Two days ago Laurence D. Fink, the CEO of BlackRock, one of the most influential investors in the world, sent a letter to the CEOs of the world’s largest companies, informing them that if their companies do not positively contribute to society, BlackRock will not provide financing anymore.
I believe this is less a “watershed moment” than a slowly and steadily brewing storm: Making money is just not good enough anymore. We expect companies to do more and do better – building what matters and taking ownership and responsibility for the effect they are having in the world.
Some may see this as an additional “cost” they will need to factor into their business, a distraction and maybe even a burden. I see a massive opportunity for all of us who are doing the right thing. You will be able to compete asymmetrically with companies many times your size or status but who just can’t wrap their heads around doing good.
As the old saying goes: Do well by doing good. Now is the time.
P.S. Huge shoutout to Brian Mohr, co-curator of the Conscious Capitalism CEO Conference for sending me the letter from Mr. Fink.