California State Treasurer Fiona Ma has been named to the Council for Inclusive Capitalism, where she joins 27 global leaders committed to sustainable environmental, social and governance practices.
This is the decade where we must address the environmental and social challenges of the 21st century, Ma said, calling it an honor to work with Pope Francis and forward-thinking business leaders on the effort.
The odd pairing of big business and Pope Francis, who has been a frequent critic of rampant capitalism, appears to be a further indication of the growing interest in environmental, social and governance practices in business.
The 27 leaders, including Ma, are known as the Guardians for Inclusive Capitalism. Other members are Ajay Banga of Mastercard, Marc Benioff of Salesforce and Brian Moynihan of Bank of America. Meredith Sumpter, former head of research strategy and operations at the Eurasia Group, is CEO of the Guardians.
“People are struggling right now,” Ma said. “The wealth gap has been widening during COVID-19. It’s time we focus on people versus profits.”
The group of businesses, investors and other groups that represent $2.1 trillion in market cap and 200 million employees have announced pledges toward ESG goals with Pope Francis’ blessing.
“You have to set yourselves the goal of extending the opportunities and benefits of our economic system to all people,” Pope Francis said in a
statement. “An inclusive capitalism that leaves no one behind, that discards none of our brothers and sisters, is a noble aspiration worthy of your best efforts.
For her part, Ma said she is committed to developing and promoting programs within her office that activate the power of capitalism for Californians.
Her immediate plans are to increase the number of Californians who participate in CalSavers, a retirement program created for Californians whose employers don’t offer a retirement plan and expanding access to families in ScholarShare 529, a program that helps parents save for college.
She also plans to establish a Green Bond Honor Roll and enlist U.S. State Treasurers who will make a public commitment to prioritizing the use of green bonds.
