Dame Vivian Hunt: The path to more inclusive stakeholder capitalism

Many business leaders have recently promised to shift their business model to serve all stakeholders—not just shareholders. But as Dame Vivian Hunt, a McKinsey senior partner, explained in a TED Talk this week, executives will need to put action behind their pledges to ensure investment return will no longer take precedence over the health and welfare of employees, suppliers, and even planet Earth.

Just as a company won’t go digital by appointing a chief digital officer any more than it can become more diverse by simply hiring a chief diversity officer, business leaders must understand that they need to do more. “We need to reset,” says Dame Vivian. “If we really want to serve stakeholder needs, we need to get everyone involved.” Here are a few ideas from her discussion, which you can view in full here.

 
Starting at the top: the boardroom

Boardrooms are where a company’s strategy is set and governed. If all stakeholder needs aren’t accounted for here, sustained change is unlikely. “By definition, a board can stand in the way of serving all stakeholders,” Dame Vivian says. “Why? Because often, a board is elected by shareholders. It represents their interests. It’s there to act on their behalf.” If organizations want to have a more inclusive business model, they’ll need board members “who truly understand the experience and represent the diversity of our stakeholders.” This isn’t about ticking boxes on age, ethnicity, or gender.

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Πηγή: mckinsey

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