This is a post from Y Scouts president and co-Founder, Brian Mohr.
I remember when we started Y Scouts. Most people thought we were crazy. Attempting to align leaders and companies based on purpose and values; what a crock of airy-fairy bullshit. Well, it’s been almost six years since we started this crazy journey and the latest social proof coming from the unlikeliest of sources has us all giddy inside.
Larry Fink, the CEO of BlackRock, one of the largest investment management firms in the world, sent a letter to the business leaders within their portfolio letting them know that they must not only generate profits but also deliver a positive contribution to society. In the letter, Fink states, “To prosper over time, every company must not only deliver financial performance but also show how it makes a positive contribution to society”.
Whether or not Fink and his team will hold true to their position in the long term is yet to be seen. But, one thing is for certain, the groundswell of a more conscious approach to capitalism which has been building over the past several years is finally reaching the attention of those who have the ability to influence a tectonic shift in the way we think about profit and purpose.
Being a gambling kind of guy, I’m doubling down on the importance of choosing leaders who not only have measurable proof of delivering results, but also those who do so in a way that improves the lives of all their stakeholders, not just their shareholders. And, a special invitation to Mr. Fink: You are welcome anytime as a guest on the Built on Purpose podcast!