I believe big institutions have unique potential to create change, and I believe that we as individuals have unique power to influence the direction that those institutions take.
Verujem da velike institucije imaju jedinstvenu mogućnost da dovedu do promene, i verujem da mi kao pojedinci imamo jedinstvenu moć da utičemo na pravac koji te institucije biraju.
Now, these beliefs did not come naturally to me, because trusting big institutions, not really part of my family legacy. My mother escaped North Korea when she was 10 years old. To do so, she had to elude every big institution in her life: repressive governments, occupying armies and even armed border patrols. Later, when she decided she wanted to emigrate to the United States, she had to defy an entire culture that said the girls would never be the best and brightest. Only because her name happens to sound like a boy's was she able to finagle her way into the government immigration exam to come to the United States.
Ova uverenja nisu mi bila prirodna jer verovanje velikim institucijama nije baš deo mog porodičnog nasleđa. Moja majka je pobegla iz Severne Koreje kada je imala 10 godina. Da bi to uradila, morala je da izbegne svaku veliku instituciju u svom životu: represivnu vladu, okupacionu vojsku, čak i naoružanu graničnu kontrolu. Kasnije, kada je odlučila da želi da emigrira u SAD, morala je da se suprostavi čitavoj kulturi koja kaže da devojčice nikada neće biti najbolje i najpametnije. Samo zato što njeno ime zvuči kao dečačko mogla je da izdejstvuje svoj put na vladin imigracioni ispit da dođe u Sjedinjene Države.
Because of her bravery and passion, I've had all the opportunities that she never did, and that has made my story so different. Instead of running away from big institutions, I've actually run toward them. I've had the chance over the course of my career to work for The Wall Street Journal, the White House and now one of the largest financial institutions in the world, where I lead sustainable investing.
Zbog njene hrabrosti i strasti, imala sam sve mogućnosti koje ona nikada nije, i zbog toga je moja priča tako drugačija. Umesto da bežim od velikih institucija, zapravo sam trčala ka njima. Imala sam priliku da tokom svoje karijere radim za Vol Strit Žurnal, Belu kuću, a sada jednu od najvećih finansijskih institucija na svetu, gde rukovodim održivim ulaganjem.
Now, these institutions are like tankers, and working inside of them, I've come to appreciate what large wakes they can leave, and I've become convinced that the institution of the global capital markets, the nearly 290 trillion dollars of stocks and bonds in the world, that that may be one of our most powerful forces for positive social change at our disposal, if we ask it to be.
Ove institucije su kao tankeri, i radeći u njihovom okviru, počela sam da cenim koliko velike tragove mogu da ostave, i postala sam ubeđena da institucija globalnog tržišta kapitala, skoro 290 biliona dolara akcija i obveznica u svetu, da to može biti jedna od naših najmoćnijih sila za pozitivne društvene promene kojima raspolažemo, ukoliko to tražimo.
Now, I know some of you are thinking, global capital markets, positive social change, not usually in the same sentence or even the same paragraph. I think many people think of the capital markets kind of like an ocean. It's a vast, impersonal, uncaring force of nature that is not affected by our wishes or desires. So the best that our little savings accounts or retirement accounts can do is to try to catch some waves in the good cycles and hope that we don't get inundated in the turbulent ones, but certainly our decisions on how to steer our little retirement accounts don't affect the tides, don't change the shape or size or direction of the waves.
Znam da neki od vas misle: globalno tržište kapitala, pozitivne društvene promene, nije obično u istoj rečenici, čak ni u istom pasusu. Mislim da mnogi ljudi misle o kapitalnim tržištima kao o okeanu. To je ogromna, bezlična, nemarna sila prirode na koju ne utiču naše želje ili čežnje. Dakle, najbolje što naši mali štedni računi ili penzioni računi mogu da urade je da pokušaju da uhvate neki talas u dobrim periodima i nadamo se da ne budemo potopljeni u onim turbulentnim, ali sigurno naše odluke o upravljanju našim malim računima ne utiču na talase, ne menjaju oblik, veličinu ili pravac talasa.
But why is that? Because actually, one third of this ocean of capital actually belongs to individuals like us, and most of the rest of the capital markets is controlled by the institutions that get their power and authority and their capital from us, as members, participants, beneficiaries, shareholders or citizens. So if we are the ultimate owners of the capital markets, why aren't we able to make our voices heard? Why can't we make some waves?
Međutim, zašto je tako? Jer, zapravo, jedna trećina ovog okeana kapitala u stvari pripada pojedincima kao što smo mi, i većina ostalih kapitalnih tržišta kontrolišu institucije koje dobijaju svoju moć, autoritet i kapital od nas, kao članova, učesnika, korisnika, akcionara ili građana. Dakle, ako smo mi konačni vlasnici tržišta kapitala, zašto se naš glas ne čuje? Zašto mi ne napravimo malo talasa?
So let me ask you a different question: did any of you buy fair trade coffee the last time you were at a supermarket or at Starbucks? OK. Do any of you go to the restaurant and order the sustainably farmed trout instead of the miso-glazed Chilean sea bass that you really wish you could have? Do any of you drive hybrid cars or even electric cars?
Dozvolite da vam postavim drugo pitanje: da li je neko od vas kupio kafu po poštenoj ceni poslednji put kada ste bili u supermarketu ili u Starbaksu? U redu. Da li iko od vas ide u restoran i naručuje pastrmku iz održivog uzgoja umeso čileanskog brancina sa miso glazurom kojeg ste zaista želeli da pojedete? Da li neko od vas vozi hibridni ili električni automobil?
So why do we do these things? Right? One electric car doesn't amount to much in a fleet of 1.2 billion combustion engine vehicles. One fish is just one fish in the sea. And one cup of coffee doesn't amount to a hill of beans in this crazy world. But we do these things because we believe they matter, that our actions add up, that our choices might influence others and collectively, what an impact we can have.
Dakle, zašto radimo ove stvari? Jedan električni auto ne predstavlja mnogo u gomili od 1,2 milijarde vozila sa motorom na sagorevanje. Jedna riba je samo jedna riba u moru. I jedna šolja kafe je od vrlo malog značaja u ovom ludom svetu. Ipak, mi radimo te stvari jer verujemo da je važno, da naši postupci imaju smisla, da naši izbori možda utiču na druge, i, zajednički, ko zna koliki uticaj možemo imati.
So, in my bag I have a coffee mug that I bought a couple of years ago. It's a reusable mug. It has all these things printed on it. Look at some of the things that are on it, that it says.
Tako, u mojoj torbi imam šolju za kafu koju sam kupila pre par godina. To je šolja za višekratnu upotrebu. Ima svašta štampano na sebi. Pogledajte neke od stvari koje su na njoj, šta piše.
"This one cup can be used again and again."
„Ova jedna šolja može da se koristi iznova i iznova.“
"This one cup may inspire others to use one too."
„Ova šolja može da inspiriše druge da takođe koriste jednu takvu.“
"This one cup helps save the planet." I had no idea this plastic cup was so powerful.
„Ova šolja pomaže da se spasi planeta.“ Nisam imala pojma da je ova plastična šolja tako moćna.
(Laughter)
(Smeh)
So why do we think that our choice of a four dollar shade-grown fair trade artisanal cup of coffee in a reusable mug matters, but what we do with 4,000 dollars in our investment account for our IRA doesn't? Why can't we tell the supermarket and the capital markets that we care, that we care about fair labor standards, that we care about sustainable production methods and about healthy communities? Why aren't we voting with our investment dollars, but we would vote with our lattes?
Dakle, zašto mislimo da je naš izbor šolje kafe od četiri dolara, poštene trgovine, zanatske proizvodnje u višekratnoj posudi važan, ali šta radimo sa 4 000 dolara na investicionom računu za naš penzioni plan nije važno? Zašto ne možemo da kažemo supermarketima i tržištu kapitala da nam je stalo, da nam je stalo do fer radnih standarda, da nam je stalo do održivih metoda proizvodnje i do zdravih zajednica? Zašto ne glasamo dolarima koje ulažemo, a glasali bismo našim kafama?
So I think it has something to do with the myths, the fables that we all carry around in our collective consciousness. Do you remember the Grimm's fairy tale about the magic porridge pot? If you said to the pot, "Boil, little pot, boil," it would fill up with sweet porridge. And if you said, "Stop, little pot, stop," it would stop. But if you got the words wrong, it wouldn't listen, and things could go terribly awry. So I think when it comes to markets, we have a little bit of a similar fable in our heads. We believe that the markets is this magic pot that obeys only one command: make more money. Only those words said exactly that way will make the pot fill up with gold. Add in some extra words like "protect the environment," the spell might not work. Put in the wrong words like "promote social justice," and you might see your gold coins shrink or even vanish entirely, according to this fable.
Tako da mislim da to ima veze sa našim mitovima, sa bajkama koje svi nosimo u našoj kolektivnoj svesti. Da li se sećate Grimove bajke o magičnom loncu kaše? Ako biste rekli loncu: „Kuvaj, lončiću, kuvaj“, ispunio bi se slatkom kašom. Ako biste rekli: „Stani, lončiću, stani“, stao bi. Ako biste izgovorili reči pogrešno, ne bi slušao, i stvari bi pošle užasno naopako. Tako da mislim da, kad je reč o tržištima, imamo pomalo sličnu bajku u glavi. Verujemo da je tržište magični lonac koji sluša samo jednu naredbu: napravi više novca. Samo te reči izgovorene tačno tako učiniće da se lonac napuni zlatom. Ako se doda još reči poput „zaštiti okolinu“, čarolija možda neće delovati. Stavljanje pogrešnih reči kao „podstakni društvenu pravdu“, i možda ćete videti kako vam se zlatnici smanjuju ili čak potpuno nestanu, prema ovoj bajci.
So we asked people, what do you really think? And we actually went out and polled a thousand individual investors, and we found something fascinating. Overwhelmingly, people wanted to add those extra words into the formula. 71 percent of people said yes, they were interested in sustainable investing, which we define as taking the best in class investment process that you already have traditionally and adding in the extra information you get when you think about the environment and society and good governance. 71 percent wanted that. 72 percent said that they believe that companies who did that would actually do better financially. So people really do believe that you can do well by doing good. But here was the weird thing: 54 percent of the people still said if they put their money in those kinds of stocks, they thought that they would make less money.
Tako smo pitali ljude šta zaista misle. Zapravo smo izašli i anketirali hiljadu pojedinačnih investitora, i otkrili smo nešto fascinantno. Velikom većinom, ljudi su želeli da unesu te dodatne reči u formulu. 71 procenat ljudi rekao je „da“, bili su zainteresovani za održivo ulaganje, koje definišemo kao uzimanje najboljeg procesa investiranja u klasi koji već imate tradicionalno i dodavanje informacija koje dobijete kada mislite na okolinu, društvo i dobru vladu. 71 procenat je to želeo. 72 procenta je reklo da veruju da kompanije koje bi to uradile bi zapravo bolje stajala finansijski. Dakle, ljudi zaista veruju da mogu biti dobro radeći dobro. Međutim, evo šta je čudno: 54 procenta ljudi je ipak reklo da, ako ulože novac u takve akcije, misle da bi zaradili manje novca.
So is it true? Do you get less sweet porridge if you invest in shade-grown coffee instead of drinking it? Well, you know, the investors in companies like Burt's Bees or Ben & Jerry's wouldn't say so. Right? Both of those started out as small, socially conscious companies that ended up becoming so popular with consumers that the giants Unilever and Clorox bought them for hundreds of millions of dollars each. But here's the important thing. Those corporations realized that if they wanted to protect the value of their investments, they had to preserve that socially conscious mission. If they didn't keep adding in those extra words of environmentally friendly and socially conscious, those brands wouldn't make more money.
Dakle, da li je ovo tačno? Da li dobijate manje slatke kaše ako uložite u kafu uzgajanu u hladu umesto da je popijete? Pa, znate, investitori u kompanijama poput „Bertove pčele“ ili „Ben i Džeri“ ne bi tako rekli. Zar ne? Obe su počele kao male, socijalno svesne kompanije koje su na kraju postale tako popularne kod kupaca da su ih giganti Juniliver i Kloroks kupili za stotine miliona dolara, pojedinačno. Evo važne stvari. Te korporacije su shvatile da, ako žele da zaštite vrednost svojih investicija, moraju da sačuvaju tu društveno svesnu misiju. Da nisu nastavili da unose te dodatne reči o ekološkoj i društvenoj svesti, ti brendovi ne bi zaradili više novca.
But maybe this is just the exception the proves the rule, right? The serious companies that fund our economy and that fund our retirements and that really make the world go round, they need to stick to making more money. So, Harvard Business School actually researched this, and they found something fascinating. If you had invested a dollar 20 years ago in a portfolio of companies that focused narrowly on making more money quarter by quarter, that one dollar would have grown to 14 dollars and 46 cents. That's not bad until you consider that if instead you'd invested that same dollar in a portfolio of companies that focused on growing their business and on the most important environmental and social issues, that one dollar would have grown to 28 dollars and 36 cents. almost twice as much sweet porridge.
Ipak, možda je ovo samo izuzetak koji potvrđuje pravilo, zar ne? Ozbiljne kompanije koje finansiraju našu ekonomiju i koje finansiraju naše penzije i koje zaista pokreću svet, moraju da se drže zarađivanja više novca. Harvardska škola za biznis zapravo je istraživala ovo, i otkrili su nešto fascinantno. Da ste uložili dolar pre 20 godina u portfelj kompanija koje su se usko fokusirale na zarađivanje više novca kvartal za kvartalom, taj jedan dolar narastao bi do 14 dolara i 46 centi. To nije loše dok ne uzmete u obzir da, ako umesto ulaganja tog istog dolara u portfelj kompanija koje su se fokusirale na razvoj svog biznisa i na najvažnije ekološke i društvene probleme, taj jedan dolar bi narastao do 28 dolara i 36 centi. skoro duplo više slatke kaše.
Now, let's be clear, they didn't make that outperformance by giving away money to seem like a nice corporate citizen. They did it by focusing on the things that matter to their business, like wasting less energy and water in their manufacturing processes; like making sure the CEO contracts had the CEOs incentivized for the long-term results of the company and the communities they served, not just quarterly results; or building a first class culture that would have higher employee loyalty, retention and productivity. Now, Harvard's not alone. Oxford also did a research study where they examined 120 different studies looking at the effect of sustainability and economic results, and they found time and time and time again that the companies that cared about these kinds of important things actually had better operational efficiency, lower cost of capital and better performance in their stock price.
Sad, budimo jasni, nisu preduzeli taj nadmoćni čin time što su dali novac da bi izgledali kao fini korporativni građani. Uradili su to fokusiranjem na stvari koje su važne njihovom biznisu, poput rasipanja manje energije i vode u procesu proizvodnje; pazeći da direktorski ugovori daju direktorima podsticaje u korist dugoročnih rezultata kompanije i zajednice kojoj služe, ne samo rezultata po kvartalu; ili pravljenja prvoklasne kulture koja bi imala veću lojalnost zaposlenih, retenciju i produktivnost. Harvard nije sam, Oksford je takođe sproveo istraživanje gde su pregledali 120 različitih studija tražeći efekte održivosti i ekonomskih rezultata, i iznova i iznova su nalazili da su kompanije koje su brinule o ovakvim važnim stvarima zapravo imale bolju operativnu efikasnost, manji trošak kapitala i bolji učinak u pogledu cena svojih akcija.
And then there's Al Gore. So 20 years ago, when I worked for Al Gore in the White House, he was one of the early pioneers pleading with businesses and governments to pay attention to the challenges of climate change. Post-White House, he opened an investment firm called Generation, where he baked environmental sustainability and other things right into the core investment process. And at the time there was a good bit of skepticism about his views. Ten years later, his track record is one more proof point that sustainable investing done right can be sound investing. Far from making less sweet porridge because he added sustainability into the mix, he actually significantly outperformed the benchmark.
Zatim, tu je i Al Gor. Pre 20 godina, kada sam radila za Ala Gora u Beloj kući, on je bio jedan od pionira koji je molio preduzeća i vladu da obrate pažnju na izazove klimatskih promena. Nakon Bele kuće, otvorio je firmu za investicije pod imenom Generacija, gde je uneo ekološku održivost i druge stvari pravo u srž procesa investiranja. U to vreme bilo je dosta skepticizma u pogledu njegovih stavova. Deset godina kasnije, njegov učinak je jedna u nizu stvari koje dokazuju da održivo ulaganje na pravi način može biti ispravno ulaganje. Daleko od toga da je napravio manje kaše zato što je dodao održivost u kombinaciju, zapravo je značajno unapredio standard.
Now, sustainable investing, the good news is it doesn't require a magic spell and it doesn't require some investment secret, and it's not just for the elite. It is not just about private equity for billionaires. It's not just groovy-sounding investments like clean technology or microfinance in emerging markets or artisanal bakeries in Brooklyn. It's about stocks and bonds and Fortune 500 companies. It's about mutual funds. It's about all the things we already see in the market today.
Održivo ulaganje, dobra vest je da ne zahteva čaroliju i ne zahteva nekakve tajne ulaganja, i nije samo za elitu. Ne radi se samo o privatnom ulaganju za milijardere. To nisu samo ulaganja koja zvuče divno poput čiste tehnologije ili mikrofinansija u novim tržištima ili zanatskim pekarama u Bruklinu. Radi se o akcijama i obveznicama i Fortune 500 kompanijama, o zajedničkim fondovima, o svim stvarima koje već vidimo na tržištu danas.
So here's why I'm convinced that we collectively have the power to make sustainable investing the new normal.
Dakle, evo zašto sam ubeđena da zajedno imamo moć da učinimo održivo ulaganje novim normalnim stanjem.
First, the proof points are coming out all the time that sustainable investing done right, preserving all the same good principles of investing, the traditional sphere, can pay. It makes sense.
Prvo, dokazi se stalno pojavljuju da ispravno održivo ulaganje, uz očuvanje istih dobrih principa ulaganja, tradicionalnog delokruga, može da se isplati. To ima smisla.
Secondly, the biggest obstacle standing in our way may actually just be in our heads. We just need to let go of that myth that if you add your values into your investment thinking, that you get less sweet porridge. And once you get rid of the fable, you can actually start appreciating those facts we've been talking about.
Drugo, najveća prepreka koja nam stoji na putu možda je zapravo samo u našim glavama. Samo moramo da zaboravimo na mit da, ako dodaš svoje vrednosti u svoje razmišljanje o ulaganju, da dobijaš manje slatke kaše. Jednom kada se rešite bajke, zapravo možete da počnete da uvažavate one činjenice o kojima smo pričali.
And third, the future is already here. Sustainable investment today is a 20 trillion dollar market and it's the fastest-growing segment of the investment industry. In the United States, it has grown enormously, as you can see. It now represents one out of every six dollars under professional management in the United States.
I treće, budućnost je već ovde. Održivo ulaganje danas je 20 biliona dolara vredno tržište i najbrže rastući segment industrije investiranja. U Sjedinjenim Državama, veoma se razvilo, kao što vidite. Danas čini jedan od šest dolara profesionalnog menadžmenta u Sjedinjenim Državama.
So what are we waiting for? For me, it goes back to the inspiration that I received from my mother. She knew that she wanted a life where she would have the freedom to make her own choices and to have her voice heard and write her own story. She was passionate about that goal and she was clear that she would let no army, no obstacle, no big institution stand in her way. She made it to the States, and she became a teacher, an award-winning author and a mother, and ended up sending her daughters to Harvard. And these days, you can tell that she is amply comfortable holding court in the most powerful institutions in the world. It seems almost too prophetic that her name in Korean means "passionate clarity."
Pa, šta čekamo? Za mene, to podrazumeva vraćanje na inspiraciju koju sam dobila od majke. Znala je da želi život gde će imati slobodu da donosi svoje odluke, da se njen glas čuje i da piše svoju sopstvenu priču. Bila je vođena strašću ka tom cilju i bilo joj je jasno da neće dozvoliti da joj vojska, prepreke i velike institucije stanu na put. Dospela je u Sjedinjene Države, i postala je nastavnik, nagrađivan autor i majka, i na kraju je poslala svoje ćerke na Harvard. U poslednje vreme, može se reći da joj je prilično ugodno dok zaseda u najmoćnijim institucijama na svetu. Deluje skoro kao proročanstvo što njeno ime na koreanskom znači „strastvena jasnoća“.
Passionate clarity: that's what I think we need to drive change. Passion about the change we want to see in the world, and clarity that we are able to help chart the course. We have more opportunity today than ever before to make choices. We have more power than ever before to make our voices heard.
Strastvena jasnoća: to je ono što mislim da nam treba da započnemo promenu. Strastveni u vezi sa promenama koje želimo da vidimo u svetu, i jasnoća da smo sposobni da pomognemo da se zacrta put. Danas imamo više mogućnosti nego ikada pre da donosimo odluke. Imamo više moći nego ikada da učinimo da nam se glas čuje.
So change your perspective. Vote with your small change. Invest in the change you want to see in the world. Change the fables and change the markets.
Dakle, promenite svoju perspektivu. Glasajte svojom malom promenom. Uložite u promene koje želite da vidite u svetu. Promenite bajke i promenite tržište.
Thank you.
Hvala.
(Applause)
(Aplauz)