Paul Druckman, CEO of the International Integrated Reporting Council, on attending the recent conference, "Inclusive Capitalism: Building Value, Renewing Trust":
"It is time for behavior in business and investors to change ... to create this change we must trust finance again; and for investments to be made with a long term horizon." He summarizes two high-profile leaders' comments at the conference as follows:
Christine Lagarde, Managing Director of the International Monetary Fund: We now need to turn our attention to the culture of organizations, moving toward incentives aligned with expected behaviour. Ethical behaviour is a major dimension of financial stability.
HRH The Prince of Wales: To create a new form of inclusive capitalism, we need to have strong leadership, determination and daring.
On a somewhat lower plane, an offering from this panelist at last week's annual conference of the Canadian Public Relations Society's session, A Higher Purpose for Public Relations -Creating Value For Business and Society:
"What is 'Caring Capitalism'? It is companies accepting the responsibility to address social issues and integrating that acceptance with traditional business objectives. It is stakeholder capitalism as opposed to exclusively owner capitalism ... And let's be clear: It is not philanthropy."