Committing to the future – Conference on Inclusive Capitalism October 2016

09 Oct 2016

- 10 Oct 2016

Location: New York, NY


The 2016 Conference on Inclusive Capitalism took place in New York on October 9th and 10th. This was our third-annual invitation-only event and a signature milestone in gathering the world’s most important leaders who are committed to creating a more inclusive global economy.

This conference brought together the world’s leading institutional investors, asset owners, corporate chief executive officers, policymakers and economic thinkers, from over 20 countries, to work together on ideas and actions that will help restore capitalism as an engine of broadly-shared prosperity and regain public trust.

This year’s event took an interactive approach with participants moving beyond ideas to establish goals and commitments for how their companies and organizations can promote long-termism, integrate environmental, social, and governance factors, improve workforce conditions and economic opportunities for their employees, and drive inclusive economic growth.

We were honored that Christine Lagarde, Managing Director of the International Monetary Fund, joined us and that Mark Carney, the Governor of the Bank of England, launched the conference on the evening of Sunday, October 9th.

To lead the discussion at the conference, we confirmed Larry Fink of Blackrock, Jamie Dimon of JPMorgan and Bill McNabb of Vanguard, who deliberated the role of asset managers in the system, Siv Jensen, the Norwegian Minister of Finance and Jack Ehnes of CalSTRS, who provided their expertise in discussing the impact that the world’s largest asset owners can make, and Indra Nooyi of PepsiCo, Paul Polman of Unilever and Mark Bertolini of Aetna, who discussed initiatives and issues within their corporations.


  • His Royal Highness Prince Turki Al-Faisal
  • Anas Khaled Al-Saleh
  • Jagdeep Singh Bachher – Chief Investment Officer and Vice-President of Investments, University of California, Office of the President
  • Zanny Minton Beddoes
  • Mark T Bertolini – Chairman and Chief Executive Officer, Aetna Inc
  • Neeti Bhalla
  • David Billings
  • Matthew Bishop
  • Pascal Blanqué – Deputy Chief Executive Officer, Global Head of Institutional Business, Chief Investment Officer and Member of the Executive Committee, Amundi Group
  • Barry Blattman
  • Ryan Blute
  • Randy Brown
  • Laphonza Butler
  • Mark Carney
  • Laurent Clamagirand
  • Jeff Conway – Chief Executive Office, Europe, the Middle East and Africa, State Street
  • Janet Cowell
  • Sir Sherard Cowper-Coles – Group Head of Government Affairs, HSBC Holdings
  • Roger W Crandall, CFA – Chairman, President, and Chief Executive Officer, Massachusetts Mutual Life Insurance Company
  • Professor Herman Daems – Chairman of the Board BNP Paribas Fortis and KU Leuven
  • Jamie Dimon
  • Paul Druckman
  • Nina Easton
  • Lou Eccleston – Chief Executive Officer, TMX Group
  • Jack Ehnes
  • Dr Mohamed A El-Erian – Chief Economic Advisor, Allianz; Chair, Global Development Council
  • Tony O Elumelu, CON – Chairman, Heirs Holdings
  • Dr Kenneth Henry AC FASSA FAIIA
  • Sharon E Fay CFA – Head and Chief Investment Officer, Equities, AB
  • Niall Ferguson
  • Roger W Ferguson, Jr – President and Chief Executive Officer, TIAA
  • Laurence D Fink – Chairman and Chief Executive Officer, BlackRock, Inc
  • Michelle Fleury
  • Kristian Fok – Executive Manager, Investment Strategy, Cbus
  • Rana Foroohar
  • Damien Frawley
  • Fabrizio Freda
  • Dr Guido Fürer – Group Chief Investment Officer and Member of the Group Executive Committee, Swiss Re
  • David Giampaolo – Founder and Chief Executive Officer, Pi Capital
  • Stephen Gilmore
  • Eli Goldstein
  • Eva Halvarsson
  • Mitchell Harris
  • Peter Harrison – Group Chief Executive, Schroders
  • Sean Healey
  • Bev Hendry
  • Walter Howard
  • Arianna Huffington
  • Paul Hunston – Partner, Wiggin Osborne Fullerlove
  • Siv Jensen
  • Henrik Gade Jepsen
  • Philip Jordan QPM – City Marshal and Senior Programme Manager to the Rt. Hon. the Lord Mayor
  • Douglas Baker Jr – Chairman of the Board and Chief Executive Officer, Ecolab Inc
  • Christine Lagarde
  • Michel Landel
  • Matti Lievonen
  • Li Linzhi
  • Martin Lipton – Founding Partner, Wachtell, Lipton, Rosen & Katz
  • Mindy S Lubber – President and Founding Board Member, Ceres
  • James Mackintosh
  • Professor Roger Martin
  • Priya Mathur
  • F William McNabb III – Chairman, Vanguard
  • Colin Melvin
  • Hiro Mizuno
  • Alderman The Lord Mountevans
  • Dr Dambisa Moyo
  • Deanna M Mulligan
  • Dean E Murphy
  • Kathleen Murphy – President, Personal Investing, Fidelity Investments
  • Abdallah Nauphal
  • Tom Nides
  • Indra Nooyi – Chairman and Chief Executive Officer, PepsiCo
  • Jacek Olczak
  • Uche Orji – Managing Director and Chief Executive Officer, Nigeria Sovereign Investment Authority
  • Adrian Orr – Chief Executive Officer, New Zealand Superannuation Fund
  • Ronald P O’Hanley
  • Tracy Palandjian – Co-Founder and Chief Executive Officer, Social Finance
  • Nelson Peltz
  • Allan Polack – Group Chief Executive Officer, PFA Pension
  • Paul Polman – Chief Executive Officer, Unilever
  • Adam Posen – President, Peterson Institute for International Economics
  • Stephen N Potter – President, Northern Trust Asset Management, The Northern Trust Company
  • Dr Raghuram Rajan
  • Elin Bergithe Rognlie
  • Kenneth Rogoff
  • Andrea Rossi – Chief Executive Officer, AXA Investment Managers
  • Sir Evelyn de Rothschild – Chairman, E.L. Rothschild LLC
  • Lady Lynn Forester de Rothschild – Founder and Chief Executive
  • Olivier Rousseau
  • Michael Rüdiger
  • Bader M Al Saad
  • Michael Sabia – President and Chief Executive Officer, Caisse de dépôt et placement du Québec
  • Zach Sims
  • Eric Spiegel
  • Carsten Stendevad
  • John J Studzinski CBE – Vice-Chairman and Senior Managing Director, Blackstone
  • Lawrence H Summers
  • Tom de Swaan – Chairman, Zurich Insurance Group
  • Brendan J Swords CFA – Chairman, Chief Executive Officer, and Managing Partner, Wellington Management Company
  • Ratan N Tata
  • Kip Tindell – Co-Founder and Chairman, The Container Store
  • Hendrik du Toit – Chief Executive Officer, Investec Asset Management
  • Laura Tyson
  • Kevin Uebelein
  • Frederick H Waddell
  • Darren Walker – President, The Ford Foundation
  • James Wallin
  • Yu-Ming Wang
  • Mark Warner
  • Mark Weinberger
  • Eric M Wetlaufer – Senior Managing Director and Global Head of Public Market Investments, Canada Pension Plan
  • Theresa Whitmarsh – Executive Director, Washington State Investment Board
  • Ash Williams – Executive Director and Chief Investment Officer, Florida State Board of Administration
  • Ronald A Williams
  • Gavin Wilson – Chief Executive Officer, IFC Asset Management Company
  • Mark Wilson – Chief Executive Officer, Aviva
  • Mark Wiseman – Global Head of Active Equities, BlackRock
  • Martin Wolf CBE – Chief Economics Commentator, Financial Times
  • Jide J Zeitlin
  • David H Zellner – Chief Investment Officer, Wespath Benefits and Investments



9:00 am Welcome remarks

Lynn Forester de Rothschild, Chief Executive, The Coalition for Inclusive Capitalism

9:05 am The gathering storm

What can the past teach us about the future?

Capitalism and globalization have come under attack before. Yet experiments with communism, fascism and populism had disastrous consequences. How can governments, businesses, and individuals incorporate lessons from history to ensure that we do not repeat the catastrophes of the 20th century? Or does technology mean that this time will be different? One of the world’s preeminent historians offers his answers.

Niall Ferguson, Senior Fellow, The Hoover Institution, Stanford University

9:25 am Public commitment

Affirming a responsibility to Inclusive Capitalism

9:30 am  Power centers

How asset owners are fueling inclusive growth

Asset owners are in a unique position to drive the next wave of capitalism by demanding that their vast financial capital be invested according to profitable, sustainable and inclusive principles. In this session, the heads of the world’s largest sovereign wealth and pension funds and their US colleagues describe the ways they are leading their institutions towards successful long-term, inclusive rewards.

Jack Ehnes, Chief Executive Officer, California State Teachers’ Retirement System (CalSTRS) Siv Jensen, Minister of Finance, Norway
Hiro Mizuno, Executive Managing Director and Chief Investment Officer, Government Pension Investment Fund, Japan
Moderator: Nina Easton, Senior Editor and Columnist, Fortune

10:15 am Coffee Break

10:45 am Introduction – Market Forces

Bob Greifeld, Chief Executive Officer, Nasdaq

10:55 am The visible hand

The role of asset managers in reimagining companies from within

Today’s most successful investment firms and asset managers are rethinking the tools of corporate governance and stakeholder engagement as a way to promote long-term value creation. This translates into restructuring corporate boards, promoting changes to compensation, updating proxy access and implementing broader ESG principles. In this session, we hear from pioneering asset managers about what they are doing to move business toward an inclusive future.

Jamie Dimon, Chairman and Chief Executive Officer, JPMorgan Chase & Co
Laurence D Fink, Chairman and Chief Executive Officer, BlackRock
F William McNabb III, Chairman and Chief Executive Officer, Vanguard
Moderator: Zanny Minton Beddoes, Editor-in-Chief, The Economist

11:40 am Public Commitment

Affirming a responsibility to Inclusive Capitalism

11:45 am Tools of the trade

Working with activist investors

Activist investors are driving significant change at today’s largest organizations, but concerns can arise that short-term gains come at the cost of long-term value creation. Do creative ways exist to resolve the tension between short-term and long-term interests and to ensure that activist investors and long-horizon shareholders both contribute to helping companies build long-term value, a fundamental principle of Inclusive Capitalism? This session brings together one of the world’s largest asset managers and one of today’s most dynamic activist investors, alongside a legendary legal mind to explore the right mix of tools, policies, and ideas for working towards collective benefit.

Ronald O’Hanley, President and Chief Executive Officer, State Street Global Advisors
Nelson Peltz, Founding Partner and Chief Executive Officer, Trian Fund Management, L.P.
Moderator: Martin Lipton, Founding Partner, Wachtell, Lipton, Rosen & Katz

12:15 pm Commitment roundtable discussions

Participants share ideas and practices that will lead to greater public commitments

12:45 pm Lunch

1:45 pm Introduction – Future of work

Adam Posen, President, Peterson Institute for International Economics

1:55 pm The big shift

Investing in the workforce of tomorrow

As globalization and the rapid advance of technology have rearranged traditional pathways for employment, momentum is now building towards policies that fairly reward the economy’s most important asset: its workers. In this session, leaders from business and finance determine what changes are necessary to galvanize private sector support for initiatives that increase worker remuneration, employee engagement, and the long-term health and training of our workforce.

Mark Bertolini, Chairman and Chief Executive Officer, Aetna
Roger W. Ferguson, Jr., President and Chief Executive Officer, TIAA
Hon. Mark Warner, US Senator, State of Virginia
Theresa Whitmarsh, Executive Director, Washington State Investment Board
Moderator: Roger Martin, Institute Director, Martin Prosperity Institute, Rotman School of Management, University of Toronto

2:40 pm Panel Introduction

Arianna Huffington, Founder and Chief Executive Officer, Thrive Global

2:50 pm The peoples’ choice

How asset creators are bringing Inclusive Capitalism into the mainstream

Multinational corporations who are weaving inclusive principles into the DNA of their organizations have the greatest potential to build wide-ranging support for Inclusive Capitalism from the bottom up. In this session, chief executive officers of forward-thinking companies explain the challenges and opportunities of driving ESG strategies, implementing new integrated reporting processes, applying new metrics, and building popular support for transparency, governance, sustainability, and inclusive growth.

Indra Nooyi, Chairman and Chief Executive Officer, PepsiCo
Paul Polman, Chief Executive Officer, Unilever
Mark Weinberger, Global Chairman and Chief Executive Officer, EY
Moderator: Rana Foroohar, Assistant Managing Editor, TIME

3:40 pm  Coffee Break
4:10 pm  Matters of state

Building policy frameworks to reinvent global capitalism

As much as reinvention inside companies drives the future of Inclusive Capitalism, real change also demands powerful new incentives from governments. In this session, global policy experts discuss ways of crafting economic policy that enable governments, businesses and individuals to drive equitable, sustainable and inclusive growth.

A roundtable discussion between:

Dr Lawrence H Summers, President Emeritus and Charles W Eliot University Professor, Harvard University
Dr Raghuram Rajan, Distinguished Service Professor of Finance, University of Chicago Booth School of Business
Martin Wolf, Chief Economics Commentator, The Financial Times

4:50 pm Closing Keynote

Christine Lagarde, Managing Director, International Monetary Fund

5:10 pm Closing remarks

Lynn Forester de Rothschild, Chief Executive, The Coalition for Inclusive Capitalism


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