Blackrock CEO Larry Fink wrote a letter this year that shook the business world. Fink, CEO of one of the most influential investment management companies in the world, urged CEOs around the world to take responsibility and action for their company’s social impact.
“Society is demanding that companies, both public and private, serve a social purpose,” Fink wrote. “To prosper over time, every company must not only deliver financial performance, but also show how it makes a positive contribution to society. Companies must benefit all of their stakeholders, including shareholders, employees, customers, and the communities in which they operate.”
Both public and private companies should serve a social purpose. But can they, should they, be expected to do this on their own? Social impact does not exist in a vacuum. If we’re to overcome ongoing socio-economic and political crises, it’s going to take a unified approach. A brighter future for humanity is going to require collaboration – between individuals, and between sectors.