Women as Ambassadors for Purposeful Business (something we missed from the G7 Summit)
Elizabeth H. Filippouli
Leadership & Sustainability | Founder Global Thinkers Forum | Global Collaboration, Partnerships, Public Engagement
The G7 Summit lights are off. Following a high-energy three days, St Ives has returned to its serene, laid-back self. Yet the world remains in shambles.
The G7 leaders who met in scenic Cornwall last weekend represent 10% of the world’s population and close to 60% of global net wealth, an eye-watering figure of $317 trillion. It was therefore a euphoric moment when the radical agreement for the Global Minimum Tax was announced. The world’s 100 biggest companies will be taxed where they make their sales rather than where they are incorporated. At long last. That being said: we heard nothing abound the imperative to prioritise purposeful capitalism, the idea of profiting with purpose.
Mrs. Carrie Johnson, in her first public role as First Lady, Mrs. Jill Biden, Mrs. Brigitte Macron as well as all G7 First Ladies present, had a perfect opportunity at St Ives to raise the purposeful capitalism flag, adding their voices to the G7 plan to make this world a fairer place to do business in. They missed it.
We live in a Covid-19 hit world where millions of people worldwide have lost jobs or struggled to survive on government support. At the same time the world’s billionaires increased their wealth by more than a quarter (27.5%), finds a UBS wealth report. Based on the same: the number of the world’s billionaires has increased to 2,189, up from 2,158 in 2017.?It may sound like a ‘small’ increase to some. But 31 new additions to the ‘insanely rich list’ during a global pandemic is hardly to be ignored. Furthermore: Over the next three years, this trend is expected to increase. We will witness the greatest wealth transfer in history.
There is nothing intrinsically bad or wrong about having excess money. There is something morally wrong about not giving a portion of your money to help improve other people’s lives, when the exigencies of our societies demand it.
Meanwhile, here is some good news for women: their financial influence is also on the rise. A 2020 survey by The Economist Intelligence Unit, has found that millennial women (born between 1981-2000) are entering the upper echelons of asset ownership at a faster rate than women born earlier.?While only 22% of female Baby Boomers (born 1946-1964) have $5 million or more in assets, this increases to 32% in Millennials. Why is this important? Because a larger than ever portion of the next generation of women is gaining significant financial clout. This is the time in history for women who have access to power and for those who own financial power, to evolve into a new generation of women philanthropists and become ambassadors of purposeful capitalism. Solutions to wicked social issues beg for munificence.
One of the letters included in my latest book: FROM WOMEN TO THE WORLD-Letters for a New Century (published by I.B. Tauris on July 1st) is written by Dame Stephanie Shirley the much-admired social entrepreneur and doyenne of British philanthropy. In 1962, Dame Shirley founded an all-woman software company that pioneered remote working and co-ownership, upending the expectations of the time. Her company was ultimately valued at $3 billion. Dame Shirley could have amassed more and more wealth. Instead, she made 70 of her staff millionaires.
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The pictures of Carrie Johnson in her striking red dress playing with her son on the St Ives beach, together with the First Lady of the US, Jill Biden, captured some wonderfully human moments. And don’t we all love -and have missed- precious time with family and friends. But in these photos, I also see important symbolism: a link to younger generations and to women as guardians, protectors, and catalysts for sustainability.
Mrs. Johnson has a track record in activism. I would have welcomed her leading a joint statement signed by all the G7 First Ladies, prompting the corporate world to move on from its intrinsic self-obsession and embark on a reset of its social consciousness.
Women’s voices are crucial in exerting pressure to the private sector to become more magnanimous and prioritise social good, through commitments and actions that will actively benefit wider communities. Is it too much to ask?
*'FROM WOMEN TO THE WORLD-Letters for a New Century' can be purchased here or through Amazon. Bringing together contributions from a global group of inspirational women – politicians, royalty, actors, writers, activists and more, the results are powerful and heartfelt messages to historical figures, famous women, family members, mentors and friends. The collection features acclaimed Booker-prize nominated Elif Shafak writing a letter to Jacinda Ardern, Prime Minister of New Zealand after the Christchurch attack, activist and TV presenter June Sarpong OBE addressing designer Diane Von Furstenberg, Her Royal Highness Princess Sumaya bint El Hassan of Jordan to her grandmothers, activist, journalist Mariane Pearl to an anonymous woman, and children’s nutrition author and entrepreneur Annabel Karmel MBE to her daughter Laura. Each is based on these women’s personal histories and experiences, drawing attention to social issues such as gender equality, homelessness, war, LGBTQ activism, mental health, Covid19 and the refugee crisis. From Women to the World is a book that shows us
Leader of Innovation + Impact :: President & CEO, CTAM :: Host, Thinking Out Loud podcast :: Marketer :: Media/Technology/Entertainment Enthusiast
3 年“Is it too much to ask?” Not at all. There is no better time than now.
Am Managing a Digital Reading Project
3 年wish I were on the list too! Mastering #ESP Skills in Producing & Processing & Exporting in the Turkic speaking businessmen produce &?export?different processed products How different are exporting activities in Turkic-speaking?SMEs there???https://t.me/joinchat/Op9-3H4lzyk2MDQy
Director of the School of Public Policy and Professor of Sociology at Oregon State University
3 年100%! If it's good for women it's good for society. #supportwomen
"Women’s voices are crucial in exerting pressure to the private sector to become more magnanimous and prioritise social good, ..... Is it too much to ask?" Couldn't agree more Elizabeth! Such a powerful message indeed!
Property Management & Investment / Philanthropy, Board Member
3 年Great article, Thank you for sharing Elizabeth ????