Equity Group Holdings Plc Managing Director and CEO James Mwangi has joined a league of 14 global CEOs who have committed to champion cross-sector collaboration in the creation of a purpose-first economy.
Dr. Mwangi joined the CEOs of Mastercard, Fortune Media, Mahindra, Interface, Voyager, Danone, DSM, Philips, L’Oréal, International Chamber of Commerce, Ketchum PR, Natura & Co. and Beiersdorf .
The global corporate leaders represent a combined annual revenue of over $100 billion and a combined global workforce of over 500,000.
They have proposed a roadmap to “build the economic system better,” after COVID-19, rather than simply “building it back.”
In a global call to action, the letter signed by the CEOs outlines their vision for a new global economy that is more equal, inclusive and sustainable; an economy that is more resilient in the face of pandemics, climate change and many other global challenges that the world is facing.
The CEOs’ open letter has been endorsed by the UN Secretary General António Guterres, UNICEF Executive Director Henrietta Fore, and OECD Development Co-operation Director Jorge Moreira da Silva, among others.
“Rather than ’build it back’, we are choosing to ’build it better’,” states the joint signatories in the commitment letter.
They have also called on global leaders to join them, “We commit to playing our role in supporting the growth of the purpose-first economy and we urge you to join us.”
The letter says that purpose-first enterprises will constitute the fourth economy at the intersection of the three traditional economies: the private, public and non-profit sectors.
In signing the letter, Dr. Mwangi stated that, “The current state of the world economy, as evidenced by the inequality revealed by the COVID-19 pandemic, has left business leaders with only one choice.
The choice to recognize that the world system only works for a few and not the majority of the world’s population.
‘’This demonstrates that the economic and social system we have relied on is broken. We must, as a cohesive stakeholder community of leaders, address this inequality and serve humanity in a more productive and concerted way,” the letter said.