting to Equal: The Disability Inclusion Advantage, Accenture, 2018, 4.

  82. 82. Silvia Bonaccio et al., “The Participation of People with Disabilities in the Workplace across the Employment Cycle: Employer Concerns and Research Evidence,” Journal of Business and Psychology 35, no. 2 (2020): 135–158, https://doi.org/10.1007/s10869-018-9602-5; Valentini Kalargyrou, “People with Disabilities: A New Model of Productive Labor,” Proceedings of the 2012 Advances in Hospitality and Tourism Marketing and Management Conference, Corfu, Greece, 2012, https://scholars.unh.edu/cgi/viewcontent.cgi?article=1017&context=hospman_facpub.

  83. 83. “Disability Inclusion Overview,” World Bank, October 1, 2020, https://www.worldbank.org/en/topic/disability; Design Delight from Disability—Report Summary: The Global Economics of Disability, Rod-Group, September 1, 2020, 3; calculated from statistic that 52 percent of GDP in the EU is household spending, and GDP is twenty-one trillion: “Household Consumption by Purpose,” Eurostat, November 2020, https://ec.europa.eu/eurostat/statistics-explained/index.php/Household_consumption_by_purpose.

  84. 84. Tim Cook (Apple), in keynote speech at Ceres 30th Anniversary event, New York, October 21, 2019.

  85. 85. “Goldman’s Playbook for More Diverse Corporate Boards,” New York Times, January 24, 2020, https://www.nytimes.com/2020/01/24/business/dealbook/goldman-diversity-boardroom.html.

  86. 86. Sarah Coury et al., “Women in the Workplace.”

  87. 87. “Unilever achieves gender balance across management globally,” Unilever global company website, accessed March 14, 2021, https://www.unilever.com/news/press-releases/2020/unilever-achieves-gender-balance-across-management-globally.html.

  88. 88. David Bell, Dawn Belt, and Jennifer Hitchcock, “New Law Requires Diversity on Boards of California-Based Companies,” The Harvard Law School Forum on Corporate Governance (blog), October 10, 2020, https://corpgov.law.harvard.edu/2020/10/10/new-law-requires-diversity-on-boards-of-california-based-companies/.

  89. 89. “OneTen,” accessed March 9, 2021, https:/www.oneten.org/.

Chapter 9: Culture Is the Glue

  1. 1. Alan Jope (Unilever), interview by authors, July 8, 2020.

  2. 2. Natalie Kitroeff, “Boeing Employees Mocked F.A.A. and ‘Clowns’ Who Designed 737 Max,” New York Times, January 10, 2020, https://www.nytimes.com/2020/01/09/business/boeing-737-messages.html.

  3. 3. Jim Harter and Kristi Rubenstein, “The 38 Most Engaged Workplaces in the World Put People First,” Gallup, accessed March 5, 2021, https://www.gallup.com/workplace/290573/engaged-workplaces-world-put-people-first.aspx.

  4. 4. Jeff Hollender (Seventh Generation), interview by authors, August 11, 2020.

  5. 5. Jope, interview.

  6. 6. Emily Graffeo, “Companies with More Women in Management Have Outperformed Their More Male-Led Peers, According to Goldman Sachs,” Markets, Business Insider, November 11, 2020, https://markets.businessinsider.com/news/stocks/companies-women-management-leadership-stock-market-outpeformance-goldman-sachs-female-2020-11-1029793278.

  7. 7. “Bloomberg’s 2021 Gender-Equality Index Reveals Increased Disclosure as Companies Reinforce Commitment to Inclusive Workplaces,” Bloomberg L.P., press announcement, accessed March 23, 2021, https://www.bloomberg.com/company/press/bloombergs-2021-gender-equality-index-reveals-increased-disclosure-as-companies-reinforce-commitment-to-inclusive-workplaces/; “Bloomberg Opens Data Submission Period for 2021 Gender-Equality Index,” Bloomberg L.P., press announcement, June 1, 2020, https://www.bloomberg.com/company/press/bloomberg-opens-data-submission-period-for-2021-gender-equality-index/.

  8. 8. James Ledbetter, “The Saga of Sundial: How Richelieu Dennis Escaped War, Hustled in Harlem, and Created a Top Skin Care Brand,” Inc., September 2019, https://www.inc.com/magazine/201909/james-ledbetter/richelieu-dennis-sundial-shea-butter-black-skin-care-liberia-refugee.html.

  9. 9. Elaine Watson, “Sir Kensington’s Joins Unilever: ‘This Allows Us to Expand Distribution While Holding True to Our Values,’” Food Navigator, April 20, 2017, https://www.foodnavigator-usa.com/Article/2017/04/21/Sir-Kensington-s-joins-Unilever-in-bid-to-scale-more-rapidly.

  10. 10. Hollender, interview.

  11. 11. John Replogle (Seventh Generation), interview by authors, July 28, 2020.

  12. 12. Kees Kruythoff (Unilever), interview by authors, October 5, 2020.

  13. 13. “Unilever’s Purpose-Led Brands Outperform,” Unilever global company website, accessed March 6, 2021, https://www.unilever.com/news/press-releases/2019/unilevers-purpose-led-brands-outperform.html.

  14. 14. Lifebuoy Way of Life Social Mission Report 2019, Unilever, 2019. All of the statistics in this section are from this report.

  15. 15. “UK Aid and Unilever to Target a Billion People in Global Handwashing Campaign,” UK Government - Department for International Development, March 26, 2020, https://www.gov.uk/government/news/uk-aid-and-unilever-to-target-a-billion-people-in-global-handwashing-campaign.

  16. 16. Shawn Paustian, “Insights from the New Brand Builders, Part 2,” Numerator (blog), June 4, 2019, https://www.numerator.com/resources/blog/insights-new-brand-builders-part-2.

  17. 17. Sanjiv Mehta (Unilever), interview by authors, October 21, 2020.

  18. 18. Keith Weed (Unilever), interview by authors, November 10, 2020. Weed provided all data on the findings of the Unstereotype Alliance.

  19. 19. “Launch of Unstereotype Alliance Set to Eradicate Outdated Stereotypes in Advertising,” Unilever global company website, June 20, 2017, https://www.unilever.com/news/press-releases/2017/launch-of-unstereotype-alliance-set-to-eradicate-outdated-stereotypes-in-advertising.html.

  20. 20. Weed, interview.

  21. 21. Brett Molina, “Unilever Drops ‘Normal’ from Beauty Products to Support Inclusivity,” accessed March 14, 2021, https://www.usatoday.com/story/money/2021/03/09/unilever-drops-normal-beauty-products-support-inclusivity/4641160001/.

  22. 22. “Ending the Gun Violence Epidemic in America,” Levi Strauss & Co, September 4, 2018, https://www.levistrauss.com/2018/09/04/ending-gun-violence/.

  23. 23. Walt Bogdanich and Michael Forsythe. “How McKinsey Has Helped Raise the Stature of Authoritarian Governments.” New York Times, December 15, 2018, https://www.nytimes.com/2018/12/15/world/asia/mckinsey-china-russia.html.

  24. 24. Andrew Edgecliffe-Johnson, “McKinsey to Pay Almost $574m to Settle Opioid Claims by US States,” Financial Times, February 4, 2021, https://www.ft.com/content/85e84e12-6dda-4c91-bde4-8198e29a6767.

  25. 25. Tom Peters, “McKinsey’s Work on Opioid Sales Represents a New Low,” Financial Times, February 15, 2021, https://www.ft.com/content/82e98478-f099-44ac-b014-3f9b15fe6bc6.

Chapter 10: Net Positive World

  1. 1. “Rate of Deforestation,” TheWorldCounts, accessed March 7, 2021, https://www.theworldcounts.com/challenges/planet-earth/forests-and-deserts/rate-of-deforestation/story.

  2. 2. “Top 20 Largest California Wildfires,” State of California Department of Forestry and Fire Protection, accessed March 10, 2021, https://www.fire.ca.gov/media/4jandlhh/top20_acres.pdf.

  3. 3. “Al Gore’s Generation Raises $1 Billion for Latest Private Equity Fund,” Reuters, May 21, 2019, https://www.reuters.com/article/uk-generation-investment-fund-idUKKCN1SR1LY.

  4. 4. “Half of Millennial Employees Have Spoken Out about Employer Actions on Hot-Button Issues,” Cision PR Newswire, accessed March 6, 2021, https://www.prnewswire.com/news-releases/half-of-millennial-employees-have-spoken-out-about-employer-actions-on-hot-button-issues-300857881.html.

  5. 5. Siobhan Riding, “ESG Funds Forecast to Outnumber Conventional Funds by 2025,” Financial Times, October 17, 2020, https://www.ft.com/content/5cd6e923-81e0-4557-8cff-a02fb5e01d42.

  6. 6. Moody’s Investors Service, “Sustainable Bond Issuance to Hit a Record $650 Billion in 2021,” February 4, 2021, https://www.moodys.com/research/Moodys-Sustainable-bond-issuance-to-hit-a-record-650-billion--PBC_1263479.

  7. 7. Donella Meadows, “Leverage Points: Places to Intervene in a System,” The Academy for Systems Change (blog), accessed March 26, 2021, http://donellameadows.org/archives/leverage-points-places-to-intervene-in-a-system/.

  8. 8. Roc Sandford and Rupert Read, “Breakingviews—Guest View: Let’s Gauge Firms’ Real CO2 Footprints,” Reuters, August 14, 2020, https://www.reuters.com/article/us-global-economy-climatechange-breaking-idUKKCN25A1AO.

  9. 9. Solitaire Townsend, “We Urgently Need ‘Scope X’ Business Leadership for Climate,” Forbes, June 29, 2020, https://www.forbes.com/sites/solitairetownsend/2020/06/29/we-urgently-need-scope-x-business-leadership-for-climate/.

  10. 10. Microsoft News Center, “Microsoft Commits $500 Million to Tackle Affordable Housing Crisis in Puget Sound Region,” January 17, 2019, https://news.microsoft.com/2019/01/16/microsoft-commits-500-million-to-tackle-affordable-housing-crisis-in-puget-sound-region/.

  11. 11. Isaac Stone Fish, “Opinion: Why Disney’s New ‘Mulan’ Is a Scandal,” Washington Post, September 7, 2020, https://www.washingtonpost.com/opinions/2020/09/07/why-disneys-new-mulan-is-scandal/.

  12. 12. G. Calvo et al., “Decreasing Ore Grades in Global Metallic Mining: A Theoretical Issue or a Global Reality?” 2016, https://doi.org/10.3390/resources504003.

  13. 13. “Goal 12: Ensure Sustainable Consumption and Production Patterns,” United Nations Sustainable Development Goals, accessed March 6, 2021, https://www.un.org/sustainabledevelopment/sustainable-consumption-production/.

  14. 14. Hunter Lovins, interview by authors, February 25, 2021.

  15. 15. “CGR 2021,” accessed March 14, 2021, https://www.circularity-gap.world/2021; Scott Johnson, “Just 20 Percent of E-Waste Is Being Recycled,” Ars Technica, December 13, 2017, https://arstechnica.com/science/2017/12/just-20-percent-of-e-waste-is-being-recycled/; Dana Gunders, “Wasted: How America Is Losing Up to 40 Percent of Its Food from Farm to Fork to Landfill,” NRDC, August 16, 2017, https://www.nrdc.org/resources/wasted-how-america-losing-40-percent-its-food-farm-fork-landfill.

  16. 16. Adele Peters, “How Eileen Fisher Thinks about Sustainable Consumption,” Fast Company, October 31, 2019, https://www.fastcompany.com/90423555/how-eileen-fisher-thinks-about-sustainable-consumption.

  17. 17. Antonia Wilson, “Dutch Airline KLM Calls for People to Fly Less,” Guardian, July 11, 2019, http://www.theguardian.com/travel/2019/jul/11/dutch-airline-klm-calls-for-people-to-fly-less-carbon-offsetting-scheme.

  18. 18. Derrick Bryson Taylor, “Ikea Will Buy Back Some Used Furniture,” New York Times, October 14, 2020, https://www.nytimes.com/2020/10/14/business/ikea-buy-back-furniture.html.

  19. 19. Solitaire Townsend, “Near 80% of People Would Personally Do as Much for Climate as They Have for Coronavirus,” Forbes, June 1, 2020, https://www.forbes.com/sites/solitairetownsend/2020/06/01/near-80-of-people-would-personally-do-as-much-for-climate-as-they-have-for-coronavirus/.

  20. 20. Juliet Schor, “Less Work, More Living,” Daily Good, January 12, 2012, https://www.dailygood.org/story/130/less-work-more-living-juliet-schor/.

  21. 21. “‘Live Simply So Others May Simply Live,’ Gandhi,” Natural Living School (blog), April 23, 2012, https://naturallivingschool.com/2012/04/22/live-simply-so-others-may-simply-live-gandhi/.

  22. 22. Simon Rogers, “Bobby Kennedy on GDP: ‘Measures Everything except That Which Is Worthwhile,’” Guardian, May 24, 2012, http://www.theguardian.com/news/datablog/2012/may/24/robert-kennedy-gdp.

  23. 23. L. Hunter Lovins et al., A Finer Future: Creating an Economy in Service to Life (Gabriola Island, BC, Canada: New Society Publishers, 2018), 3.

  24. 24. Romina Boarini et al., “What Makes for a Better Life? The Determinants of Subjective Well-Being in OECD Countries—Evidence from the Gallup World Poll,” working paper, OECD, May 21, 2012, https://doi.org/10.1787/5k9b9ltjm937-en.

  25. 25. Belinda Luscombe, “Do We Need $75,000 a Year to Be Happy?” Time, September 6, 2010, http://content.time.com/time/magazine/article/0,9171,2019628,00.html.

  26. 26. Sigal Samuel, “Forget GDP—New Zealand Is Prioritizing Gross National Well-Being,” Vox, June 8, 2019, https://www.vox.com/future-perfect/2019/6/8/18656710/new-zealand-wellbeing-budget-bhutan-happiness.

  27. 27. David Roberts, “None of the World’s Top Industries Would Be Profitable If They Paid for the Natural Capital They Use,” Grist (blog), April 17, 2013, https://grist.org/business-technology/none-of-the-worlds-top-industries-would-be-profitable-if-they-paid-for-the-natural-capital-they-use/.

  28. 28. “Crédit Agricole,” Wikipedia, accessed March 1, 2021.

  29. 29. “The Business Role in Creating a 21st-Century Social Contract,” BSR, June 24, 2020, https://www.bsr.org/en/our-insights/report-view/business-role-creating-a-21st-century-social-contract.

  30. 30. “Finance for a Regenerative World,” Capital Institute, accessed March 7, 2021, https://capitalinstitute.org/finance-for-a-regenerative-world/.

  31. 31. “Coronavirus May Push 150 Million People into Extreme Poverty: World Bank,” Reuters, October 7, 2020, https://www.reuters.com/article/us-imf-worldbank-poverty-idUSKBN26S2RV.

  32. 32. Sapana Agrawal et al., “To Emerge Stronger from the COVID-19 Crisis, Companies Should Start Reskilling Their Workforces Now,” McKinsey & Company, May 7, 2020, https://www.mckinsey.com/business-functions/organization/our-insights/to-emerge-stronger-from-the-covid-19-crisis-companies-should-start-reskilling-their-workforces-now#.

  33. 33. International Labour Organization, Global Employment Trends for Youth 2020: Technology and the Future of Jobs (Geneva: International Labour Office, 2020), https://www.ilo.org/wcmsp5/groups/public/---dgreports/---dcomm/---publ/documents/publication/wcms_737648.pdf

  34. 34. Ronald McQuaid, “Youth Unemployment Produces Multiple Scarring Effects,” London School of Economics (blog), February 18, 2017, https://blogs.lse.ac.uk/europpblog/2017/02/18/youth-unemployment-scarring-effects/.

  35. 35. Sunny Verghese (Olam), interview by authors, June 3, 2020.

  36. 36. Melanie Kaplan, “At Greyston Bakery, Open Hiring Changes Lives,” US News and World Report, June 5, 2019, https://www.usnews.com/news/healthiest-communities/articles/2019-06-05/at-greyston-bakery-open-hiring-changes-lives.

  37. 37. United Nations High Commissioner for Refugees, “UNHCR—Refugee Statistics,” accessed March 7, 2021, https://www.unhcr.org/refugee-statistics/.

  38. 38. Luke Baker, “More Than 1 Billion People Face Displacement by 2050—Report,” Reuters, September 9, 2020, https://www.reuters.com/article/ecology-global-risks-idUSKBN2600K4.

  39. 39. Ezra Fieser, “Yogurt Billionaire’s Solution to World Refugee Crisis: Hire Them,” Bloomberg Business, August 28, 2019, https://www.bloomberg.com/news/articles/2019-08-28/yogurt-billionaire-s-solution-to-world-refugee-crisis-hire-them.

  40. 40. “Unilever Commits to Help Build a More Inclusive Society,” Unilever global company website, January 21, 2021, https://www.unilever.com/news/press-releases/2021/unilever-commits-to-help-build-a-more-inclusive-society.html.

  41. 41. Eben Shapiro, “Walmart CEO Doug McMillon: We Need to Reinvent Capitalism,” Time, October 22, 2020, https://time.com/collection/great-reset/5900765/walmart-ceo-reinventing-capitalism/.

  42. 42. “10 Bold Statements on Advancing Stakeholder Capitalism in 2020,” JUST Capital (blog), accessed March 7, 2021, https://justcapital.com/news/bold-statements-on-advancing-stakeholder-capitalism/.

  43. 43. 2020 Edelman Trust Barometer, Edelman, January 2020, https://www.edelman.com/trust/2020-trust-barometer.

  44. 44. “Annual Survey Shows Rise in Support for Socialism, Communism,” Victims of Communism Memorial Foundation, October 21, 2020, https://victimsofcommunism.org/annual-survey-shows-rise-in-support-for-socialism-communism/.

  45. 45. There’s no way to capture all the people doing great work on rethinking capitalism. You could honestly go back to Marx. But in modern times, you can look for work by Gar Alperowitz, Bob Costanza, Michael Dorsey, John Elkington, John Fullerton, Stu Hart, Rebecca Henderson, Jeffrey Hollender, Hunter Lovins, Colin Mayer, Mariana Mazzucato, Njeri Mwagiru, Jonathon Porritt, Kate Raworth, Bob Reich, and Tony Seba, Raj Sisodia, and Pavan Sukhdev. The field is growing fast, so this list is only a sample.

  46. 46. “LVMH Carbon Fund Reaches 2018 Objective Two Years after Its Creation with 112 Projects Funded,” LVMH, accessed March 12, 2021, https://www.lvmh.com/news-documents/press-releases/lvmh-carbon-fund-reaches-2018-objective-two-years-after-its-creation-with-112-projects-funded/.

  47. 47. “Sustainability Information 2020,” Munich: Siemens, 2020, https://assets.new.siemens.com/siemens/assets/api/uuid:13f56263-0d96-421c-a6a4-9c10bb9b9d28/sustainability2020-en.pdf.

  48. 48. Brad Smith, “One Year Later: The Path to Carbon Negative—a Progress Report on Our Climate ‘Moonshot,’” The Official Microsoft Blog (blog), January 28, 2021, https://blogs.microsoft.com/blog/2021/01/28/one-year-later-the-path-to-carbon-negative-a-progress-report-on-our-climate-moonshot/.

  49. 49. Eric Roston and Will Wade, “Top Economists Warn U.S. Against Underestimating Climate Damage,” Bloomberg Quint, February 15, 2021, https://www.bloombergquint.com/onweb/top-economists-warn-u-s-against-underestimating-climate-damage.

  50. 50. Sean Fleming, “How Much Is Nature Worth? $125 Trillion, According to This Report,” World Economic Forum, October 30, 2018, https://www.weforum.org/agenda/2018/10/this-is-why-putting-a-price-on-the-value-of-nature-could-help-the-environment/.

  51. 51. “Natural Capital Protocol,” Capitals Coalition, accessed March 7, 2021, https://capitalscoalition.org/capitals-approach/natural-capital-protocol/.

  52. 52. “Finance for a Regenerative World,” Capital Institute (blog), accessed March 7, 2021, https://capitalinstitute.org/finance-for-a-regenerative-world/.

  53. 53. Kathleen Madigan, “Like the Phoenix, U.S. Finance Profits Soar,” Wall Street Journal, March 25, 2011, https://www.wsj.com/articles/BL-REB-13616.

  54. 54. Tim Youmans and Robert Eccles, “Why Boards Must Look Beyond Shareholders,” MIT Sloan Management Review, Leading Sustainable Organizations, September 3, 2015, https://sloanreview.mit.edu/article/why-boards-must-look-beyond-shareholders/.

  55. 55. Fiduciary Duty. Fiduciary Duty in the 21st Century—from a Legal Case to Regulatory Clarification around ESG, 2019, YouTube, uploaded by PRI, November 22, 2019, https://www.youtube.com/watch?v=t_EK1pPPLBo.

  56. 56. Andrew Liveris (FCLTGlobal), interview by authors, August 27, 2020.

  57. 57. Hiro Mizuno, interview by authors, April 27, 2020.

  58. 58. “The B Team: The Business Case for Protecting Civic Rights,” The B Team, accessed May 30, 2021, https://bteam.org/our-thinking/reports/the-business-case-for-protecting-civic-rights.

  59. 59. “Country Rating Changes—Civicus Monitor 2020,” accessed July 15, 2021, https://findings2020.monitor.civicus.org/rating-changes.html.

  60. 60. Henry Foy, “McKinsey’s Call for Political Neutrality Only Serves Vladimir Putin,” January 27, 2021, Financial Times, https://www.ft.com/content/6110fe11-98e4-42ec-9522-f86d0a458ea2.

  61. 61. “How Facebook’s Rise Fueled Chaos and Confusion in Myanmar,” Wired, accessed March 14, 2021, https://www.wired.com/story/how-facebooks-rise-fueled-chaos-and-confusion-in-myanmar/.

  62. 62. Daniel Arkin, “U.N. Says Facebook Has ‘Turned into a Beast’ in Violence-Plagued Myanmar,” NBC News, accessed March 14, 2021, https://www.nbcnews.com/news/world/u-n-investigators-blame-facebook-spreading-hate-against-rohingya-myanmar-n856191.

  63. 63. Ash Turner, “How Many People Have Smartphones Worldwide,” bankmycell (blog), July 10, 2018, accessed March 2021, https://www.bankmycell.com/blog/how-many-phones-are-in-the-world.

  64. 64. “The Nobel Peace Prize 2004,” NobelPrize.org, accessed March 12, 2021, https://www.nobelprize.org/prizes/peace/2004/maathai/26050-wangari-maathai-nobel-lecture-2004/.

..................Content has been hidden....................

You can't read the all page of ebook, please click here login for view all page.
Reset
3.230.143.213