美國(guó)強(qiáng)生宣布,公司的新冠疫苗預(yù)計(jì)將于9月進(jìn)行人體臨床試驗(yàn)。這一消息不出意外贏得了一片喝彩,強(qiáng)生股價(jià)隨即應(yīng)聲上漲6.5%??紤]到這款疫苗將作為非營(yíng)利藥物上市,董事會(huì)八成正為股市的積極反應(yīng)欣喜不已。投資者釋放出了明確的信號(hào):當(dāng)前的環(huán)境下,一家愿意拯救社會(huì)而不是借機(jī)大賺一筆的企業(yè)值得投資。
當(dāng)然,面對(duì)眼下的危機(jī),一些企業(yè)的股東只能通過減薪、裁員等嚴(yán)酷措施來穩(wěn)定現(xiàn)金流。受疫情沖擊最嚴(yán)重的企業(yè)可能別無選擇,尤其是旅游、零售和餐飲企業(yè)。
但是,激進(jìn)投資者正在發(fā)揮另一層作用。如今投資者開始探究,首席執(zhí)行官們正在采取哪些措施,保護(hù)員工、客戶、供應(yīng)商和地球生態(tài)系統(tǒng)。越來越多的人開始認(rèn)為,那些負(fù)責(zé)任的企業(yè)、那些照顧所有利益相關(guān)者而不僅僅只關(guān)心股東的企業(yè)、那些努力追尋比利潤(rùn)更重要的目標(biāo)的企業(yè),可能處于更有利的地位,可以更好地應(yīng)對(duì)眼下的健康危機(jī)和即將來臨的經(jīng)濟(jì)衰退。
這點(diǎn)也有助于解釋為何ESG(環(huán)境、社會(huì)和治理)基金的表現(xiàn)一直優(yōu)于傳統(tǒng)基金。全球最大資產(chǎn)管理公司貝萊德集團(tuán)的拉里·芬克在最近致股東的一封信中表示,此次危機(jī)是一個(gè)重新平衡投資組合、加速向更可持續(xù)世界轉(zhuǎn)變的機(jī)會(huì)。投資界明白,企業(yè)董事需要對(duì)應(yīng)對(duì)緊迫的壓力,但越來越多的人也開始希望董事持續(xù)關(guān)注自己對(duì)社會(huì)和環(huán)境的長(zhǎng)期影響。
這很明智。為什么擁有多方利益相關(guān)者的負(fù)責(zé)企業(yè)更有能力渡過充滿挑戰(zhàn)的時(shí)期?本文認(rèn)為有四點(diǎn)原因。
首先是穩(wěn)健的財(cái)務(wù)狀況。不信奉股東至上主義的企業(yè)往往會(huì)避免資產(chǎn)負(fù)債表出現(xiàn)過度杠桿,能夠抵制過度股票回購和特別股息的誘惑。這類企業(yè)現(xiàn)在可能更有能力從資本市場(chǎng)獲取資金。例如當(dāng)前不景氣的經(jīng)濟(jì)環(huán)境下,聯(lián)合利華和Engie共籌集了45億歐元(合約49億美元)資金;而卡夫亨氏、波音等其他公司卻因?yàn)檫^度杠桿化,不得不以巨額成本申請(qǐng)信貸額度,造成了更高的風(fēng)險(xiǎn)。
第二,通過醫(yī)療保健、病假工資等方式對(duì)員工加以投資的企業(yè),將擁有更加忠誠(chéng)、更加敬業(yè)的員工隊(duì)伍并從中獲益。在當(dāng)前的壓力下,這些員工會(huì)愿意付出額外的努力,確保業(yè)務(wù)連貫展開,保護(hù)企業(yè)的資產(chǎn)和聲譽(yù)。
第三,將供應(yīng)商視作合作伙伴、當(dāng)下積極保護(hù)自身價(jià)值鏈的企業(yè),將更少受到經(jīng)營(yíng)中斷之虞。等到經(jīng)濟(jì)最終重啟后,它們將占據(jù)優(yōu)勢(shì)地位。
第四,這些企業(yè)在公眾輿論方面的表現(xiàn)更好。近期的《愛德曼信任度調(diào)查特別報(bào)告》在調(diào)查全球1.2萬人后發(fā)現(xiàn),三分之一的消費(fèi)者已經(jīng)開始懲罰那些未能好好應(yīng)對(duì)此次危機(jī)的品牌,選擇不再購買這些品牌的產(chǎn)品。
令人驚訝的是,媒體正在高調(diào)報(bào)道私營(yíng)部門的各種好壞行為。前一分鐘法國(guó)奢侈品巨頭路威酩軒集團(tuán)還在因?yàn)槔闷煜孪闼S生產(chǎn)免費(fèi)洗手液而大受贊揚(yáng),后一分鐘公司就因?yàn)榭紤]申請(qǐng)政府援助而受到了批評(píng)。今年2月,亞馬遜首席執(zhí)行官杰夫·貝佐斯承諾投資100億美元抗擊氣候,被贊為英雄;到了3月,亞馬遜員工因?yàn)閭€(gè)人防護(hù)裝備不足、危險(xiǎn)工作津貼不佳而鬧起了罷工,又把公司推上了新聞焦點(diǎn)。企業(yè)聲譽(yù)來之不易,卻很容易丟失。
除了眼下的困境,擁有多方利益相關(guān)者的企業(yè)可能也有更好的條件應(yīng)對(duì)未來其他的不確定。不要誤解我的意思,無數(shù)投機(jī)分子和機(jī)會(huì)主義者將會(huì)利用即將到來的全球經(jīng)濟(jì)危機(jī)謀利。但捫心自問,你認(rèn)為哪種企業(yè)最適合應(yīng)對(duì)疫情后難以預(yù)測(cè)的環(huán)境?
新冠危機(jī)過后,世界將變得和以前截然不同。在發(fā)放過巨額救助金后,許多政府可能會(huì)更加關(guān)注企業(yè)的行為和表現(xiàn)。隨著財(cái)政赤字增加,公司稅收也會(huì)水漲船高。自由貿(mào)易的未來方向面臨著嚴(yán)重的問題。社會(huì)內(nèi)部和不同社會(huì)之間的不平等將會(huì)進(jìn)一步加劇,社會(huì)動(dòng)蕩也將隨之加劇。
面對(duì)不確定的未來,靈活機(jī)敏的應(yīng)變能力將是企業(yè)最好的資產(chǎn)。如果首席執(zhí)行官能夠迅速采用360°視角全方位看待問題,和員工、價(jià)值鏈以及范圍更廣的社會(huì)關(guān)系更加融洽,那么他們制定策略時(shí)會(huì)帶有一定的感性和人道色彩,而那些只關(guān)心狹隘財(cái)務(wù)回報(bào)的人不會(huì)。
如果企業(yè)高管能夠放下自尊,與競(jìng)爭(zhēng)對(duì)手、民間團(tuán)體和官方機(jī)構(gòu)結(jié)成開明聯(lián)盟,他們將可以更好地應(yīng)對(duì)秉承干涉主義的政府和兩極分化的政治鐘擺。
這些企業(yè)會(huì)發(fā)現(xiàn),創(chuàng)造一個(gè)更公平、更可持續(xù)社會(huì)的迫切需要不僅沒有消失,反而大幅增加了。
新冠會(huì)成為負(fù)責(zé)任企業(yè)脫穎而出的分水嶺嗎?現(xiàn)在還很難說。但是從現(xiàn)在開始,那些不止關(guān)注下個(gè)季度表現(xiàn)的企業(yè)、那些看到更遠(yuǎn)大圖景的企業(yè)、那些展現(xiàn)出同情心和靈活能力的企業(yè),顯然將會(huì)走上更好的發(fā)展道路。我知道我該把錢投給哪些企業(yè)了。
本文作者保羅·波爾曼是IMAGINE聯(lián)合創(chuàng)始人、前聯(lián)合利華首席執(zhí)行官。(財(cái)富中文網(wǎng))
譯者:錢功毅
美國(guó)強(qiáng)生宣布,公司的新冠疫苗預(yù)計(jì)將于9月進(jìn)行人體臨床試驗(yàn)。這一消息不出意外贏得了一片喝彩,強(qiáng)生股價(jià)隨即應(yīng)聲上漲6.5%??紤]到這款疫苗將作為非營(yíng)利藥物上市,董事會(huì)八成正為股市的積極反應(yīng)欣喜不已。投資者釋放出了明確的信號(hào):當(dāng)前的環(huán)境下,一家愿意拯救社會(huì)而不是借機(jī)大賺一筆的企業(yè)值得投資。
當(dāng)然,面對(duì)眼下的危機(jī),一些企業(yè)的股東只能通過減薪、裁員等嚴(yán)酷措施來穩(wěn)定現(xiàn)金流。受疫情沖擊最嚴(yán)重的企業(yè)可能別無選擇,尤其是旅游、零售和餐飲企業(yè)。
但是,激進(jìn)投資者正在發(fā)揮另一層作用。如今投資者開始探究,首席執(zhí)行官們正在采取哪些措施,保護(hù)員工、客戶、供應(yīng)商和地球生態(tài)系統(tǒng)。越來越多的人開始認(rèn)為,那些負(fù)責(zé)任的企業(yè)、那些照顧所有利益相關(guān)者而不僅僅只關(guān)心股東的企業(yè)、那些努力追尋比利潤(rùn)更重要的目標(biāo)的企業(yè),可能處于更有利的地位,可以更好地應(yīng)對(duì)眼下的健康危機(jī)和即將來臨的經(jīng)濟(jì)衰退。
這點(diǎn)也有助于解釋為何ESG(環(huán)境、社會(huì)和治理)基金的表現(xiàn)一直優(yōu)于傳統(tǒng)基金。全球最大資產(chǎn)管理公司貝萊德集團(tuán)的拉里·芬克在最近致股東的一封信中表示,此次危機(jī)是一個(gè)重新平衡投資組合、加速向更可持續(xù)世界轉(zhuǎn)變的機(jī)會(huì)。投資界明白,企業(yè)董事需要對(duì)應(yīng)對(duì)緊迫的壓力,但越來越多的人也開始希望董事持續(xù)關(guān)注自己對(duì)社會(huì)和環(huán)境的長(zhǎng)期影響。
這很明智。為什么擁有多方利益相關(guān)者的負(fù)責(zé)企業(yè)更有能力渡過充滿挑戰(zhàn)的時(shí)期?本文認(rèn)為有四點(diǎn)原因。
首先是穩(wěn)健的財(cái)務(wù)狀況。不信奉股東至上主義的企業(yè)往往會(huì)避免資產(chǎn)負(fù)債表出現(xiàn)過度杠桿,能夠抵制過度股票回購和特別股息的誘惑。這類企業(yè)現(xiàn)在可能更有能力從資本市場(chǎng)獲取資金。例如當(dāng)前不景氣的經(jīng)濟(jì)環(huán)境下,聯(lián)合利華和Engie共籌集了45億歐元(合約49億美元)資金;而卡夫亨氏、波音等其他公司卻因?yàn)檫^度杠桿化,不得不以巨額成本申請(qǐng)信貸額度,造成了更高的風(fēng)險(xiǎn)。
第二,通過醫(yī)療保健、病假工資等方式對(duì)員工加以投資的企業(yè),將擁有更加忠誠(chéng)、更加敬業(yè)的員工隊(duì)伍并從中獲益。在當(dāng)前的壓力下,這些員工會(huì)愿意付出額外的努力,確保業(yè)務(wù)連貫展開,保護(hù)企業(yè)的資產(chǎn)和聲譽(yù)。
第三,將供應(yīng)商視作合作伙伴、當(dāng)下積極保護(hù)自身價(jià)值鏈的企業(yè),將更少受到經(jīng)營(yíng)中斷之虞。等到經(jīng)濟(jì)最終重啟后,它們將占據(jù)優(yōu)勢(shì)地位。
第四,這些企業(yè)在公眾輿論方面的表現(xiàn)更好。近期的《愛德曼信任度調(diào)查特別報(bào)告》在調(diào)查全球1.2萬人后發(fā)現(xiàn),三分之一的消費(fèi)者已經(jīng)開始懲罰那些未能好好應(yīng)對(duì)此次危機(jī)的品牌,選擇不再購買這些品牌的產(chǎn)品。
令人驚訝的是,媒體正在高調(diào)報(bào)道私營(yíng)部門的各種好壞行為。前一分鐘法國(guó)奢侈品巨頭路威酩軒集團(tuán)還在因?yàn)槔闷煜孪闼S生產(chǎn)免費(fèi)洗手液而大受贊揚(yáng),后一分鐘公司就因?yàn)榭紤]申請(qǐng)政府援助而受到了批評(píng)。今年2月,亞馬遜首席執(zhí)行官杰夫·貝佐斯承諾投資100億美元抗擊氣候,被贊為英雄;到了3月,亞馬遜員工因?yàn)閭€(gè)人防護(hù)裝備不足、危險(xiǎn)工作津貼不佳而鬧起了罷工,又把公司推上了新聞焦點(diǎn)。企業(yè)聲譽(yù)來之不易,卻很容易丟失。
除了眼下的困境,擁有多方利益相關(guān)者的企業(yè)可能也有更好的條件應(yīng)對(duì)未來其他的不確定。不要誤解我的意思,無數(shù)投機(jī)分子和機(jī)會(huì)主義者將會(huì)利用即將到來的全球經(jīng)濟(jì)危機(jī)謀利。但捫心自問,你認(rèn)為哪種企業(yè)最適合應(yīng)對(duì)疫情后難以預(yù)測(cè)的環(huán)境?
新冠危機(jī)過后,世界將變得和以前截然不同。在發(fā)放過巨額救助金后,許多政府可能會(huì)更加關(guān)注企業(yè)的行為和表現(xiàn)。隨著財(cái)政赤字增加,公司稅收也會(huì)水漲船高。自由貿(mào)易的未來方向面臨著嚴(yán)重的問題。社會(huì)內(nèi)部和不同社會(huì)之間的不平等將會(huì)進(jìn)一步加劇,社會(huì)動(dòng)蕩也將隨之加劇。
面對(duì)不確定的未來,靈活機(jī)敏的應(yīng)變能力將是企業(yè)最好的資產(chǎn)。如果首席執(zhí)行官能夠迅速采用360°視角全方位看待問題,和員工、價(jià)值鏈以及范圍更廣的社會(huì)關(guān)系更加融洽,那么他們制定策略時(shí)會(huì)帶有一定的感性和人道色彩,而那些只關(guān)心狹隘財(cái)務(wù)回報(bào)的人不會(huì)。
如果企業(yè)高管能夠放下自尊,與競(jìng)爭(zhēng)對(duì)手、民間團(tuán)體和官方機(jī)構(gòu)結(jié)成開明聯(lián)盟,他們將可以更好地應(yīng)對(duì)秉承干涉主義的政府和兩極分化的政治鐘擺。
這些企業(yè)會(huì)發(fā)現(xiàn),創(chuàng)造一個(gè)更公平、更可持續(xù)社會(huì)的迫切需要不僅沒有消失,反而大幅增加了。
新冠會(huì)成為負(fù)責(zé)任企業(yè)脫穎而出的分水嶺嗎?現(xiàn)在還很難說。但是從現(xiàn)在開始,那些不止關(guān)注下個(gè)季度表現(xiàn)的企業(yè)、那些看到更遠(yuǎn)大圖景的企業(yè)、那些展現(xiàn)出同情心和靈活能力的企業(yè),顯然將會(huì)走上更好的發(fā)展道路。我知道我該把錢投給哪些企業(yè)了。
本文作者保羅·波爾曼是IMAGINE聯(lián)合創(chuàng)始人、前聯(lián)合利華首席執(zhí)行官。(財(cái)富中文網(wǎng))
譯者:錢功毅
It’s no surprise that Johnson & Johnson won plaudits when it announced its prospective COVID-19 vaccine should go to human clinical trials by September. Given the drug will be available not-for-profit, the ensuing 6.5% share price hike must have put wide smiles on the board’s faces. The message from investors was clear: In the current climate, a company coming to society’s rescue without enriching itself is a solid bet.
Of course, in times such as these, some corporate backers will only be calmed by draconian measures to shore up cash flow, including pay cuts and layoffs. Firms hit hardest by the pandemic, particularly in travel and tourism, retail or restaurants, may have little other choice.
But being an active investor is taking on another meaning. Investors are now asking what CEOs are doing to protect their wider ecosystems of staff, customers, suppliers, and the planet. There is a growing view that responsible businesses—those which look after all their stakeholders, not just their shareholders, and which strive to serve a purpose bigger than profits—may be better placed already to weather the immediate health crisis and economic downturn ahead.
This helps explain why ESG (environmental, social, and governance) funds have been outperforming conventional rivals. In a recent letter to shareholders, BlackRock’s Larry Fink, the world’s largest asset manager, presented the crisis as an opportunity to rebalance portfolios and accelerate the shift to a more sustainable world. The investment community recognises the need for directors to respond to urgent pressures, but increasingly expects them to keep focused on their longer-term social and environmental impact, too.
This is smart. There are four reasons why responsible, multi-stakeholder businesses are more likely to show resilience in challenging times.
The first relates to sound finances. Companies that have broken with the doctrine of shareholder primacy tend to avoid overleveraging their balance sheets, resisting the lure of excessive share buybacks and special dividends. Those firms may now prove more able to access the capital markets, as seen when Unilever and Engie raised €4.5 billion (around $4.9 billion) combined despite the current slump. Others, including Kraft Heinz and Boeing, are having to call on lines of credit at tremendous expense because their companies are already overleveraged, creating higher risk.
Second, businesses that invest in their employees, including health care and sick pay, will benefit from a more loyal and engaged workforce. That’s a workforce willing to go the extra mile to assure business continuity and protect corporate assets and reputation during these times of stress.
Third, companies that treat their suppliers like partners, and are now actively protecting their value chains, will see less disruption and be at an advantage when the economy eventually restarts.
Fourth, these companies fare better in the court of public opinion. One in three consumers are already punishing brands for responding poorly to the crisis by no longer buying from those brands, according to a recent Edelman Trust Barometer Special Report that surveyed 12,000 people globally.
And it is striking how loudly the media is noting good and bad private sector behavior. One minute French luxury goods giant LVMH is praised for using its perfume factories to produce free hand sanitizer, the next it’s criticized for considering state aid. In February, Amazon CEO Jeff Bezos was a hero for pledging $10 billion to fight climate change. By March, Amazon was back in the news for staff walkouts over insufficient personal protective equipment and unsatisfactory hazard pay. Corporate reputations are hard won and easily lost.
Beyond today’s troubles, multi-stakeholder firms may also be better equipped for uncertain times ahead. Don’t get me wrong, countless profiteers and opportunists will capitalize on the coming misery in the global economy. But ask yourself, which kinds of companies will be best placed to navigate the unpredictability of the post-pandemic environment?
The world which emerges from this COVID-19 crisis will look different. Having handed out huge bailouts, many governments are likely to take a much greater interest in businesses’ behavior and performance. As fiscal deficits rise, so too will corporate taxes. Serious questions hang over the future direction of open trade. Inequality will grow in and between societies, and so will social unrest.
In this undetermined future, agility will be a company’s best asset. CEOs who quickly adopt a 360-degree view and become more attuned to their employees, value chains, and wider society will maneuver with a degree of sensitivity and humanity not open to those still focused solely on narrow financial returns.
C-suites able to put ego aside and forge enlightened alliances with their competitors, civil society, and official agencies will be better positioned to deal with interventionist governments and the pendulum of polarized politics.
And these companies will recognise that the pressing need to create a more equitable and sustainable society has not gone away, but dramatically increased.
Will coronavirus be a watershed moment for responsible business? Too soon to tell. But from this moment it’s certainly plausible that firms which think beyond the next quarter, see the bigger picture, and display compassion and dexterity are on a better path. I know who my money’s on.
Paul Polman is cofounder of IMAGINE and former CEO of Unilever.