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.
幾年前, 世界上所有的已開發國家── 較富裕的國家── 以及所有的慈善團體 共捐贈了約兩千億美元 給世界上的開發中國家── 這些國家承受大部分重擔, 是世界上最大的問題 所產生的最重擔子: 貧困、饑荒、氣候變遷,及不平等。 同一年, 企業投資了 3.7 兆美元在那些國家。
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.
我的工作常常需要旅行, 我有幸可以看到 非政府組織和一些政府, 用那兩千萬美元做出了不起的事: 協助營養不良的孩童, 或是無法取得乾淨水源的家庭, 或本來沒機會受教育的孩童。 但這樣並不夠, 因為世界上最大的問題 需要用到數兆美元, 不只是幾億美元。 對於世界上最大的挑戰, 如果我們想要有持久且顯著的進展, 我們需要企業, 包括公司以及投資者, 由他們來驅動解決方案。
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.
我們來談談企業應該做什麼。 我說那句話時, 你可能在想,我要談企業慈善行為, 或企業社會責任(CSR)。 CSR 是現今的標準, 它非常有用。 它為企業慷慨行為提供了一條路徑, 慷慨行為是很重要的, 對許多企業的員工而言是如此, 對客戶亦是如此。 但你們知道嗎? 這不夠大, 不夠強, 不夠耐, 因此無法針對現今世界上 最大的問題來驅動解決方案, 因為它是增支成本。 即使在商業景氣的時候, CSR 就不是設計來擴展用的。 當然,在經濟衰退時, 它就是最先被刪減的方案之一。 所以,不, CSR── 企業社會責任── 並不是答案。 但,TSI── 總社會影響力,就是答案。
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 就是把企業能夠影響社會的 所有方式加總在一起, 透過實際的工作: 思考它們的供應鏈、 致力於它們的產品設計及製程, 以及它們的銷售。 企業的實際工作, 如果在進行時能有所創新, 就能真的為公司創造出商業利益, 且能解決現今世界上有意義的問題。
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.
所以,TSI 是什麼樣子的? 把焦點放在 TSI 上, 意味著將社會與環境考量合併起來。 你們知道嗎? 它並不是全新的東西。 它已經被考慮一陣子了。 但難的部分在於, 企業幾乎都仍然只會 想著所謂的 TSR: 股東總報酬。 但 TSI ── 總社會影響力── 得要和 TSR 並肩而行, 成為重要且有效的驅動因子, 推動企業策略以及企業決策。 我們有資料給各位看, 讓各位了解其原因以及方法。
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.
有些公司已經做到了。 他們開始在進行。 讓我告訴各位美商瑪氏食品的故事。 瑪氏食品是美國第六大的私人公司。 如果你跟我很像, 他們做了一些重要的產品, 比如咖啡和巧克力。 所以不意外 他們最重要的原料之一就是可可粉。 他們的一些競爭對手真的很擔心 可可粉供應的永續性和可得性。 但瑪氏食品不擔心, 他們對那作物的長期 穩定供應很有信心。 為什麼? 因為他們和世界各地的 非政府組織合夥, 這些組織和小農合作。 而那些認證的非政府組織 致力於協助農夫改善作物產量, 他們會確保農夫能得到 公平、高價、夠生活的薪資, 他們也協助農夫處理 在供應鏈中任何與人權 相關的潛在議題, 他們也協助將環境的影響降到最低, 比如森林砍伐的影響。 瑪氏食品正在朝向 100% 使用認證可可粉邁進, 對於農業社區而言, 這是一個很好的專案, 對環境而言,這是一個很好的專案, 對瑪氏食品而言, 這是一個很好的專案, 瑪氏食品解決了 其供應鏈中的一個大風險。
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.
但,現在,我們來看看資料, 因為它其實很了得。 讓我解釋一下,我等等 要談的資料點到底是什麼。 當分析師和金融人員在研究公司時, 他們會想著很多不同的統計數字。 我想要談其中最重要的兩項。 我要談談公司的整體價值── 它的估價── 然後我要談談它的利潤。 基本上,就是它所有的收入 減去它所有的成本。
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.
在我們的研究中, 我們研究的是石油天然氣公司, 而這些公司當中, 在 TSI ──總社會影響力──方面 表現最出色的, 在公司的估價上會增加 19%。 19%。 當他們在比如 將公司對於環境和水的影響減到最低 這些方面做得很好時, 以及當他們有非常強力的 職業健康和安全計畫時, 以及當他們也納入強力的 員工訓練計畫時, 他們在利潤上會增加 3.4%。
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.
但其他產業呢? 在 TSI 有出色表現的生物製藥公司, 在估價上會增加 12%。 如果他們在拓展 藥品的取得上做得最好── 讓需要藥品的人能取得藥品── 他們的毛利就會增加 6.7%。
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.
至於 TSI 最強的零售銀行, 他們的估價會增加 3%, 若銀行明顯提供普惠金融── 讓需要金融產品的人 能取得金融產品── 他們的淨利會增加 0.5%。 對銀行來說,這些數字似乎不大, 但在競爭極激烈的產業中, 即使是很小的利潤差異也相當重要。
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.
那消費品公司呢? 做像咖啡和巧克力這些 我們喜愛的產品的公司呢? 在 TSI 方面有最佳表現的 消費品公司, 估價會增加 11%。 如果他們能用他們的 供應鏈來做聰明的事── 負責任地取得他們的產品── 他們的毛利會增加 4.8%。 這些數字都很顯著。 長久以來我們都知道, 包括像基礎財務指標、 成長率,及財務風險, 都是估價的關鍵驅動因子, 但這項嚴密的分析顯示, 社會和環境因子── 總社會影響力測量值── 也和估價及利潤有關。 哇! 所有其他條件相同時── 我們不會把這項分析 和任何東西搞混。 所有其他條件相同時, 在社會與環境領域表現出色的公司 會達到比較高的利潤, 以及比較高的估價。
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.
我確實了解, 公司會受到許多短期獲利的壓力。 但,幸運的是, 這些壓力有部分是由投資者所造成, 而這些投資者自己 也開始做更長遠的思考, 開始從 TSI 的角度思考。 在我們針對投資者 所做的對談以及調查中, 75% 的投資者說, 他們預期收入會增加, 營運效率上會有所改善, 只要公司能從 TSI 角度思考。 他們其實已經開始將之整合到 他們自己的投資行為中。 去年, 全球資產中有 23 兆 是屬於對社會負責的投資類別。 也就是說,僅僅在 過去兩年就有 50 億。 且它代表全世界受管理的 全球總資產的四分之一。
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.
我知道,在座有些人 現在可能有一點畏縮。 因為,數十年來,我身為策略顧問, 提供全世界的企業、非政府組織, 以及政府諮詢,根據這些經驗, 我發現,許多商業人士 很猶豫談論或甚至只是思考 做好事帶來的商業利益。 不知怎麼的, 他們認為這麼做會否定 他們為社會所創造之利益的價值。 或者,他們會被認為是 無情或甚至在從中圖利。 但我們真的需要用不同的方式思考。 我們需要用不同的方式思考, 因為,對於我們時代的挑戰性問題, 只有一種方式能帶來真正的進步, 那就是由企業來推動解決方案。
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.
企業的工作是要滿足客戶的需求, 且以能獲利的方式來做這件事。 企業需要生存。 能協助企業確保自身成長、 活得長久的最佳方式之一, 就是要去面對我們社會中 最困難的一些挑戰, 且以能獲利的方式來做這件事。 當企業這麼做時, 若能採用創新的方式、 道德的方式、負責的方式、 了不起的方式, 它們應該感到驕傲。
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.
但如果你仍然覺得不太確定, 我們再來談幾個例子。 如果你是一間科技公司, 如果你在試著讓你的平台成長, 試著讓你的客戶成長,要如何做? 以民宿出租網站 Airbnb 為例。 Airbnb 有一個 總社會影響的計畫組合。 他們都針對其核心事業。 在一項計畫中, 他們協助讓他們的社區 能夠免費提供住房給受災戶: 危機倖存者以及救災工作人員。 他們還做了一項努力, 他們真的去協助 非政府組織,與其合作, 來確保人們能夠免費 提供住房給難民。 對這項專案,我最喜歡的一點在於 我不認為大部分人想得出 要如何表達他們的慷慨, 並開放他們的家 給那些有迫切需求的人── 肯定無法如此快速、 簡單,或有效地做到── 沒有 Airbnb 的創新, 就無法做到這樣。 但,同時, 這是他們公司策略的精髓, 以及成長的核心, 因為他們成長的方式是 增加使用他們平台的 主人與客人數目。 但如果他們一心只想著 事情的報酬面, 我不確定他們是否 有可能想出這條成長路線, 因為他們並沒有收取交易費用。 所以,這方式很讓人興奮, 他們想著要如何將他們的能力帶給 社會上的需求, 同時還要帶動他們自己的成長。
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.
但如果你想要找到新的客戶群呢? 我們移師到南非, 來談談那裡的標準銀行 (Standard Bank)。 在南非, 政府有一項規定, 所有銀行都要捐出利潤的 0.2% 給黑人所擁有的中小型企業。 很多銀行就把這筆錢捐給企業家, 但標準銀行的想法很有創意。 他們的做法是,把這筆資金 投資到獨立信託, 再用那信託提供貸款 來資助黑人企業家。 這是個成效很高的模型。 他們能支助更多企業家 他們需要的資本, 而且,因為他們的成功完完全全 和企業家的成功交織在一起, 他們也會用那筆資金 來提供技術協助。 更多企業家得到支援, 更多人民及社區得以脫離貧困。 對標準銀行而言,也是種成功。 他們成功的程度到了 他們已經開始拓展這個計畫 到他們投資組合的其他部分。
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.
長久以來,我們並不是 沒有嘗試過要解決 世界上的問題。 我們試過了,但問題仍然在。 我們有所進展, 但進展得不夠遠, 也不夠快, 且不夠普及。 我們得要翻轉我們的思考。 我們得要讓企業── 包括公司以及投資者── 帶來有創意且創新的 公司策略及資本, 來解決我們世界上最大的問題。 當它們用創新的方式這麼做時, 當它們投入它們的 所有思考、所有策略, 以及所有資本來這麼做時, 且它們能同時創造股東總報酬 以及總社會影響力時, 我們就會知道, 我們能解決那些問題, 以能獲利又慷慨的方式做到。
Thank you.
謝謝。
(Applause)
(掌聲)