Zobel joins group backed by Pope Francis in quest for ‘inclusive capitalism’

Social media announcement of the Council for Inclusive Capitalism with the backing of Pope Francis shows tycoon Jaime Augusto Zobel (below), who has joined the group for a mission to bring a more humane form of capitalism. CONTRIBUTED PHOTO

MANILA, Philippines—Tycoon Jaime Augusto Zobel de Ayala has debuted in Vatican-led Council for Inclusive Capitalism, a select pool of leaders who have committed to create a more inclusive, sustainable, and trusted form of capitalism.

The country’s oldest conglomerate Ayala Corp., which Zobel chairs, is the first business group from the Philippines to be represented in the council, a “historic collaboration of chief executive officers (CEOs) and global leaders.”

The council is getting moral guidance from Pope Francis and the Vatican through Cardinal Peter Turkson, of the Dicastery for Promoting Integral Human Development. It serves as a forum for interaction and sharing best practices, and a core group of “guardians” of inclusive capitalism.

Launched in December 2020, the mission of the council is to harness the private sector to build a “more trusted, fair, responsible, dynamic, and sustainable economic system that addresses the needs of people and planet.”

The guardians included leaders of the United Nations, Ford Foundation, Rockefeller Foundation, Bank of America, Ernst & Young, and Mastercard, among others.

“I am thrilled to welcome these new members as they take the necessary actions to ensure a better future for us all,” said Meredith Sumpter, CEO of the Council for Inclusive Capitalism. “Whether you are a small-town grocer, or a CEO of a global corporation, we all have a role to play to build more inclusive economies and societies.”

Zobel is among 17 new stewards of the council which brings together business and investment leaders from around the world working to “change capitalism for good” via measurable public commitments toward more inclusive and sustainable practices.

“All of us who thrive on the success of capitalism need to have a sense of responsibility and empathy to counteract the forces of inequity that the system also creates,” Zobel said.

“We need to collectively harness our resources, ingenuity, and energy to align our institutions to the broader, progressive development goals of humanity, in general, and our host communities,” Zobel said.

Upon joining, members commit their organizations to measurable and meaningful acts to create equality of opportunity, equitable outcomes, and fairness across generations and to those whose circumstances prevent them from full participation in the economy.

“I believe that no challenge is insurmountable if we harness our collective ingenuity and energy, most especially when we are driven by a shared commitment to make a meaningful difference in the lives of people; and the future of our children and our planet,” Zobel said.

“The Council for Inclusive Capitalism is an excellent coalition to push this agenda forward, and I am committed to contribute and to learn,” Zobel added.

TSB