Former Federal Reserve Chairman had a vision for a better world through business
Submitted by CECP
Twenty years ago, Paul A. Volcker, Jr. Volcker, who passed away on December 8, 2019 in New York City, joined forces with Paul Newman, actor and philanthropist; Peter Malkin, current Chairman Emeritus of Empire State Realty Trust; David Rockefeller, then Chairman of Chase Manhattan Bank; and John C. Whitehead then Co-Chairman of Goldman Sachs, to form Chief Executives for Corporate Purpose (CECP). Their idea was to create a coalition of businesses that believed a company’s social strategy — how it engages with key stakeholders including employees, communities, investors, and customers —determines company success. That coalition is stronger than ever today, growing from those 5 in 1999 to 200+ today, representing $6.6 trillion in revenues and $21.2 billion in social investment.
Mr. Volcker’s long career in the Federal government was testament to his belief that there was no greater calling than that of public service. As Chairman of the Federal Reserve bank from 1979 to 1987. His tenure at the Federal Reserve was marked by efforts to achieve sound monetary policy and good government financial policies.
Ever the consummate public servant, after leading the Federal Reserve Mr. Volcker created and chaired of the Volcker Alliance; acted as head of President Obama’s Economic Recovery Advisory Board; served as chair of the investigation of the UN’s Oil-for-Food program; and led the committee formed by Swiss and Jewish organizations to investigate deposit accounts and other assets in Swiss banks of victims of Nazi persecution and to arrange for their disposition.
“Paul Volcker was a force to be reckoned with and is revered as a committed public servant whose contributions to economic policy are too numerous to count,” said Daryl Brewster, CEO, CECP. “Noted for both his “brute force” and “austere integrity”, he was the one fighting for all stakeholders at a time when that notion was not always popular. Paul’s firm belief that business could be a force for good throughout the world is still felt today.”
ABOUT CHIEF EXECUTIVES FOR CORPORATE PURPOSE (CECP)
CECP is a CEO-led coalition that believes that a company’s social strategy — how it engages with key stakeholders including employees, communities, investors, and customers —determines company success. Founded in 1999 by actor and philanthropist Paul Newman and other business leaders to create a better world through business, CECP has grown to a movement of more than 200 of the world’s largest companies that represent $6.6 trillion in revenues, $21.2 billion in social investment, 14 million employees, 23 million hours of employee engagement, and $15 trillion in assets under management. CECP helps companies transform their social strategy by providing customized connections and networking, counsel and support, benchmarking and trends, and awareness building and recognition.
The Committee Encouraging Corporate Philanthropy (CECP) is the only international forum of business leaders focused on increasing the level and quality of corporate philanthropy. Membership includes more than 180 global CEOs and chairpersons of companies that collectively account for more than 40% of reported corporate giving in the United States. Membership is by invitation and is renewed annually.
CECP provides member companies with peer-to-peer executive convenings, premier networking events for corporate giving industry professionals, cutting-edge research publications, a proprietary, on-demand benchmarking system of corporate philanthropy data, and exclusive media opportunities.
Founded in 1999 by actor and philanthropist Paul Newman, together with John Whitehead, Peter Malkin, and other business leaders, CECP continues to inspire and challenge leaders in the private sector to find innovative ways to fulfill unmet social needs and to lead the way towards better alignment of business and social strategies.
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