MANILA — Ayala Corporation Chairman Jaime Augusto Zobel de Ayala joins other business and faith leaders from across the globe in rallying for a more inclusive, equitable, and sustainable economy.
Zobel, who joined the Council for Inclusive Capitalism in 2021, is currently a member of the council’s steering committee. The first in-person convening of its steering committee was hosted last month at Lambeth Palace Library in London by the Most Reverend and Right Honourable Justin Welby, Archbishop of Canterbury.
“Capitalism has brought the world huge wealth and innovation – much of it, I would say, to the glory of God. But that is not enough if all God’s creatures are not flourishing. I am looking forward to addressing how capitalism can be more inclusive and can lead to mutual and beneficial outcomes,” Welby said.
In an interview on the sidelines of the meeting, Zobel emphasized that profit and purpose can merge in an inclusive economy. “I think profit and purpose go hand in hand. If you don’t have profits, then you don’t have money that can be reinvested in business and in areas that need help. I think what’s important is to find ways to link up the success of your institution and making sure that it addresses the broader need of the community,” he said.
Zobel added that collaboration among public and private sectors, faiths, and nations is essential in addressing the biggest issues of today. “Business at its best is when we link up our tremendous capacity for reinvention, for allocating capital properly, for creating news product and services with addressing the pain points that our societies have. Governments can’t do everything. We all have to do our part,” he said.
The Council for Inclusive Capitalism was founded with the belief that businesses have a responsibility and the ingenuity to create stronger, fairer, and more dynamic economies and societies. The council is now a global community of more than 400 business leaders from around the world, and it hosts a comprehensive public platform of more than 700 concrete and measurable private sector actions to doing business in ways that benefit people, communities, and the planet.
“Business—and our capitalist economy—works best when it works for all. That’s why the Council for Inclusive Capitalism exists,” said Lynn Forester de Rothschild, founder and co-chair of the Council for Inclusive Capitalism. “Since launching the Council, the world has experienced unprecedented challenges: a pandemic, economic downturn, geopolitical turmoil, and a rapidly warming planet to name a few. This work has never been more important, and the unwavering commitment of these leaders inspires me and gives me great hope for our future.”
Aside from Zobel and Rothschild, other council steering committee members in attendance included Pelin Akin Özalp, Board Member of Akfen Holding; Eduardo Bartolomeo, CEO of Vale; Mathias Cormann, Secretary-General, OECD; Natarajan Chandrasekaran, Chairman, Tata Sons Private Limited; Marcie Frost, CEO, CalPERS; William P. Lauder, Executive Chairman of The Estée Lauder Companies; Rich Lesser, Global Chair of Boston Consulting Group (BCG); Lim Boon Heng, Chairman of Temasek; Bernard Looney, CEO, bp; Punit Renjen, CEO Emeritus, Deloitte Global; Feike Sijbesma, Advisor to the Council for Inclusive Capitalism; and Jeff Ubben, Founder and Managing Partner of Inclusive Capital Partners. Also attending were representatives from the International Trade Union Confederation, Merck, PayPal, the Rockefeller Foundation, and State Street.
In addition to Council steering committee members and Archbishop Justin, special guests and advisors participating in the meeting included Jean Pierre Casey of the Holy See Investment Committee; Emmanuel Faber, ISSB Chair; Monsignor Hilary Franco, Adviser Emeritus at the Permanent Mission of the Holy See to the United Nations; Dr. Azza Karam, Secretary General of Religions for Peace; and the Right Reverend Professor David Walker, Lord Bishop of Manchester.