Of worthy note, the gravitas of 183 corporate signatures on the August 2019 US Business Roundtable revised “Statement on the Purpose of a Corporation” changes the game! Shareholder value creation and Social Purpose appear to be at parity. U.S. Senator Warren’s 2018 Accountable Capitalism Act may be an early indicator of what is to come.
The tectonic shift to include Social Purpose is now a boardroom risk. Yesterday’s framework for boardroom governance – unquestioned shareholder pre-eminence — has become today’s emerging risk or potentially, a competitive advantage.
Evidence is growing that an organization’s duty to society will become at least as important as its duty to shareholders. Relying solely on shareholder pre-eminence may inadvertently create brand risk by ignoring the societal context.
The impetus to go beyond today’s corporate sustainability benchmarks is strong (CSR – ESG – TSI – TSR).
*October 2018 Edelman study
Old model “Corporate Social Responsibility” and the new world of Social Purpose is like buying a ticket to a play versus acting in it.
Social purpose companies take actionable overt steps to be part of the long-term solution/fix – by partnering and applying business insights to complex societal issues. As corporations consider Social Purpose, tackling the root cause of a problem rather than simply funding its symptoms – brings optimal societal benefit (and capital efficiency).
To help organizations consider ‘acting’ in a Social Purpose role – with a view to making meaningful and transparent progress on a societal ill. Goodman Sustainability will be the global thought leader for Social Purpose: what is it and how to measure it.
By 2030, all major global organizations declare their social purpose metrics alongside shareholder value creation.
Our expertise in managing corporate societal challenges — as well as complex not-for-profit policy challenges — has had wide-reaching impact. Our guiding principles help define this impact.
We enable organizational and board governance discussions regarding the management of societal risk.
Practical templates for understanding how your organization can think about risk and the imperative for this dual agenda consideration.
Court a willingness to collaborate with authenticity without undermining an organizational value creation agenda — setting the tone from the top down.
Encouraging organizations to embed societal purpose into their entire corporate structure and board governance model.
One issue, one line of site to advocate with government (relatively easy to resolve).
Multiple stakeholders who don’t agree. High need to manage a consensus approach along with cohesive new metrics (complex to resolve but possible).
One complex issue with a non-consensus future state, non-consensus solution, metric, or agreement about who the legitimate stakeholders are (no clear resolution example, although meaningful progress is possible).
We help organizations ensure their mission, vision, and governance model all have a clear line of site to both the shareholder and societal pre-eminence lens.
Faith Goodman has a history of building authentic and collaborative formal alliances with First Nations and Metis communities in Manitoba, Canada. As Founder of Until The Last Child, her innovation work is profiled at untilthelastchild.com
Canada is a world-leading climate policy jurisdiction. Each Canadian province has taken a “boutique policy approach” for energy and climate policy matters – in addition to that of the federal government. This jurisdictional complexity remains a challenge for organizations. Our well positioned expertise to navigate discussions on low carbon fuels and LFE emissions remains current.
Social Impact Bonds – an emerging field globally. This innovation allows for public/private partnerships to tackle costly and complex social policy issues by leveraging new sources of funding. Faith Goodman has been a pioneer in partnering with stakeholders on Canada’s first Social Impact Bond for child welfare.
We have over a decade of experience with Solomon and Associates’ Complexity-Weighted Barrel benchmark model, currently used throughout Europe, California, Alberta, Ontario and the Canadian Federal Government. This model allows energy-intensive trade-exposed entities to credibly understand and measure progress against a global facility population of similar type.
We speak to groups and present at conferences.
We provide training – developing stakeholder relations strategy and building strong alliances. We understand the levers necessary to find common ground with diverse stakeholders.
Veristell is an emerging global adjudicating entity holding organizations accountable to a transparent and quantifiable agenda of societal contribution. Any organization can apply to become a Gold, Silver, or Bronze Veristell Accredited Organization.
Faith is the CEO of Goodman Sustainability Group focused on helping organizations deliver their CSR, ESG and Social Purpose strategies.
The firm is also the inaugural partner of the Global Social Purpose Council – bringing together the world’s leading voices on Social Purpose. She has 35 years of operations experience in the energy sector including 10 years of managing global climate change policy matters and government relations. In addition, as Founder of an award-winning registered pan Canadian Child Welfare Charity, Faith understands the multi-faceted CSR/ESG and Social Purpose challenges facing Boards. Faith has deftly helped Boards navigate these emerging risks (www.untilthelastchild.com). Her deep knowledge of social finance models further cements her CSR/ESG – Social Purpose credentials.
Faith’s framework for social policy innovation (government and business partnerships) has yielded instructive and positive lessons learned. Her specific expertise includes Indigenous community partnerships; provincial partnerships; energy sector commercial sales and infrastructure management (pipelines, trucking, marine, rail); futures trading; joint-venture management (bio-fuels; and transportation fuels, electricity, natural gas). In addition, Faith has also delivered presentations on low-carbon fuels, climate change policy, biofuels and Social Purpose to conferences in Canada and the US.
Faith’s track record of success in the for profit and not-for-profit sectors speaks to her confirmed status as a trusted strategic advisor and a thought leader with high integrity. Her award-winning sustainability performance and high caliber consensus building with Industry, Government and diverse Stakeholders is also recognized.
Social Purpose determination for each organization is a diverse and unique exercise and “one size does not fit all” in terms of strategy and necessary third-party support to implement. Goodman Sustainability Group has proven expertise in tailoring the client organizational need with specific and relevant consulting support.