A few years ago, all the developed countries in the world -- the wealthier ones -- and all of the charities together donated about 200 billion dollars to developing countries in the world -- the ones that bear most of the burden, the heaviest burden of the world's biggest problems: poverty, hunger, climate change and inequality. That same year, businesses invested in those same countries 3.7 trillion dollars.
几年前, 所有发达国家—— 那些比较富裕的国家—— 还有所有慈善机构, 总共捐款两千亿美元 帮助发展中国家—— 这些国家拥有沉重的负担, 面临世界上最艰难的种种问题, 贫困,饥饿,气候变化以及不平等。 就在同一年, 还是这些国家, 收到了 3.7 万亿美元的商业投资。
Now, I get to travel a lot in my work and I'm privileged to see the amazing things that NGOs and some governments are doing with some of that 200 billion dollars: helping malnourished children or families that don't have access to clean water, children who wouldn't be educated otherwise. But it's not enough because the biggest problems in our world need trillions not just billions. So if we're going to make lasting and significant progress in the big challenges in our world, we need business, both the companies and the investors, to drive the solutions.
我因工作需要经常出差, 我有幸看到 许多非政府组织以及政府 善用那两千亿美元: 帮助营养不良的儿童, 无法获取干净水源的家庭 和无法接受教育的孩子们。 然而这还远远不够, 因为那些最艰巨的问题 需要万亿级的资金, 否则是不够的。 要想在应对这些巨大挑战时 实现长期且显著的进步, 我们需要商业, 需要公司和投资者 共同找到解决办法。
So let's talk about what business should do. And when I say that, you probably think that I'm going to talk about corporate philanthropy or corporate social responsibility. CSR is the norm today, and it's very useful. It provides a route for corporate generosity and that generosity is important to many corporations' employees and customers. But you know what? It's just not big enough, or strong enough, or durable enough to drive solutions to the biggest problems in our world today because it's incremental cost. Even when business is booming, CSR just isn't designed to scale. And then of course in a downturn, it's one of the first programs to be cut. So no, CSR -- corporate social responsibility -- isn't the answer, but TSI -- total societal impact, is.
那么我们来谈谈商业应该扮演的角色。 我说到商业时, 大家可能以为我要说的是企业慈善 或企业社会责任 (CSR)。 CSR 如今已经很主流了, 它的确很有用。 它为企业施展慷慨提供了机会, 这对许多企业的员工和客户来说 非常重要。 但是, CSR 规模不够大, 不够有力, 不够持久, 并不能解决当今世界的艰巨问题, 因为 CSR 是增量成本。 就算在企业业绩可观的情况下, CSR 也无法扩大规模, 更不用说在企业运营不佳的情况下, CSR 是最先被裁掉的项目之一。 所以说, CSR—— 即企业社会责任, 不是我们要找的答案, 而 TSI—— 整体社会影响,才是。
TSI is the sum of all of the ways business can affect society by doing the real work: thinking about their supply chains, working on their product design and manufacturing processes and their distribution. The real work of business, when done with innovation, can actually create core business benefits for the company and it can solve the meaningful problems in our world today.
TSI 包括了商界影响社会的 各种途径, 这是通过实干做到的: 关注它们的供应链, 改善产品设计,优化生产流程 和分销。 企业的本职工作 如果能以革新的方法完成, 可以为该企业创造核心商业效益, 并且可以解决 我们当今世界的重要问题。
So what does TSI look like? Focusing on TSI means incorporating social and environmental considerations. And you know what? It's something that isn't completely new. It's been thought about for a while. But the hard part is that corporations almost exclusively still think about something called TSR: total shareholder returns. But TSI -- total societal impact -- needs to stand alongside TSR as an important and valid driver of corporate strategy and corporate decision-making. And we've got the data to show you why and how.
TSI 到底是怎么一回事呢? 专注于 TSI 意味着 将社会与环境因素纳入考量。 而且, 这并不是一个全新的想法, 它其实已经存在一段时间了。 但问题在于, 各大企业还是几乎只想着 一个叫 TSR 的概念: 即 股东总回报。 但是 TSI —— 即整体社会影响—— 应与 TSR 一起 成为决定企业战略和决策的 重要因素。 有数据可以证明 为什么如此和怎样做到。
Some companies are already making this happen. They're beginning to make it happen. So let me tell you the story about Mars. Mars is the sixth-largest private company in the United States. If you're like me, they make some important products, like coffee and chocolate. So not surprisingly, one of their most important ingredients is cocoa. And some of their competitors are actually really worried about the sustainability and the availability of cocoa supplies. But not Mars. They're confident in the stable supply of that crop for the long term. And why is that? It's because they partner with NGOs around the world that are working with small shareholder farmers. And those certification agency's NGOs are working to help farmers improve crop yields, they're making sure that they get a fair, premium, livable wage and they're helping them address any human rights potential issues in supply chains, and they're helping minimize the effects on the environment, like deforestation. Mars is on a path to 100 percent certified cocoa, so this is a good program for farming communities, it's a good program for the environment, and it's a good program for Mars, who has solved a significant risk in their supply chain.
有的公司已经在这样做了。 他们正在采取行动。 我们来说说玛氏食品。 玛氏食品是美国第六大私有公司。 如果你和我一样, 会觉得玛氏食品 生产了很多重要产品, 比如说咖啡和巧克力。 理所当然的, 他们最重要的原材料之一就是可可。 一些玛氏食品的竞争对手非常担心 可可供应的可持续性。 而玛氏食品则不同, 他们有信心拥有 长期且稳定的可可供应。 为什么呢? 因为他们与世界各地 跟小股东农民打交道 的非政府组织合作。 那些验证机构验证过的非政府组织 努力帮助农民提高产量, 确保他们有公平、合理、足够的收入, 并且帮他们解决在供应链中 潜在的人权问题, 同时帮助减小对环境的影响, 比如乱砍滥伐。 玛氏正朝着 100% 认证的可可努力, 所以说这个项目有利于种植者, 有利于环境, 也有利于玛氏自己, 因为他们解决了 供应链方面的一大风险。
But now let's get to the data, because it's actually really awesome. And let me explain exactly what the data points I'm going to talk about are. When analysts and financial people look at companies, they think about a lot of different statistics. I want to talk about two of the most important ones. I'm going to talk about the overall value of a company -- its valuation -- and I'm going to talk about its margin. Basically the difference between all of its earnings and all of its costs.
现在我们就来让数据说话, 因为数据展示了非常鼓舞人心的信息。 我来解释一下, 我所谓的数据到底指什么。 分析师与金融人士谈到公司的时候, 他们想的是许多不同的数据。 我想说说这其中最重要的两个。 一个是公司整体的价值, 即公司估价—— 另一个是利润率。 简单来说就是 所有收入和所有成本 的差值。
So in our study, we looked at oil and gas companies, and the oil and gas companies that are performing most strongly on TSI -- total societal impact -- see a 19 percent premium on their valuation. 19 percent. When they do really well on things like minimizing the impact of their company on the environment and water, and when they have very strong occupational health and safety programs. And when they also add in strong employee training programs, they get a 3.4 percentage point premium on their margins.
我们的研究 着眼于石油和天然气公司, 具体来说, 那些在 TSI,也就是 整体社会影响方面 表现最出众的公司, 有 19% 的估值溢价。 没错,19%。 当公司在有些方面 做得特别好时,比如减少公司 对环境和水资源的影响, 有强有力的工作相关 的健康与安全项目, 或者有坚实的员工培训机制, 会有 3.4 个百分点的利润溢价。
But what about other industries? Biopharmaceutical companies that are the strongest performers on TSI see a 12 percent premium on their valuation. And then if they're best at expanded access to medicines -- making medicines available for the people who need them -- they see a 6.7 percentage point premium on their gross margins.
其他产业又是怎么样的呢? TSI 做得最好的生物制药公司 估值溢价达 12%。 如果在拓宽获得药物 的途径方面做得好, 也就是让那些 最需要药物的人有药可吃, 便会有 6.7 个百分点的利润增长溢价。
For the retail banks that are strongest on TSI, they see a three percentage point premium on their valuation, and then for those that differentially provide financial inclusion -- access to financial products for people who need it -- they see a 0.5 percentage point premium in their net income margin. Now, these numbers for banks may not seem very big, but in highly competitive industries, even really small differences in margin matter a lot.
表现好的零售银行, 有 3 个百分点的估值溢价, 那些特别为增强金融包容性, 也就是为真正需要的人 提供金融产品的公司, 净利润率溢价有 0.5 个百分点。 对于银行来说,这些数字可能 听上去不算什么, 但在竞争高度激烈的产业, 利润率的一点点差别 也有很大的影响。
Now, what about those consumer goods companies -- the ones who make those products we love like coffee and chocolate? Consumer goods companies that perform best on total societal impact see an 11 percent valuation premium. And then if they do those smart things with their supply chain -- inclusive and responsibly sourcing their product -- they see a 4.8 percentage point premium on their gross margins. These numbers are significant. We've long known that things like fundamental financials, growth rates and financial risks are key drivers of valuation, but this rigorous analysis shows that social and environmental factors -- total societal impact measures -- are also linked to valuations and margins. Wow. All else equal -- we didn't confuse the analysis with anything. All else being equal, companies that perform strongly on social and environmental areas achieve higher margins and higher valuations.
消费品公司的情况又是怎样的呢? 生产人们喜爱的咖啡 和巧克力等产品的公司呢? 在整体社会影响力方面 表现最好的消费品公司 估值溢价有11%。 如果在供应链方面做得好—— 寻找原材料时具有包容性和责任感, 便有 4.8 个百分点的增长率。 这些数字是意义非凡的。 一直以来我们都知道 基本财务状况, 增长率,财务风险等因素 是决定公司估值的关键因素, 但这份严谨细致的分析显示, 社会与环境因素—— 即整体社会影响的衡量因素—— 也与估值和利润率息息相关。 哇。 保持其他因素相同—— 这份分析排除了其他任何干扰因素。 在其他因素相同的情况下, 在社会与环境方面表现好的公司 拥有更高的利润率 和更高的估值。
Now, I do understand that companies are under a lot of short-term earnings pressures. But fortunately, the investors who create some of this pressure are actually more and more themselves starting to think longer-term and starting to think with this TSI lens. In our conversations and surveys with investors, 75 percent of them say they expect to see improved revenues and improved operating efficiency for companies that are thinking with a TSI lens. And they're actually starting to incorporate this in their own investing behavior. Last year, 23 trillion in global assets were in the category of socially responsible investing. Now, that's five billion over just the last two years. And it represents a quarter of the total global assets managed in the world.
当然,我也清楚, 公司也都面临许多短期利润的压力。 不过幸运的是, 制造这种短期压力的投资者 已经逐渐开始以长期视角 和 TSI 视角开始思考问题。 通过对投资者进行的采访 与调查问卷我们发现, 有 75% 说他们认为 以 TSI 视角考虑问题的公司 会出现利润增长 和运作效率的提高。 其实他们已经开始秉持这个理念 进行投资。 去年, 全球资产中的 23 万亿 属于社会责任感投资这一类别。 在过去的仅仅两年里是五十亿, 代表了全球资产的四分之一。
I know that some of you may be cringing a little bit right now. Because in my decades of strategy consulting with businesses and NGOs and governments around the world, I find that many businesspeople are hesitant to talk or even sometimes think about the business benefits of doing good. They somehow think it's going to negate the value of the benefits they're creating for society. Or that they'll be perceived as heartless or even mercenary. But we really do need to think differently. We need to think differently because the only way we're going to make substantial progress on the challenging problems of our time is for business to drive the solutions.
在座的有些人可能有点坐立不安。 因为在我几十年的战略咨询中, 不管是世界各地的企业、 非政府组织还是政府, 许多商人 都不太愿意讨论,甚至不愿想想 做好事的商业价值。 他们会觉得这样会 丧失掉本来为社会创造的价值 或者会被认为是无良商人。 但我们的确需要换个思考方式了。 我们需要变换思维, 因为要想实现切实的进步, 解决我们这个时代的艰难问题, 唯一办法就是让商业驱动解决办法。
The job of business is to meet customer needs and to do so profitably. They need to to survive. So one of the best ways for businesses to help ensure their own growth, their own longevity, is to meet some of the hardest challenges in our society and to do so profitably. And when they do that innovatively, when they do that ethically, responsibly, incredibly, they should be proud.
商业的目的是满足客户需求, 同时赚取利润。 他们需要生存下去。 所以帮助企业确保增长,保持生命力 的最佳方式之一, 就是解决社会上最艰难的那些挑战, 同时赚取利润。 如果他们的办法有创意, 很道德,负责任,并且做得好, 他们应该感到骄傲。
But if you still aren't sure about this, let's talk about a few more examples. What if you're a technology company and you're trying to grow your platform and you're trying to grow your customers? Like, Airbnb. Airbnb has a portfolio of total societal impact activities. They're all spot-on their core business. In one initiative, they're helping enable their community to provide housing for free to those in disaster: crisis survivors and relief workers. In another effort on their part, they're actually helping and working with NGOs to ensure that people can provide housing for free for refugees. Now, what I love about this program is that I don't think most people would've figured out how to express their generosity and open their homes for those in such dire need -- certainly not so quickly or so easily or efficiently -- without this innovation by Airbnb. But at the same time, this is core to their corporate strategy and core to their growth because they grow by increasing the number of hosts and guests using their platform. But if they'd only been thinking exclusively about the return side of things, I'm not sure they would have ever figured out this route to growth, because they're not charging transaction fees. So it's a pretty exciting way, when they were thinking about how to bring their capabilities to a need in society and at the same time drive their own growth.
如果你对此还是心存疑虑, 我们可以再看几个例子。 假设你是一家科技公司, 正努力扩大你的平台, 实现用户增长。 爱彼迎就是一个例子。 爱彼迎有一系列整体社会影响活动。 这些都是他们的核心业务。 在一项倡议中, 他们让爱彼迎社区 为受灾难影响的人提供免费住宿, 包括幸存者和救援者。 另一个例子是, 他们与非政府组织合作, 确保为难民提供免费住宿。 我之所以喜欢这个项目 是因为大部分人可能不知道 怎样表达他们的慷慨, 怎样敞开家门帮助 那些急需帮助的人—— 至少做不到 这么迅速,方便,或高效—— 而爱彼迎有创意地做到了。 但与此同时, 这也是他们集团战略和 增长利润的核心, 因为他们是靠着更多 使用爱彼迎的房主和房客数量 来获利的。 但如果他们只是狭隘的着眼于 收入和回报, 可能就不会走上这条独特的创收之路, 毕竟他们不收取手续费。 所以这是一个激动人心的方法, 一方面他们想着以自己的方式 帮助社会上有需要的人, 同时更好地创收。
But what if you're trying to find new customer segments? Let's move to South Africa, and let's talk about Standard Bank. In South Africa, the government has a regulation that requires all banks to donate 0.2 percent of their profits to small and medium black-owned enterprises. And many banks just donate this to the entrepreneurs, but Standard Bank thought creatively. And what they did is they took those funds and they invested them in an independent trust, and they used that trust to fund loans to these black entrepreneurs. This is a highly leveraged model. They can support a lot more entrepreneurs with capital, and because their success is completely intertwined with the success of the entrepreneurs, they're actually also using the fund to provide technical assistance. More entrepreneurs supported, more people and communities being lifted out of poverty. And it's successful for Standard Bank. So successful that they're actually working on expanding this program to other areas in their portfolio.
那么如果是想找到新的客户群体呢? 让我们把目光转向南非的 标准银行。 在南非 政府有一项规定, 所有银行必须将其利润的 0.2% 捐给由黑人创办的中小型企业。 许多银行就直接捐给企业家, 标准银行却另辟蹊径。 他们拿这些资金 投资给一家独立的信托, 然后用这个信托基金 为这些黑人企业家提供贷款。 这是一个高杠杆的模型。 他们可以用资本支持更多的企业家。 也正因为他们的成败 与企业家的成败 紧密联系在一起, 所以他们也在用这笔资金 为企业家提供技术支持。 更多的企业家获得了支持, 就能够帮助更多的人和群体脱贫。 标准银行也获得了成功。 效果甚好,以至于 他们正着手扩大该项目 到其资产投资的其他领域。
It's not like we haven't been trying to solve the problems in our world for a long time. We have, and they're still here. We're making progress, but it's not far enough, or fast enough, or universal enough. We need to flip our thinking. We need to have business -- both companies and investors -- bring creative, innovative corporate strategy and capital to solving the biggest problems in our world. And when they do that innovatively, and when they do that with all of their thinking and all of their strategy and all of their capital, and they're creating both total shareholder returns and total societal impact, we know that we will solve those problems, both profitably and generously.
长久以来,并不是 我们没有努力解决世界上 的种种问题。 我们努力了,但问题还在。 我们取得了进步, 但进步不够大, 或速度不够快, 范围不够广。 我们需要转换思维模式。 我们需要商业—— 不管是企业还是投资者—— 有创意地制定企业战略, 利用企业资源 解决当今世界的顽疾。 如果方法有创意, 并且 仔细思考, 好好运用他们的战略 和资产, 他们就能在创造股东总回报的同时, 制造整体社会影响。 我们也能够在盈利的同时慷慨地 解决这些问题。
Thank you.
谢谢
(Applause)
(掌声)