World Economic Forum | Toward Common Metrics and Consistent Reporting of Sustainable Value Creation
The Davos Manifesto 2020: The Universal Purpose of a Company in the Fourth Industrial Revolution , articulates the principles of stakeholder capitalism and reflects the ethos of the World Economic Forum since its founding fifty years ago. The Forum’s original Davos Manifesto 1973: “A Code of Ethics for Business Leaders” , stated that “the purpose of professional management is to serve clients, shareholders, workers and employees, as well as societies, and to harmonize the different interests of the stakeholders”.
The updated manifesto expands on this idea by stating, “A company is more than an economic unit generating wealth. It fulfils human and societal aspirations as part of the broader social system. Performance must be measured not only on the return to shareholders, but also on how it achieves its environmental, social and good governance objectives.”