Capitalism is failing and the tools we are relying on to fix it - corporate social responsibility, divestment, impact investing, and government control - are only making things worse.
-Chevron boasts about the $50 million per year it spends on renewable energy whilst it spends 200 times that on oil exploration
-Goldman Sachs touts its 10,000 Women initiative but its board ranks 358th out of the Fortune 500 for gender diversity and women earn 55% less than men do on average
By focusing on corporations rather than people, we've put our faith in empty trends and brand-focused window-dressing. Why should those responsible for our current crisis be trusted to fix it?
In Accountable, authors Michael O'Leary and Warren Valdmanis offer a blueprint for everyone to take responsibility for using their economic power as consumers, as investors, as employees, and as voters to trigger a fundamental shift away from an economy that is unethical, unfair, and destructive to our environment and institutions. Their investigation cuts through the tired dogma of current economic thinking to reveal a hopeful truth- if we can make our corporations accountable to a deeper purpose, we can make capitalism both prosperous and good.
Trenchant and gripping, this is an indispensable guide and call to action for citizens to take control of our economic power and hold corporations to a higher standard.
Warren Valmanis joined Bain Capital Double Impact as Managing Director in 2017 after working for the firm's flagship private equity business for over 11 years. He has worked in Asia and Australia where he helped to build the firm's Japan business and opened the Sydney office. He sits on the board of directors of a number of global companies and three non-profit organisations. Warren received an MBA from Harvard Business School and a BA in Economics from Dartmouth College.
Michael O'Leary is an impact investor at Bain Capital Private Equity where he has served in strategy and development roles and now invests across industrials, consumer, technology and healthcare verticals in Boston and Hong Kong. He has also served on the economic policy team team of Senator Michael F. Bennet of Colorado. Michael has an MBA from the Stanford Graduate School of Business and a BA in Philosophy from Harvard College.
How everyone can use their power as consumers, investors, employees and voters to take back control of capitalism and hold corporations to account.