The Council for Inclusive Capitalism starts partnership with the Vatican

The Council for Inclusive Capitalism launched a partnership with the Vatican on Tuesday, saying it would be "under the moral leadership" of Pope Francis.

The board is made up of global corporations and organizations that share a mission to “harness the private sector to create a more inclusive, sustainable and trusted economic system,” according to its website.

Members include the Ford Foundation, Johnson & Johnson, Mastercard, Bank of America, the Rockefeller Foundation, and Merck.

According to a press release from the Council, the partnership with the Vatican "indicates the urgency to unite moral and market imperatives to reform capitalism into a powerful force for the good of humanity."

Pope Francis met members of the organization at the Vatican last year. With the new partnership, the 27 leading members, called "guardians", will continue to meet every year with Pope Francis and Cardinal Peter Turkson, Prefect of the Dicastery for Promoting Integral Human Development.

Francis encouraged the Council last year to revamp existing economic models to be fair, reliable and capable of extending opportunities to all.

"An inclusive capitalism that leaves no one behind, that does not reject any of our brothers or sisters, is a noble aspiration," Pope Francis said on November 11, 2019.

Members of the Council for Inclusive Capitalism publicly pledge to “advance inclusive capitalism” in and beyond their companies through grants that promote various issues, including environmental sustainability and gender equality.

The Vatican partnership places the group "under the moral leadership" of Pope Francis and Cardinal Turkson, reads a statement.

Lynn Forester de Rothschild, founder of the board and managing partner of Inclusive Capital Partners, said that “capitalism has created enormous global prosperity, but it has also left too many people behind, led to the degradation of our planet and is not widely trusted. from society . "

"This Council will follow Pope Francis' warning to listen to 'the cry of the earth and the cry of the poor' and respond to society's demands for a more equitable and sustainable model of growth".

On its website, the Council sets out “guiding principles” for its activities.

“We believe inclusive capitalism is fundamentally about creating long-term value for all stakeholders: companies, investors, employees, customers, governments, communities and the planet,” he says.

To do this, he continues, members are “guided by an approach” that provides “equal opportunities for all people… equitable results for those who have the same opportunities and take them in the same way; equity between generations so that one generation does not overload the planet or realize short-term benefits that involve long-term costs at the expense of future generations; and fairness towards those in society whose circumstances prevent them from fully participating in the economy “.

Last year the pope warned entrepreneurs that "an economic system disconnected from ethical concerns" leads to a "disposable" culture of consumption and waste.

"When we recognize the moral dimension of economic life, which is one of the many aspects of Catholic social doctrine to be fully respected, we are able to act with fraternal charity, desiring, seeking and protecting the good of others and their integral development," He has explained.

“As my predecessor Saint Paul VI reminded us, authentic development cannot be limited to economic growth alone, but must favor the growth of each person and of the whole person,” said Francis. "This means much more than balancing budgets, improving infrastructure or offering a wider variety of consumer goods."

"What is needed is a fundamental renewal of hearts and minds so that the human person can always be placed at the center of social, cultural and economic life".