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Vatican joins Moynihan and Benioff to push for equality

(Bloomberg) – The Vatican said it will join Brian Moynihan of Bank of America Corp., Marc Benioff of Inc and 25 other leaders in an effort to create “a more equitable and sustainable economic system.” Inclusive Capitalism with the Vatican is made up of executives who collectively run companies that employ 200 million workers in 163 countries. The group will meet annually with Pope Francis and Cardinal Peter Turkson, who oversees the Vatican Dicastery to promote integral human development, according to a statement released Tuesday. “An economic system that is just, trustworthy and capable is urgently needed. to address the most profound challenges facing humanity and our planet, ”the Pope said in the statement. The newly created council will take on the challenge “of finding ways to make capitalism become a more inclusive instrument for holistic human well-being,” he said. Despite global economic growth in recent decades, business leaders have been slow to address widespread disparities in terms of wealth, race and gender. Under pressure from shareholders, customers and employees, they have begun to confront these inequalities. For example, BlackRock Inc., the world’s largest asset manager, has called sustainability an investment priority, while Citigroup Inc. has pledged to spend $ 1 billion to help narrow the racial income gap. And last year, the Business Roundtable, representing some of America’s largest corporations, said that companies should consider all stakeholders, not just generate profits for themselves and investors. Vatican councils include BP Plc CEO Bernard Looney; William Lauder of Estee Lauder Cos .; the CEO of Visa Inc., Alfred Kelly; Fiona Ma, California State Treasurer; and Mark Carney, former Governor of the Bank of England. Company leaders, ranging from Mastercard Inc. and Johnson & Johnson to organizations like the Rockefeller and Ford foundations, will also serve on the council. Marcie Frost, executive director of the California Public Employees Retirement System, compares the council to the job. carried out by Climate Action 100+, an initiative that seeks to put pressure on the world’s biggest polluters. He said the council will hold companies accountable for their public commitments on everything from racial diversity to reducing carbon emissions. “Being aspirational doesn’t mean much over time,” Frost said in a telephone interview. “We want to make sure that companies meet specific commitments,” he said, adding that data is vital to holding companies accountable and achieving their goals. Original Note: Vatican Joins Moynihan, Benioff to Push for Economic EqualityFor more articles like this, Please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source. © 2020 Bloomberg LP

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