Marc Benioff, chairman and co-CEO of Salesforce, attends a session at the 50th World Economic Forum annual meeting in Davos, Switzerland on Jan. 21, 2020.
For years, the World Economic Forum had been looking for an opportunity to push the reset button on capitalism. That moment arrived with the pandemic, and the WEF urged CEOs and business leaders to build a new kind of capitalism that serves not just shareholders, but stakeholders, too.
He's also part of a growing number of the super rich who say the system that worked so well for them has led to environmental destruction, income inequality and social dysfunction. American economist and educator Milton Friedman was a leading proponent of monetarism that became influential during the 1970s and early 1980s.
"If your orientation is just about making money," he told a Davos audience in 2019, "I don't think you're going to hang out very long as a CEO or a founder of a company." In 2021, many of Canada's most powerful business and industry associations joined former federal cabinet ministers Lisa Raitt and Anne McLellan to form The Coalition for a Better Future to promote stakeholder capitalism.One of Canada's biggest proponents of reinventing capitalism is Guy Cormier, chairman and CEO of the Montreal-based financial services co-operative Desjardins Group, which manages over $91 billion in assets.
He refers to his employees as his "ohana," the Hawaiian word for family, all while providing impressive shareholder returns. He says younger investors want financial returns, but they're also concerned about the impact of their returns on the environment. Then there are all the civil society groups — including relevant NGOs, community organizations and charities — who may have legitimate claims as stakeholders, but who don't necessarily agree on solutions to big problems like the climate emergency.
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