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Social Impact
Social Impact
Sustainability Disclosures Coming to Government near you?
Some say the Biden Administration may call for rules that require greater sustainability disclosures.
What disclosures could be included?
- carbon emissions
- corporate diversity
- sustainability metrics
Is industry following suit? In 2019, 90% of companies in the S&P 500 index issued sustainability reports, in 2011 it was 20%
What is industry looking for? globally recognized and adopted standard
WSJ | Companies Could Face Pressure to Disclose More ESG Data
NASDAQs New Board Requirements
Does NASDAQs board diversity proposal mirror other proposals? Yes, it mirrors California’s board diversity requirements
What is NASDAQ calling for its listed companies?
- at least one woman
- at least another director who is either a racial minority or lesbian, gay, bisexual, transgender or queer
How do NASDAQ listed company boards currently stack up? 3/4 of its 3,000 companies don’t meet the standard.
Who else is on board for diversity? Institutional investors like BlackRock Inc.and State Street Global Advisors have also actively pushed for greater board diversity
WSJ | Companies Face New Pressures to Diversify Boards. It’s Sensitive.
Summer of 2020 & a Texas Attorney General Opinion
Summer of 2020 shall be defined by the Black Lives Matters.
So, along comes this question to the Texas Attorney General: What duty does an officer have to intervene if he sees another officer violating someone’s rights.
The answer, in Texas: Can’t say that there is an “absolute duty for an officer to intervene”
It gets muddier- the opinion says maybe there is a duty, but it’s a question of fact and our opinions don’t answer questions of fact.
What you need to know: The code sections that would be amended to change this answer: Code of Criminal Procedure article 2.13, Penal Code section 39.03
Shareholders Pushing ESG Actions
How are shareholders getting companies to act?
- Company engagement
- Proxy Voting
- Shareholder Resolutions
What were the hot topics?
- Political Activity- taking specific positions e.g. Black Lives Matter, MeToo 18%
- Climate Change 15%
- Board Diversity 13%
- Decent Work 12%
CNBC | Shareholders challenge the companies they invest in to promote good in the world
Sample Disclosure Rules for ESG Investments
The EU is enacting disclosure rules for ESG investments.
Who is impacted?
- banks
- insurance companies
- pension funds
- investment firms
What would be disclosed?
- Disclosures related to the integration of sustainability risks in the investment decision making process
- The pre-contractual disclosure requirements applicable when products are promoted as having an ESG focus or investment objective
- Disclosures related to whether an investment manager or financial product considers the adverse impacts of investment decisions on sustainability.
Chief Investment Officer | Europe’s ‘Ambitious Plans’ for ESG Disclosure Rules
Charitable Contributions for Community Service
Legislation in Texas, HB 669 ( 2021 | TX), would allow a judge to order a defendant to make a donation to organizations that assist veterans or organizations that provide charitable services for defendants under community supervision
22 Years. New Grocer in Food Desert
Where: North East Oklahoma City, an area where more than 1/2 the population is Black
It had been 22 years since the area had a new grocer
The partners for the project:
- Homeland, will operate an employee owned grocery store
- $300,000 Funding from a Social Impact Fund, Metafund
- Alliance for Economic Development—a private nonprofit—is lining up about $8.5 million through the New Markets Tax Credit program
- $3.5 million in tax increment financing from Oklahoma City
Route Fifty | Two-Decade Push to Build a Grocery in a Food Desert Finally Pays Off
Unilever NZ Testing 4 Day Work Week
What does Unilever New Zealand hope to achieve with a 4 day workweek?
- improved productivity
- a greater work life balance
- measure performance on output not on time
- keep salaries the same
What is NOT the goal: “If we find that we’re all working the same number of hours as before but in four days, then we’ve missed the opportunity this trial presents us with”
New York Times | A 4-Day Workweek for 5 Days’ Pay? Unilever New Zealand Is the Latest to Try
New Study: Investors To Intensify Focus On ESG With COVID-19 Recovery
The study: The 2020 Edelman Trust Barometer Special Report
The results: 92% say investors should apply a premium valuation to companies that excel in environmental, social impact and governance (ESG) initiatives
What else did the study discover from its proprietary investor analysis?
- “social” jumped in ranking from number three last year to number one as the most important ESG factor in the U.S
- “investors clearly believe that a robust ESG strategy has a positive impact on share price and resilience,””
- 89% say shareholder activism will increase as the economy rebounds
- 93% said they are more interested in taking an activist approach investing (up 12% from 2019)
Industry Position. Socially Responsible Businesses More Likely to Survive COVID.
The Industry: British Retail Consortium
The advice from the head the British Retail Consortium: “doing the right thing as a board makes for better business for the company, and the environment in which it operates”.
Why does this matter? European Countries are leaders in ESG initiatives with EU rules on EU and active ESG investments
UK Consumer polling:
- 74% think businesses have a responsibility to do social good
- 59% are more likely to shop at a business that is clear about their ethical stance
What happens when restaurant was socially conscious & then COVID hit.
A restaurant in D.C., Mannan, began its story with the usual restaurant service, but at the same time, the owner provided meals to homeless.
When COVID closedowns began Mannan continued feeding homeless even as it saw revenue declines.
Facing closure- its customer base, because of Mannan’s strong community presence from providing food to those in needed, raised the capital for Mannan to continue.
Why is this important? Because when you leave your community with warm and fuzzy feelings about you, they remember your good deeds and offer you their good deeds.
Reviving the Black Caucus Foundation in Texas
The Texas Legislature’s Black Caucus has re-established its Black Caucus Foundation.
The goals of the Foundation:
- provide research and policy analysis
- covering policy issues from curbing police brutality to providing health care for the uninsured
Will the Foundation partner in its work? Yes, it will partner with universities, businesses, religious institutions and other non-profits
What did Jeff Bezos’ Bezos Earth Fund award this year?
- $791 million to 16 environmental organizations
- favor mainstream organizations
- The mainstream organizations must be innovating and looking for new methods
- Includes Hive Fund for Climate and Gender Justice
- Includes the NDN Collective that funds and supports indigenous-led movements and sustainability initiatives
When did Bezos create the Bezos Earth Fund? February 2020
Wait, isn’t there also an Amazon climate change fund? Yes, Amazon has a $2 billion climate fund will go toward getting more electric vehicles on the roads
The Verge | Jeff Bezos announces first beneficiaries of his $10 billion climate fund
How KPMG Organizes to Support More Women in Leadership
Why are we still talking about more women in business leadership? Because a 2020 study from LeanIn.org & McKinsey & Co. found that American women held less than 40% of corporate management positions
What strategies are employed?
- mentorship
- women speaking up
- recommending women for opportunities
- Don’t let leaders assume what women want- she just returned from maternity leave so she won’t more work or travel. Let it be her choice.
MIT Sloan School | This KPMG principal leads a team to accelerate women’s careers
New Collaboration. Impact Investing Data.
Who: The Impact Finance Research Consortium (IFRC)
Who composes the IFRC? Chicago Booth’s Rustandy Center for Social Sector Innovation, the Harvard Business School Impact Collaboratory, and the Wharton Social Impact Initiative of the University of Pennsylvania’s Wharton School
The database goals:
- financial performance
- due diligence practices
- investor relations
- legal governance
- strategy
- management of impact investing funds across the world
U Penn Almanac | Collaboration on Impact Investing Data Collection
COVID Pivot 2021. Virtual SXSW
SXSW announced its 2021 festival would be virtual/online.
Anyhoo…they opened registration.
Big Good Coming to Lonestar State
What’s the Big Good? A nonprofit to support good doers making a big impact
Who? Grammy winner Leon Bridges, Former TCU Football Coach Gary Patterson & tv Host Chris Harrison
Where is the Big Good Focusing? Ft. Worth/North Texas
COVID Pivot by Start Up to Help Employee Mental Health
The healthcare start up: Ro
Its COVID pivots:
- In March it launched a bill board campaign for staying apart, together.
- Created a free telehealth triage service for people who are seeking guidance and information about the novel coronavirus.
- Developed a support system for mental health care for its employees with a collaborative remote work environment and fostering personal connections
The Drum | Ro the Patient Company: Stay Apart. Together. by Wieden+Kennedy
How to recognize greenwashing.
What does greenwashing mean according to Statestreet? To “give misleading claims about their products or ESG credentials”
Why should we care?
- Big money is flowing into ESG … In Quarter 2 of 2020, $71 billion went into global ESGfunds, making total assets $1.1 trillion across 3,432 funds
- ESG determinations are subjective
What’s an example of an industry not thought of as ESG, but actually is making sustainability strides? Oil and Gas
Wall Street Journal | What Is Greenwashing? Here Is What Investors Need to Know
Another Day. Another Award for Top Socially Responsible Dividend Stock
The winner: UPS
What did the winner do financially ? Its stock has an above-average ”DividendRank” statistics including a strong 2.4% yield
What ESG, socially responsible investment, characteristics of UPS stock?
- achievements in efficiency in terms of its use of energy and resources
- policies tied to tied to weapons, gambling, tobacco, and alcohol
Nasdaq | UPS Named A Top Socially Responsible Dividend Stock
Super Sniffers + Diversity = Court of Master Sommeliers, Americas Resignations
When “me too” came to the top of zeitgeist, the best advice I heard form a male to other makes was “Don’t be an asshole.”
Apparently this advice wasn’t heeded by the Court of Master Sommeliers. Male court members resigned as investigations over “disturbing patterns of sexual misconduct” that negatively impacted careers of women
Up Next for the Court: Organizational reforms and then new Court leadership
1st time in 150 years, A County Board is all Women
Los Angeles County Board of Supervisors has 5 members, after the election all 5 members will be women.
The County Board of Supervisors budget oversight: $35 billion
The constituency: Serves 10 million people
COVID Boosts ESG
Why did COVID shed light on ESG investing importance?
- COVID reinforced our global interconnectivity
- COVID showed that company’s resilience and contingency planning ability is crucial (this is the S in esg)
- COVID shined sunlight onto how employers viewed labour standards, and employee health and safety measures
National News | How Covid-19 has highlighted the importance of ESG investing
Social Impact in Sports Betting Operators
Who received an award for socially responsible sports betting operator in North America? Points Bet
Where does Points Bet have enabling legislation and regulatory approval?
- New Jersey
- Illinois
- Indiana
- Iowa
- Colorado
- Michigan
- Kansas
- Louisiana
- Missouri
- New York
- Ohio
- West Virginia
Social Benefit is Coming to Your RFPs and Procurements
The UK is adding new elements of social benefit into its contract awarding system.
It’s coming across the pond. Think of the changes to pension investments in major pensions like CALPERs, its happening, and it will happen more.
COVID Pivot. Restaurant Adds More Farming
Restaurants and kitchen gardens have a long, historical relationship.
COVID is seeing a renaissance in restaurant gardens.
3 Michelin starred restaurant, SingleThread, in Healdsburg, CA is adding 20 acres of gardens.
Not only do the gardens have produce and make their own olive oil to grace their 3 Michelin star tables, but the restaurant also:
- donates to victims of disasters like wildfires through Sonoma Family Meal
- produce goes to local hunger relief organizations through Farm to Pantry
BLM State Constitutional Amendments
This November voters in several states voted to amend their state constitutions to remove racism.
The list of BLM constitutional amendments:
- 67% of Alabama voters approved the removal of language that bans mixed-race marriage, allows poll taxes and mandates school segregation
- 68% of Nebraska voters approved the removal of slavery or involuntary servitude as criminal punishments
- 81% of Utah voters approved the removal of slavery and involuntary servitude as criminal punishments
- 72% of Mississippi voters approved a “In God We Trust” flag to replace the state flag that contained a Confederate battle cross
Forbes | Alabama, Utah, Nebraska Remove Racist Language From State Constitutions
How a restaurant pivoted during COVID to feed a larger community
Where: Louisville, KY
Who: Lindsey Ofacek & Edward Lee co-founders of the Lee Initiative
What did the Lee Initiative Do? Joined forces with Maker’s Mark and and 19 partner restaurants to provide 400,000 meals
What initiatives came from the food relief? a program to help local farmers & a relief program for local restaurants
leeinitiative.org
featured in Southern Living November 2020
BLM. Cities have declared racism a public health crisis. What’s Step 2?
How many governmental entities have declared racism a public health crisis? more than 130 cities, counties, and states
What does this mean? It means recognizing the connections when there are high maternal mortality rates for Black women or high asthma rates because of pollution in black neighborhoods
What changed to make this switch? COVID. Racial inequalities were highlighted & policymakers began to see examples of how things like housing and education and health care connect
Policymakers believe COVID became the paradigm shift that was needed to effectuate change.
Route Fifty | Cities Declared Racism a Public Health Crisis. What Now?
What happens when a Silicon Valley CEO emails 10 million customers to support Biden?
1st it makes news.
Here’s why the CEO did it:
- It was a necessity
- “We needed to stand true for what we believe in and hope that most people agree with us,”
- “If President Donald Trump were reelected it would “damage our democracy to such an extent, I’m obligated on behalf of shareholders to take any action I can to avoid it.”
Could it be the CEO’s midwestern roots? Maybe
Bloomberg | Expensify CEO Emails 10 Million Customers Urging Them to Vote for Biden
Social Responsibility + COVID + The Aflac Duck
Local news digging into corporate social responsibility. This is AFLACs 6th year of a survey of its customers on the importance of AFLAC engaging in community issues and stakeholder capitalism.
COVID and generational difference in viewing whether companies should act for the better of society. GenX and younger are more apt to support corporate social responsibility.
Experts say more money is flowing into companies that have a track record of social responsibility.
New environmental risk. Disposable Masks.
@mhaestheticsusa suggests cutting the straps on your mask before disposing of it so as to not cause harm to animals that could get caught in the straps.
New Day. New Jargon for Doing Good.
New Jargon: Corporate Citizenship
Who is using the term? Accenture
What elements are they attaching to corporate citizenship?
- Social impact. Closing the skills gap in tech
- Environment. Climate Change. Yes, they use this exact phrase.
- Inclusive. No barriers.
- Supply chain. Safe and responsible.
- Core Values. Doing Business ethically and with integrity
What the CEO says: “The time for increased commitment and action is now, and SDG Ambition is a bold and practical response to this timely and urgent call to action.” – Julie Sweet, CEO
Advance Economic Equity. Anatomy of Community Gift.
Who is making the community gift? Bank of America
Which community? North Texas
What will the Bank of America $920K gift fund? helping youth in low-to-moderate-income communities including Boys & Girls Club, Big Thought, and 24 other non-profits
COVID Property Redevelopment Meets Social Impact
Hotels and COVID not a great match.
Some property developers, thinking outside the box, are taking abandoned hotels and converting them to affordable living for seniors.
In addition to affordable housing to seniors, the project’s social impact will include:
- No fossil fuels. fully electric building.
- Energy-efficient lighting and kitchen appliances
- High-quality ventilation
- Community space with indoor and outdoor areas
West Side | Former Hotel is One Step Closer to Becoming Senior-Friendly Affordable Housing Using ‘Fully Electric’ Energy
Insurance Company: ESG for All!
The Insurance Company? Nippon
The ESG call: ESG standards for all Nippon investments and loans
Why?
- High ESG ratings = superior in management transparency
Japan Times | Nippon Life to adopt ESG evaluation for all investments and loans
Start Up Delivers Car Repairs to You + Contributes to Non Profits
Who: Repair Smith
What’s Repair Smith’s goal? to reimagine car repair, make it more convenient and help non-profits
Where is RepairSmith operating? California, Nevada, and Arizona
What pledges did it make during the pandemic? $125,000 worth of repair services to those in need–namely essential workers on the frontlines
Inc. | This Startup Is Rethinking How to Do Car Repairs–and How to Give Them Away for Free
COVID. The Social Issues Emerging in ESG Investments
- 62.5% of the global asset managers who responded to an ISS ESG survey highlighted labour practices, diversity and safety
- 44.1% expect future ESG ratings to place a greater weight on issues of workplace safety, diversity and supply chain labour
- 37.5% have added staff to cover ESG issues
Covid-19 pandemic has had a major influence on many investors’ thinking in terms of ESG research and integration
Investment Executive | Social issues rising on asset managers’ radar: ISS ESG
Which Industries are Leading in Social Responsibility?
Who did the analysis? The Wall Street Journal
What did the WSJ produce? A Ranking of the top 100 companies in the world’s most sustainably managed companies.
What factors are considered?
- A scoring system compared 5,500+ publicly traded companies world-wide
- considering social capital
- the environment
- human capital
- business model/innovation
- following the framework of the Sustainability Accounting Standards Board
The industries leading in social responsibility?
- Pharmaceuticals
- Biotech
- Banking
3 Tech Concepts that Bolster CSR (Corporate Social Responsibility)
What 3 tech innovations can build CSR?
- Open Source. Open Source fundamentally requires collaboration
- Shared Purpose lead to interoperable solutions
- Cross sector collaboration to innovate across sectors to provide broader societal impact
+1 State Recognizes an Official Juneteenth Holiday
New York Governor signed legislation declaring Juneteenth an official state holiday.
The Numbers Backing a 7 Year Old Social Impact Bond
Where: Australia
Which social impact bond in Australia? Newpin Social Benefit Bond that sought to restore children in out-of-home care to the care of their parents by creating and supporting safe family environments.
How did it perform over 7 years?
- 400 children restored to the care of their families
- 10% return to the bond investors
Keys to the social impact bond success: An institutional investor
Pro Bono Australia | Australia’s first social impact bond delivers for families and investors
Ride Share App Aimed at Safety of Riders
The App: Zoom Ride
The safety options:
- female riders can request female drivers
- the app has a panic button for safety that sends live audio and video inside the vehicle to Zoom Ride headquarters
- sanitizing lights
- sneeze guards
- free masks for all drivers and riders
When Tech & Doing Good Collide
This caught our attention this week: A tech hub for the public good? Developing technology that matters in Northern Virginia
Why is it attention getting?
- it’s the sign of the new economy
- it’s economic development recruitment using social impact as a lure
- it’s tech focused specifically
An Egg-celent Example of Stakeholder Capitalism
Vital Farms had an IPO this year raising $200 million in capital.
Vital Farms by the numbers:
- 2007, 20 hens on 27 acres
- 2020 joined a small group of publicly traded B Corps
- In 13 years became the largest U.S. pasture-raised egg brand in the U.S.
Forbes | Vital Farms IPO Shows Acceptance Of Stakeholder Versus Stockholder Values On The Market
What are the “Rules” for a Social Impact company?
Hint: There are none.
We all know we’re in a new economy that has a greater emphasis on social impact, esg investing, and corporate responsibility.
What economy were we in before? Stakeholder Capitalism as coined by Milton Friedman
What was the first step to the new economy? The August 2019 announcement by the Business Roundtable in D.C. that the purpose of business is changing
Did the Business Roundtable statement work? Yes according to this analysis by the Wall Street Journal , this analysis also by Just Capital & this analysis of profit in doing good by Motley Fool
What faulty assumptions are made by both sides on whether social impact acting businesses are good or bad for profit?
- that businesses should be run like activist social organizations
- that companies never have to choose between business success and social responsibility
- that social impact changes will occur overnight in their business structures
- that every company works on the same time table, software companies can reach carbon neutrality faster than fossil fuel companies
What’s the timeline to transition into an economy focused on social impact? it took 2 decades to adopt shareholder capitalism
Washington Post | The right formula for managing a socially responsible company? There is none.
Add to the Long History of Social Impact Acts & Sports Stars
Le Bron James has recruited 10,000 poll volunteers in Black districts in 3 cities- Detroit, Philadelphia & Cleveland.
How did he do this? Through his voting organization, More Than A Vote
The voting volunteer program, “We Got Next,” is a partnership with the NAACP Legal Defense Fund
Phase 2 will add 11 cities, including 2 in Texas: southern Black voter hubs such as Birmingham, Ala.; Jackson, Miss.; Houston and San Antonio.
The Hill | LeBron James recruits 10,000 poll volunteers to assist in Black districts
COVID Cleaning. How NFL Stadiums are kept clean for players & voters
The NFL Team: Carolina Panthers
The cleaning method: a UV light robot that can eliminate COVID in minutes
Who makes the robot? San Antonio-based company Xenex
Which industry typically utilizes this form of cleaning? Health care
The science: “pulsed xenon, a noble gas, to create Full Spectrum, high-intensity UV light that quickly destroys infectious germs.”
Anatomy of a Country’s Sustainable Investment Declaration
The country: Iceland
Why did Icelandic leaders do this? Because “Investors, financial companies, institutions and governments therefore play an important role in shaping the economy and communities.”
Which 3 entities work together to ensure the economic success in Iceland? governments, private industry and financial institutions
Environmental goals of the signatories?
- national carbon-neutrality by 2040
- Paris Agreement goal of cutting greenhouse gas emissions to keep global warming below 1.5°C
- United Nations’ global goals for sustainable development
Is the letter open for additional signatures? Yes
IPE | Iceland’s pension funds sign sustainable investment declaration
How a State is Rolling ESG into its Pensions
How is California integrating ESG into its investments and policies? A partnership between the U.N.-supported Principles for Responsible Investment & UC Berkeley Law’s Center for Law, Energy & the Environment.
There’s 40 recommendations, and here are the high priority items:
- The State of California, led by the Governor or State Treasurer or State Controller, should convene a Task Force on Responsible Investment.
- All institutional investors should integrate material ESG factors into investment processes and decision-making to the fullest extent possible.
- Public pension funds should develop governance structures that encourage better long- term and data-driven ESG investment decision-making.
- Public pension funds should require that investment consultants and investment managers consider ESG factors in providing investment advice or investment management.
- The state legislature should enact legislation directing financial advisors (including investment advisors, broker-dealers, and others) that are licensed and regulated by the Department of Business Oversight to ask retail investors if they have a preference for investments that consider ESG factors and to offer them ESG-aligned investment opportunities.
- The state legislature should mandate climate risk disclosure or Task Force on Climate- Related Financial Disclosures reporting for all publicly traded companies incorporated or headquartered in California.
- The state legislature should direct mandatory climate risk stress testing for financial institutions (state-chartered banks, credit unions, mortgage lenders, and others) under the jurisdiction of the Department of Business Oversight.
- The State Treasurer, Controller, and Director of Finance should leverage their positions on the boards of state financing authorities to add ESG-related disclosure requirements for state financing.
- The Department of Insurance should undertake climate risk stress testing of insurer underwriting and investment portfolios, annually conduct climate risk scenario analysis of insurers’ investment portfolios, and require insurers to identify, analyze and address climate risks to their underwriting and investment portfolios.
- California insurers should integrate ESG considerations into their operations and investment decision-making.
Pensions & Investments | Road map for California ESG integration unveiled
Principles for Responsible Investing | The California Responsible Investment Roadmap
Home Builders + Impact Investing
Who: American Homebuilders of West Africa & Genuine Interest
What will be funded: Social housing focused on homes that will sell for $10,000 to $20,000
State Tracking COVID. Tracks Social Impact of COVID.
The State: Missouri
The data to be collected concerning the social and economic impact of COVID:
- Food Bank levels
- Food Samp Assistance
- Unemployment Assistance
- Childcare Assistance
- Energy Assistance
- TANF
- Abuse Rates
- Building Permits
- Consumer Spending
Show Me Strong Recovery Plan | Data
KMOU | State expands COVID-19 dashboards, includes social and economic impacts
Tools for social distancing: The Service Dog
We’ve seen the bubbles or pods for outdoor dining.
Meet the dog that carries a long stick to keep people the right distance from their humans.
Even if this dog is an internet meme, some company is going to take the idea and run with it OR maybe this is a new regulatory category for service dogs. What do your state’s regulations say about service animals?
Republic World | ‘Socially Responsible’ Dog Carries Stick Along To Keep People Away Amid COVID-19
Takeaways from an interview with Uber’s Director of Social Impact
- She suggested that Uber could provide 10 million free rides and meals to people in need around the world.
- Julia Page started her position at Uber in February 2020 she added these COVID related measures for Uber:
- coordinating ways for essential workers to get to and from work
- helping medical equipment companies to transport resources to hospitals
Best Advice she ever received: “They’re going to think you got something because you’re Black. And they’re going to think you got something because you’re a woman. You prove you got it because you’re the best, and don’t worry about anything else.”
Worst Advice she ever received: “You really need to think about your career path and what you’re going to do down the line.” She chose to follow her interests and curiosity
Bustle | Uber’s Julia Paige On Navigating A Male-Dominated Industry
Strategic Alliance Among Social Impact Associations
Who: The American Sustainable Business Council + Social Venture Circle
Why did the join forces?
- To create the United States’ leading socially responsible business group
- Unite top U.S. entrepreneurs & leaders of mission-driven companies
- To amplify and extend the collective voice of the sustainable business community in previously impossible ways
Is this only about environmental or sustainable issues? No, they say
- “It is urgent that we move beyond sustainability to regenerative systems
- Expand diversity to include true social and economic inclusion
- Broaden the definition of success to include all Stakeholders (including our global community and our planet)”
Meet the New Kid: Shopping Gives. COVID Ready Response.
What is Shopping Gives? Social Impact Commerce platform that allows consumers to search and support their cause of choice from over 1.5M nonprofits while shopping, without leaving the retailers website.
Who is backing it? Caffeinated Capital Tuesday Capital, SciFi VC, Background Capital, Red Dog Capital, 20VC, Global Founders Capital, Big Future Fund, Rogue Capital, Night Capital, Manresa Ventures, & Sugar Capital
Why is the new economy the right time for ShoppingGives?
- unprecedented eCommerce growth because of COVID
- COVID and BLM have shown that society is compelled to create change as customers align with brands that make statements and stand
- Founder, Big Future Fund: Social Impact is a requirement for success
Employee Wellness. Unlimited Vacation Days.
Which company has an unlimited vacation policy? Netflix
How has the policy worked out?
- The company also has (1) no approval required for expenses (2) no dress code & (3) criticism of the company can earn you a promotion
- The CEO credits the NO RULES policy for its economic success. The company’s 2000 IPA was $1/share. The current value is $500/share
Why the employee freedom? Because it is “essential in creative companies where you have much greater risk from lack of innovation”
Classic Gen X mindset folks.
NPR | Netflix CEO Embraces ‘No Rules,’ But Work Is Anything But Chill
Diversity and Corporate Boards. 5 Year Retrospect.
Which industries have the highest rates of ethnic and racial diversity on their boards? Tech & Utilities
Which industries have the lowest rates of ethnic and racial diversity on their boards? real Estate & Energy
- 40% of the US population is underrepresented ethnic and racial groups
- 12.5% of board directors are of underrepresented ethnic and racial groups
- up from 10% in 2015
- 4% are Black directors
- 1.5% are Black women
Last week The Board Challenge asked companies to take the pledge to appoint a Black director within the next year.
The Board Challenge supporters are largely investors and tech, but some big corporate representation too. Read the list of supporters.
New York Times | Diversity Push Barely Budges Corporate Boards to 12.5%, Survey Finds
Incentives for Agriculture to Improve Carbon Footprints
Missouri Legislature’s Joint Committee on Agriculture is discussing incentives to helps the agriculture industry “to adopt best practices to scientifically address Missouri’s carbon footprint.”
The Missourian | Planning underway for legislation focused on Missouri’s agriculture industry
Starbucks Social Impact VP + Getting their Employees to the Polls
How did Starbucks get involved in this? By having conversations between managers and nearly 200,000 partners
What is Starbucks wanting to do? Help their employees and customers have access to information o register to vote and voting tools
Employees created a portal with tools and resources, like how to register to vote, requesting a mail-in ballot and volunteering as poll workers.
Starbucks CEO: no partner (employee) will have to choose between working their shift or voting on or before Election Day.
Starbucks Stories & News | Starbucks unveils plan to support partner and customer voter engagement
USA Today | Starbucks encouraging their employees to go vote on Election Day
Bonjour New Kid on the Block: Peer to Peer Clothing Rental
Who: Wardrobe
What is Wardrobe? A peer to peer clothing rental, like Airbnb but for your clothing
How does Wardrobe work?
- You contact Wardrobe’s headquarters and sends the clothing you want on the platform
- The Wardrobe team photographs and posts the items on a virtual personal closet
- The virtual closet can be viewed on the Wardrobe’s website
- With rental prices and minimum terms, from 4 days to 4 months
- You can refresh or reduce the items in the virtual closet at any time
How do renters collect the wardrobe items rented? At a participating dry cleaner
One of Wardrobe’s value propositions: sustainability
How does Wardrobe differ from other clothing rental services?
- Wardrobe retains no inventory
- Wardrobe has no warehouses, no trucks, no pick ups and no delivering items
- All items are insured by Wardrobe
Governor’s Executive Order on Diversity
The Governor: Colorado Governor Jared Polis
The Executive Order, D 2020 175, will require:
- State agencies must develop plans to improve diversity, equity, and inclusion in Colorado’s workforce
- State agencies must promote inclusive workplace cultures
- Required reporting on progress
- Review all buildings, systems, procedures and websites for accessibility and address any inequities that may be posed by contracting barriers
- Mandates that all state workers, including supervisors and executive leaders, receive trainings on equity, diversity and inclusion
- Build anti-discriminatory workplaces with “equitable hiring, compensation, and retention practices.”
Governing | Colorado Governor Orders More Workplace Diversity
COVID Impact on Sporting Events
How is the pivot to viewership working for the NBA? Recent games are seeing 16% viewer increase from before the pandemic.
Business TREND: Paying Employees to Work as Poll Workers
Started with Old Navy. Old Navy partnered with partnering with the Civic Alliance and Power the Polls to recruit 250,000 new poll workers.
Can Old Navy make an impact? it has 50,000 store employees nationwide.
It is being expanded to other Gap Inc related brands.
CNN | Old Navy to pay store employees to work election polls in November
Packers CEO & Players Agree on Social Justice Agenda
CEO of the Packers met with his players, talked with and listened to his players, and they agreed to the following 5 social justice initiatives:
- pushing for more body cameras on police officers
- getting people registered to vote
- using the Johnsonville Tailgate Village as a polling station for the upcoming election
- continuing discussions with Wisconsin Governor Tony Evers and Wisconsin State Assembly Majority Leader Jim Steineke
- making a $250,000 social justice impact grant (the team has already provided $500K in social justice grants this year).
Was this new for a Packers organization? No. Coach Vince Lombardi informed local businesses they would be blacklisted by the team if they discriminated against any of its players.
State Prohibits Toxic Chemicals in Cosmetics
Which State legislature passed this bill banning 12 chemicals in cosmetics and personal care products? California AB 2762 (2020 | CA)
Which types of chemicals are prohibited? toxic fluorinated chemicals known as PFAS, mercury, formaldehyde, + endocrine-disrupting phthalates and long-chain parabens, preservatives used in skincare products
Is this unique to California? No, 40 other countries prohibit the use of these chemicals in personal products
EWG.Org | Legislation protects Californians from 12 toxic chemicals in personal care products
Interesting Partnership to Reseed Prairie Land
Who: Burger King, Cargill and the World Wildlife Fund
What: Recently Burger King introduced the low methane Whopper. To get there, Burger King partnered with Cargill & WWF to work with ranchers in the US’s Northern Great Plains on a 3 year initiative to return cropland to native grasslands through a restoration program
The goals of the partnership:
- Convert 8,000 acres of marginal cropland throughout Montana and South Dakota to diverse grasslands
- Introduce cattle to those diverse grasslands
- Sequester the carbon equivalent of driving 70 million miles in an average vehicle
Agfundernews | Burger King, Cargill & WWF team up to reseed grasslands in the Northern Great Plains
Instagram: @dasrobbwolf
How did Kentucky target younger poll workers?
The Kentucky Secretary of State partnered with the Kentucky Guild of Brewers.
Because young voters like beer, the information about becoming a poll workers is advertised on local beer cans.
From the news release ” We need younger generations to step up and be good citizens, and so we enlisted the help of Kentucky’s craft breweries to reach them.”
The campaign name: “SOS From Your SOS”
Company Roll Out: How a Retailer Showed its Opposition to Racism
The Big Picture: Nordstrom Stands Firmly Against Racism & Injustice
How? As c commitment to be more diverse, inclusive & anti-racist
What did they do to get there? Listened to their stakeholders, their employees, their boards, their communities
Did they set measurable goals?
- By 2025, increase Black and Latin mangers by 50%
- Increase internship program to have 50% of its participants from underrepresented populations
- Examining all their policies to ensure that they are anti-bias and anti-racist
- Renewing Supplier Diversity Program with new goals to set in February 2021
- Improving metrics in their annual employee survey to limit favoritism and improve inclusion
- Expand Employee Resource Groups
- Measure Leadership by Inclusion and feedback from employees
- Double charitable contributions to anti-racist organizations
@Nordstrom on Instagram | We Stand Firmly Against Racism and Injustice
BLM. How Tech Companies have responded.
How are tech companies staying woke?
- VCs are looking to fund Black founders
- Calls to hold tech companies accountable for their diversity
- Appointing Black Board members
- Reddit co-founder Alexis Ohanian stepped down from its board & urged the addition of a Black individual to its board
BLM + COVID. 3 Keys to Customer Allure in the New Normal.
- Support your community over marketing. Prioritize spending and put that spending into your community. Think about Walmart, Target, Glossier, Sephora and many others that quickly donated to social justice organizations.
- It’s more than giving money. Lip service isn’t enough. Recognize and be Aware of significant dates like Juneteenth- give your employees the day off, take actions that support employee activism like providing rides to events
- Do the right thing. Be on the right side of history.
Most importantly, when you’re doing the right thing, it has to be authentic and fit your brand. Do good, and do it your way.
Social Impact Rankings for Universities
A new global study, Advancing University Engagement: University engagement and global league tables, published by the Univ. of Chicago, Kings College, the University of Melbourne, & the Nous Group, sets 8 standards to rank universities for social impact.
The eight standards:
- University responsibility for social commitment
- Community/Partner opinion of the university:
- Student Access
- Volunteer Commitment
- Scope of research outside of academic journals
- Community-service learning within the university curriculum
- Socially responsible purchases
- Carbon footprint
Why is this important now with a pandemic? InfoHive is revisiting this topic as it was picked up by a Monterey, Mexico publication that stressed “The current crisis only underscores the need to measure and publicize the social value that higher education brings.”
Gen Z. Where are they spending their Money?
- Gen Z prioritizes the impact of their work relative to financial gain
- Gen Z is focused on the impact of their investment having grown up with access to abundant and incessant information
- GenZ favors personalized and not algorithm generated advice
What is the IDENTITY ECONOMY?
Belgian psychotherapist Esther Perle, who practices in the U.S., says the Identity Economy is:
- rests upon a work environment where millennials want to be, and show, the best version of their true selves
- People signaling, through their platform and within their work environment, that they want to be part of the solution, not the problem
- People want a workplace that gives them a sense of personal development, purpose, and meaning.
- It asks “Who am I going to be next?” It does NOT ask ‘What am I going to do next?’
- The Identity Economy is driven by people who “need to know what you believe in and then pursue it.”
Is this limited to millennials? NO. 80% of business leader responses to PwC’s Putting Purpose to Work agree that having a sense of purpose is central to success.
Strategy + Business | A new measure of success for sporting superstars: Social impact
Professional Athletes + Social Impact Actions in 2020
Let’s look at the social impact actions of European athletes:
- Majority of F1 drivers took a knee for Black Lives Matter on July 5th during the Austrian Grand Prix
- Manchester United soccer striker Marcus Rashford persuaded the British government to continue funding free school meals voucher through the summer due to COVID
Is this new? No, stand out historically is boxing legend Muhammad Ali
What are leagues saying?
- Premier League supports players ” using their platforms to push good causes”
- In June 2020 U.S. Soccer Federation rescinded a 2017 rule that banned protests
Business + Strategy | A new measure of success for sporting superstars: Social impact
Meet this Business Promoting Kindness
The business: Tides of Kindness
The founder’s goal: “… changing the way people look at disabilities by showing abilities first.”
How is she achieving her goal: products promoting kindness, public speaking engagements, and as a correspondent that leads with kindness
Her motto: “Kindness spreads kindness.”
COVID Pivot. How Sony pivoted to Sell Out Capacity.
Sony Studios created a brand new drive-in experience for 12 films to sell out capacity.
What did Sony Studios do?
- Made the drive-in experience more- colorful lights, masked staffers and classic movie props
- Drive through red carpet experience
- vehicles could have no more than four people — all from the same household
- vehicles must be hard-topped and masks were required whenever out of the car
- questionnaire for screening COVID-19 symptoms
- masked and face-shield-ed employees took guests’ temperatures and again asked about symptoms
What are the practicalities?
- Sony Studios utilized its parking lot
- Tickets at the socially distanced events sold out in 24 hours.
Was there a partnership? Yes, Sony Studios partnered with Porche
Hollywood Reporter | Sony Debuts Sold-Out Drive-In Experience With Masks and Memorabilia
38 Female CEOs. S&P 500
A record number of women CEOs on the current S&P 500 has been reached. 38 women CEOs. 38 of 500.
The move to 38 came after Clorox named Linda Rendle its new CEO.
Women make up less than 8% of the leaders on the Fortune 500 list.
None of those women are Black or Latina.
Beyond diversity and inclusion why should I care about this? Data shows women leadership increases profits. COVID data shows women leaders did the best job of leading countries through the pandemic.
COVID & BLM. How can consumers be more socially responsible?
- Donate to charities.
- Spend responsibly.
- Ask “How many Blacks do they have on the board or in leadership positions?”
- Ask “How many women are on the board or in leadership positions?”
- Ask “How many people of color are on the board or in leadership positions?
- Does the leadership team look like the community?
- Boycott problematic brands.
- Invest in socially conscious businesses.
- Use community banks.
US News | Money | 5 Ways to Be a Socially Conscious Consumer and Financial Activist
Apple: 2030 100% Carbon Neutral
Apple announced its goal to be 100% carbon neutral by 2030. 75% reduction in emissions + developing innovative carbon removal solutions for the remaining 25%.
What parts of Apple business are included in the goal? All of it.
- its entire business
- manufacturing supply chain
- product life cycle
What Apple’s CEO is saying: “Businesses have a profound opportunity to help build a more sustainable future, one born of our common concern for the planet we share…Climate action can be the foundation for a new era of innovative potential, job creation, and durable economic growth. With our commitment to carbon neutrality, we hope to be a ripple in the pond that creates a much larger change.”
Apple | Apple commits to be 100 percent carbon neutral for its supply chain and products by 2030
Nordstrom’s New Sustainability Goals in a COVID World
COVID is often equating to greater sustainability and greater interest in diversity and inclusion, and this week’s release of new sustainability standards by Nordstrom joins the trend.
What the Nordstrom CEP is saying: “As a company, we believe the impacts we have on our employees, customers and communities extend well beyond the walls of our stores. The idea that we have a role to play in building and shaping a positive, more inclusive and sustainable future isn’t new to us, but it’s become more important than ever.”
Nordstrom’s updated corporate responsibility goals:
- By 20205 halve its use of single use plastics
- Promoting recycled beauty packaging
- Helping consumers recycle and donate clothing
- $1 million in grants to support industry innovation for textile recycling
- $250,000 in grants toward slowing and preventing climate change
- disclose traceability to the factory for 90% of Nordstrom Made products by 2025
- 90% of products from factories that invest in women’s rights
- Living Wages for products that are Nordstrom Made
- invest more than $50 million in communities where it operates
- Increased charitable matching
Public Private Partnership to Preserve Indigenous Language
The Partnership: The Cherokee Nation, the Oklahoma Film + Music Office, and FireThief Productions
What: Creating an animated series to preserve the Cherokee language
Another takeaway: Information comes from many places- don’t ignore reddit and other social media sites
Reddit | Cherokee Nation partnering with state film office, FireThief Productions on new Cherokee language animated series pilot episode
When a Tweet Shows How Business Purpose Has Changed Dramatically
The tweet by @elonmusk:
Tesla is open to licensing software and supplying powertrains & batteries. We’re just trying to accelerate sustainable energy, not crush competitors!
Which aligns with the Business Roundtable August 2019 Announcement to change the purpose of business in the US.
Connecting the dots…as business adapt to the new world.
COVID Business TREND. Drive Ins.
Who joins in the renaissance of the drive in movie theater? Wal-Mart
Wal-Mart is patterning with Tribeca to offer certain films for free.
How many stores will see their lots turned into drive in theaters? 160
Entertainment Weekly | Walmart announces free drive-in movie screenings of Black Panther, LEGO Batman, E.T., and more
This Week: World’s Largest Corporate Sustainability Bond Issued
The corporation: Google
The sustainability bond:
- $10 billion debt offering
- issued $5.75 billion in sustainability bonds
- largest sustainability (green ) bond by any company ever
- proceeds support investment in both environmental and social initiatives
The project types that the bond will fund:
- energy efficiency
- such as by optimizing use of energy, water, and materials for efficient data centers
- clean energy & smart buildings
- LEED certification to move toward its longer-term vision to source carbon-free energy for operations 24 hours a day, 7 days a week
- clean transportation to limit CO2s
- Circular economy and design to promote reuse of finite materials
Americans Look to Business for Leadership During Pandemic?
Eater theorizes that Americans are looking for leadership and finding it in chain restaurants.
Why pray tell? Because these familiar, comfort food spots are requiring masks and there is no requirement from the federal government.
Which businesses are mandating masks? Starbucks, Panera Bread, Noodles & Company, Chipotle, and McDonald’s
What considerations are behind the mask decisions? Protecting their employees, protecting their guests, protecting their stakeholders
eater | In Trying Times, Americans Look to Our True Leaders — Chain Restaurants — for Guidance
BLM + COVID Governor Executive Order: Racism is a Public Health Crisis.
The Governor: Michigan Governor Gretchen Whitmer
The Executive Directive by Governor Whitmer makes 3 points:
- “racism is a public health crisis”
- coronavirus pandemic “has revealed, confirmed, and highlighted … preexisting inequities caused by systemic racism.”
- COVID has taken a disproportionate toll on Black Americans and other minority communities
The Governor also signed an Executive Order creating the “Black Leadership Advisory Council” with the goal of promoting economic growth and wealth equity for the Black community.
@washingtonpost on instagram
The Hill | Michigan governor signs order calling racism a public health crisis
Michigan.gov | Governor Whitmer Signs Executive Directive Recognizing and Addressing Racism as a Public Health Crisis, Creates the Black Leadership Advisory Council
COVID. Women Leaders Had Better Results for their Countries
What actions did female world leaders take that limited COVID in their countries?
- Women leaders issued stay at home orders earlier
- Look to New Zealand, Taiwan, Norway, & Germany
- Women led countries had fewer cases & fewer deaths
What time frame are we looking at for this data? The 1st quarter of the pandemic
Is it that women are more risk adverse? No, women are more willing to take economic risks but less willing to take risks with health
World Economic Forum | Women leaders are better at fighting the pandemic
Diversity +Inclusion: A Group Effort
What is A Group Effort: A self-funded project by actor Ryan Reynolds to create jobs that improve diversity & inclusion on his projects
Who will A Group Effort seek to promote: “Black, Indigenous, people of color and several other marginalized communities”
Go back to this self funded part, what does that mean? “new recruits will be paid and housed out of my [Ryan Reynolds] salary and will spend their days on set learning from professionals and getting real-life experience that they can then parlay into another job and another job and hopefully a career in the film industry”
COVID + Non Profit Fundraising + Online Platform + $10 Million Investment
Who has made a $10 Million, 3 year commitment to improve online fundraising for non-profits? Okta
What are the details?
- Will fund nonprofits working at the intersection of social good and technology
- Support accelerating the nonprofit sector’s move to the cloud
- Further the digital transformation: Enabling nonprofits to reach beneficiaries and stakeholders digitally at scale
- Protecting critical data and identities
- Growing and strengthening the ecosystems, coalitions and partnerships enabling nonprofit tech
- Changing the conversation among nonprofit leaders, funders and technology partners on how we enable nonprofits with tech
Why now? The pandemic made it clear that non-profits are the safety net during a crisis
OKTA’s list of partners in this effort
Nonprofits Should Be As Powerful As Their Missions: Our $10 Million Commitment
+1 City Offering Social Impact Bonds for Homelessness
The City: Madrid Spain
How would it work for procurement?
- procurement of service providers would be carried out through social outcomes contracting methodologies
- Madrid is only required to pay for the services if the objectives are achieved
What the social impact bond will fund: “improving the effectiveness of services for vulnerable people residing in temporary accommodation”
Will the City of Madrid have partners in its social impact bond? Yes, the European Investment Advisory Hub, funded by the European Commission and the European Investment Bank (EIB)
Texas Attorney General Opinion on Governance of Non-Profits in Housing
The Texas Attorney General will be answering these questions about the governance of non-profits created for housing authorities in Texas:
1. If the Board of Commissioners of the Housing Authority took no action to approve any amendments to the non-profit’s Articles, are the purported amendments void and of no effect? [Article IX of the non-profit’s Articles of Incorporation provides that amendments to the Articles are subject to the approval of the Housing Authority.]
2. May a non-profit created by a governmental body, and stated to be an instrumentality of such governmental body, act on its own to cease serving as an instrumentality of the governmental body?
3. May a governmental body that created a non-profit as an instrumentality of such governmental body approve that the non-profit cease serving as an instrumentality in order to become a private non-profit?
4. Are the assets of a non-profit, created by a governmental body to be an instrumentality of such governmental body, public or governmental assets?
5. If so, can the either the governmental body or instrumentality non-profit convert such public or governmental assets to private assets without complying with gifting prohibitions of the Texas Constitution?
6. Do the provisions of the PFC Act apply to a non-profit corporation created by a governmental agency as the governmental agency’s instrumentality pursuant to the Texas Non-Profit Corporation Act prior to the effective date of the PFC Act?
7. If so, do the provisions of the PFC Act invalidate the purported amendments to the non- profit’s Articles of Incorporation, filed after the date of enactment of the PFC Act, in the absence of formal Housing Authority approval by its Board of Commissioners? [Section 303.027(a) requires a sponsor resolution be submitted with the amendment. Section 303.027(b) requires the signature of the secretary or clerk of the sponsor to sign the amendment. Section 303.027(c)(5) of the PFC Act states that amendments to a PFC’s Articles of incorporation must contain “a statement that the amendment was authorized by the sponsor’s governing body.” Section 303.027(c)(6) provides that the amendment must also state “the date of the meeting at which the governing body approved the amendment.”]
8. If the amendments to the non-profit’s Articles are invalid, do the original Articles filed in 1994 remain and govern operation of this non-profit? [Those original Articles provide that members of the Housing Authority Board of Commissioners serve as members of the Board of Directors of the non-profit.]
9. If the amendments to the non-profit’s Articles are considered invalid, would the Housing Authority Commissioners automatically constitute the non-profit’s Board of Directors, once again, with full authority to govern the affairs of the non-profit?
10. Pursuant to Section 303.035(d), may the Housing Authority remove the non-Commissioner Directors of the non-profit?
11. Pursuant to Section 303.045, may the Housing Authority alter the non-profit’s structure and organization?
New Study: Booming Investment in Funds that Empower Women
Who conducted the study? Wharton School of the University of Pennsylvania
What did it find?
- 2019: $4.8 billion invested in “gender-lens-related” funds
- That’s more than double the $2.2 billion from 2018
- 59% growth in the number of funds that want to make a direct impact on women
Philadelphia Inquirer | Investing in funds that empower women boomed in 2019, Wharton study finds
How retail is adopting sustainability in the new normal.
The retailer: Ulta
What new sustainability measure has Ulta adopted? A new Conscious Beauty program certifying brands in five areas
What are the 5 areas of sustainability that are considered?
- clean ingredients
- cruelty-free testing
- vegan formulations
- sustainable packaging
- positive impact
Innovation. Fast Thinking. A Texas Company Thriving in COVID.
Who: Magna Imperio Systems Corps. (MI Systems).
What steps did MI Systems take during COVID that led to growth?
- Required masks company wide before any orders in Texas
- Used science to electrolyze salt water when sanitizer was in short supply
Any other things that helped MI Systems? According to 2 Texas professors, Texas and specifically Houston are well poised thanks to diverse people.
Corporate Partnership for a Sustainable Shopping Bag
Who is partnering to solve the plastic bag dilemma? Closed Loop Partners’ Center for the Circular Economy (the group partnering with Starbucks & McDonald’s for a sustainable coffee cup) & CVS Health, Target, and Walmart, and joined by Kroger and Walgreens
The investment: $15 Million
The project: “Beyond the Bag Initiative.”
COVID Corporate Action Sparks Change.org Petition
COSTCO stopped selling large sheet cakes that are purchased for large parties so as to not contribute to large group gatherings.
Now, meet Sheet-cake activist Kelly Stross
Yes, sheet cake activist. Let that sink in for a moment- sheet.cake.activist.
GrubStreet | Costco Still Doesn’t Trust America With Its Sheet Cakes
Where is the gap in corporate social responsibility?
A new paper published in Global Affairs says corporate social responsibility in forestry, mining and textiles is missing this element: long term change
Suggestions to address long term change: more information for consumers to make choices, more information to corporations on where investments are helpful, and more input from government
PHYS.ORG | Corporate social responsibility practices often lack ‘on the ground’ change
New Polling on Gender Issues
Who: PEW Research
79% say it is VERY IMPORTANT to have gender equality
69% of non feminists say it is very important to have gender equality
66% of non-feminist Republicans say it is very important to have gender equality
Gen Z & Millenial Consumers. Businesses That Align with Communities.
70%+ of the population are members of Gen Z, Millenials, and Gen X.
55% of GenZ and Millenials participated in Black Live Matters Protests or Awareness.
75% of Millenials have changed their spending habits because of environmental issues.
63% of GenZs will buy from a company that contributes to social causes.
Of businesses, these consumers want businesses to “use authenticity and transparency to prove they are community-minded and socially responsible.”
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