Social and economic recovery through fourth sector development
GLOBAL LEADERS ISSUE
CALL TO ACTION.
CEOs urge businesses and governments to join them in accelerating the transition towards an inclusive, resilient, sustainable economy by recognizing and supporting purpose-first business as an emerging fourth sector of the economy.
BUILDING A BETTER SYSTEM,
Rather than trying to rebuild an outdated system, we must build a better one by addressing the underlying structural flaws that have been exposed and exacerbated by COVID-19.
This effort is driven by a diverse group of partners and allies, with a shared conviction that going back to business-as-usual after the pandemic is not an option.
Decades of innovation have given rise to a fourth sector of the economy, emerging at the intersection of the three traditional sectors (public, private, and non-profit), and comprised of 'for-benefit' or 'purpose-driven' enterprises. These innovations offer a compelling pathway to update the underlying architecture of our economic system to address its flaws.
We want to unleash the power of purpose-driven organizations to build a better economy. By strengthening the supportive ecosystem for the fourth sector, we can rise to the challenge of the COVID-19 crisis to build a more resilient, inclusive and sustainable world.
This is a transformation journey, transitioning from what has been an organic, emergent process to one that is intentional and strategic.
This journey requires new ideas, new voices, and massive collaboration at every scale.
We hope you will join us!
Growing the fourth sector to create more equitable and resilient economies.
The efforts and innovations of millions of individuals and organizations has given rise to a fourth sector of the economy. Now it's time for massive collaboration, to overcome fragmentation and transition from what has been an organic emergence to an intentional one — and it will take all of us.
WHAT SUCCESS LOOKS LIKE
To scale the fourth sector globally and unleash the potential of for-benefit organizations to generate social, economic and environmental benefits, key strategic interventions from policymakers, business leaders, investors, academia, social innovators, and civil society are needed.
CALLS FOR CHANGE.
The COVID-19 pandemic has exposed and exacerbated the flaws or our economic system. These flaws were not unknown. Calls for change were being heard from every corner before the pandemic. Last summer, 183 CEOs of the Business Roundtable issued a statement calling for firms to abandon the supremacy of shareholder value and act for the benefit of all stakeholders. We have heard from voices as diverse as Greta Thunberg and the global pro-environment youth movement, Leaders on Purpose CEOs, and U.S. Senator Marco Rubio, who last year warned that the relentless pursuit of shareholder value turned workers into line items on a ledger. In January, the World Economic Forum’s Davos 2020 Manifesto argued that the purpose of a company is to engage all its stakeholders including employees, customers, suppliers, local communities, and society at large in shared and sustained value creation.