EPIC

Embankment Project for Inclusive Capitalism

Can changing the way we measure value help companies focus on the long term?

WHO IS INVOLVED

We came together in pursuit of a single goal: to identify and create new metrics to measure and demonstrate long-term value to financial markets.

EY

Asset Owners

Allstate
Allianz
ATP
Calpers
CALSTRS
Canadian Pension
Guardian
Metlife
Washington State Investment Board

Asset Managers

Amundi
Barings
Blackrock
Investec
JP Morgan Chase
Neuberger Berman
Nuveen
Schroders
State Street Global Advisors
Vanguard

Companies

Aetna
BASF
Dow DuPont
Ecolab
Johnson & Johnson
Nestle
Novartis
Pepsi Co
Unilever

Working Groups

Human Capital<br/>Deployment
Human Capital
Deployment
Organizational<br/>Culture
Organizational
Culture
Consumer Trust
Consumer Trust
Innovation
Innovation
Sustainable<br/>Development Goals
Sustainable
Development Goals
Corporate<br/>Governance
Corporate
Governance
Employee Health
Employee Health
Consumer Health
Consumer Health

CEOs of participating companies

Companies

  • Mark Bertolini, Aetna
  • Martin Brudermüller, BASF
  • Edward Breen, DowDuPont
  • Doug Baker, Ecolab
  • Alex Gorsky, Johnson & Johnson
  • Mark Schneider, Nestlé
  • Vasant Narasimhan, Novartis
  • Indra Nooyi, PepsiCo
  • Paul Polman, Unilever

Asset managers

  • Pascal Blanque, Amundi
  • Thomas Finke, Barings
  • Laurence Fink, BlackRock
  • Abigail Johnson, Fidelity Investments
  • Hendrik du Toit, Investec Asset Management
  • Mary Erdoes, J.P. Morgan Asset & Wealth Management
  • George Walker, Neuberger Berman
  • Vijay Advani, Nuveen
  • Peter Harrison, Schroders
  • Cyrus Taraporevala, State Street Global Advisors
  • William McNabb, Vanguard

Asset owners

  • Oliver Bäte, Allianz
  • Thomas Wilson, Allstate
  • Christian Hyldahl, ATP
  • Marcie Frost, CalPERS
  • Jack Ehnes, CalSTRS
  • Mark Machin, Canada Pension Plan Investment Board
  • Hiro Mizuno, Government PensionInvestment Fund
  • Deanna Mulligan, Guardian Life
  • Steve Kandarian, MetLife
  • Matt Whineray, New Zealand Super Fund
  • Theresa Whitmarsh, Washington StateInvestment Board

Advisory Council

  • Daryl Brewster, CECP
  • Paul Druckman, Financial Reporting Council
  • Robert Eccles, University of Oxford
  • Richard Howitt, International Integrated Reporting Council
  • Martin Lipton, Wachtell, Lipton, Rosen & Katz
  • Colin Mayer, University of Oxford
  • Barry Melancon, Association of International Certified Professional Accountants, American Institute of CPAs
  • Andy Neely, University of Cambridge
  • Adam S. Posen, Peterson Institute for International Economics
  • Dov Seidman, LRN
  • George Serafeim, Harvard Business School
  • Jeffrey Sonnenfeld, Yale University
  • Robin J. Stalker, Individual capacity
  • Laura Tyson, University of California
  • Sarah Williamson, FCLTGlobal

Our work is just
the beginning

The project has come a long way since the first meeting of CEOs in London in early 2017. What began as an exploratory discussion between players across the investment chain, has grown into a robust endeavor: building on existing initiatives, academic work, and the advice of an advisory council, the EPIC participants have identified and developed metrics which will begin to help businesses better articulate the value they create for investors and other stakeholders.

The Long Term Value Framework, which was further developedover the course of EPIC, lies at the heart of these efforts. It provides principles, guidance and tools for companies to better articulate their long-term performance. And today, it is open-sourced for any company to use and build upon.

The progress made during this project is tremendously important, but it is just a first crucial step towards our vision of a world where long- term thinking is the norm, and organizations are empowered to create sustainable, inclusive growth. To reach this goal, we need companies and investors everywhere to play their part over the coming years.

The Coalition for Inclusive Capitalism encourages companies to:

  • Select and develop metrics and narrative appropriate to their business
  • Review and change current reporting practices

The Coalition for Inclusive Capitalism encourages asset managers to:

  • Engage more strategically with companies
  • Further explore the link between intangibles and financial value

The Coalition for Inclusive Capitalism encourages asset owners to:

  • Set and communicate longer-term mandates to asset managers
  • Actively engage in the debate
Our work
Epic Report

DownloadThe 2018 EPIC report

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