Peter Vanham, Media Lead, World Economic Forum COVID Action Platform; Tel: 41 79 305 85 10; Email: peter.vanham@weforum.org
Business leaders including Brian Moynihan, Chief Executive Officer of Bank of America; Feike Sijbesma, Honorary Chairman of Royal DSM; and Jim Snabe, Chairman of the Board of A.P. Moller-Maersk and Chairman of the Supervisory Board of Siemens, have joined the World Economic Forum in calling on global businesses to implement “Stakeholder Principles in the COVID Era.”
Putting these “Principles” into practice is intended to coordinate the business response, manage the economic impact of the public health emergency, and support the economic recovery after the pandemic ends.
Earlier, World Health Organization Director-General Tedros Adhanom Ghebreyesus called on businesses to become indispensable partners in the global response to the pandemic.
For more information, visit https://wef.ch/stakeholderprinciples
Geneva, Switzerland, 1 April 2020— On Wednesday, key representatives and members of the World Economic Forum called on global businesses to strengthen coordination and respond together to the COVID-19 pandemic. Klaus Schwab, Founder and Executive Chairman of the Forum, Brian Moynihan, Chief Executive Officer of Bank of America; Jim Snabe, Chairman of the Board of A.P. Moller-Maersk and Chairman of the Supervisory Board of Siemens; and Feike Sijbesma, Honorary Chairman of Royal DSM, issued a joint statement calling on business leaders to support and put into practice the “Stakeholder Principles” to manage the economic impact of the public health emergency and support the economic recovery after the pandemic ends.
Economic activity in many countries has ground to a halt as a result of measures to combat the pandemic. The Forum recognizes that coordinated action by businesses now—including measures to keep business ecosystems functioning and protect the workplace—will determine how quickly market economies recover after the pandemic ends. It has therefore put forward the “Principles” to coordinate business action toward suppliers, customers and employees and ensure business continuity after the public health emergency ends.
The “Stakeholder Principles in the COVID Era” proposed by business leaders include:
For our employees, our principle is to keep you safe: We will continue to do everything we can to protect your workplace and help you adapt to new working conditions.
For our suppliers and customers, our principle is to ensure business continuity for all: We will keep supply chains open and involve everyone in our business response.
· For consumers, our principle is to maintain fair prices and unchanged commercial terms for essential goods.
For government and society, our principle is to provide full support: We stand ready to contribute resources, capabilities and expertise, and to continue supporting public action.
For our shareholders, our principle remains to preserve the long-term viability of our businesses and their potential to continue creating value.
Earlier, World Health Organization Director-General Tedros Adhanom Ghebreyesus called on members of the COVID Action Platform to share responsibility and work together to tackle the pandemic. To this end, the World Economic Forum developed the “Stakeholder Principles in the COVID Era,” shared the document with its 140 members in the international business community, and presented the principles to 450 business leaders from the “COVID Action Platform” on Wednesday.
Klaus Schwab said: “The current pandemic is a true test of the stakeholder concept that the Forum and its members have long embraced. If we retreat in the face of the virus, the world will become fragmented and unable to address other major challenges that require global cooperation, including climate change and social inclusion. This global action is not only about fighting the pandemic, but also about mitigating the serious socioeconomic consequences it may bring.”
The World Economic Forum will play a coordinating role and support businesses that put stakeholder principles into practice in their day-to-day operations. On Wednesday, the Platform published its first white paper, “Workforce Principles for the COVID-19 Pandemic,” which sets out a series of guiding principles and four workforce management tasks to provide effective tools for chief human resources officers and other business leaders. The Forum will also hold biweekly meetings of chief human resources officers to share best practices for supporting employees and protecting jobs.
About the COVID Action Platform: The Platform brings together global businesses, governments, non-governmental organizations and academic institutions to respond to the COVID-19 pandemic. Through an online network and weekly meetings, chief executives and other stakeholders can offer support, collaborate on concrete projects and share best practices. The World Economic Forum launched the Platform in early March as a partner of the World Health Organization; it now has more than 700 members.
Businesses can click here to join the COVID Action Platform.
Click here to follow the World Economic Forum’s series of articles on the COVID-19 pandemic.