Canadian Business Leaders asked to join the movement toward an economy powered by purpose

A CALL TO PURPOSE: Canadian Business Leaders Asked to Join the Movement Toward an Economy Powered by Purpose

56 organizations including major technology businesses, financial institutions, industrial and retail companies have endorsed A Call to Purpose

Vancouver, B.C. (November 21, 2023) – Led by the Canadian Purpose Economy Project (CPEP), more than 50 organizations have made a commitment to being part of the movement toward a purpose-first economy in Canada and are asking other Canadian business leaders to do the same by endorsing and signing CPEP’s A Call to Purpose.

With A Call to Purpose, leaders of Canadian businesses who have embraced a social purpose are calling on their peers to consider why their organizations exist and for whom. It is a call for action from CEOs to CEOs, to unite businesses, governments and industry associations behind the collective vision and commitment to sustained progress toward a purpose-first economy. The letter outlines a goal that by 2030, at least 25% of Canadian businesses have adopted, disclosed and authentically embedded a social purpose across their operations — this will create the tipping point by which social purpose in business becomes mainstream.

In a time of increasing economic challenges and rising inequality, pandemic recovery and environmental emergencies, people in Canada expect more from every sector of the economy to do their part in contributing to positive social impact, enhanced environmental sustainability and good governance.

In response to these changing consumer expectations, in early 2020 a group of passionate leaders from purpose-led organizations came together to form CPEP with a shared vision of convening, connecting and collaborating to promote the uptake of social purpose action across the economy. With a mandate to accelerate the transition to a purpose-first economy, CPEP’s work champions purpose-driven business models that generate growth, enhance profitability and accelerate game-changing social and environmental solutions.

Founding champions of CPEP include:

Coro Strandberg, Strandberg Consulting
Maureen Young, Coast Capital
Mike Rowlands, Junxion Strategy
Christelle Francois, Table of Impact Investment Practitioners
Tessa Vanderkop, United Way BC Social Purpose Institute
Maxime Lakat, Re_Generation
Elizabeth Shirt, Canadian Business for Social Responsibility

Co-authors and Endorsers of A Call to Purpose include:

Darren Entwistle, CEO, Telus
Michael McCain, CEO, Maple Leaf Foods
Nancy MacKay, CEO, MacKay CEO Forums
David Redfern, CEO, Lafarge Eastern Canada
Rob Wesseling, CEO, Co-Operators

“Businesses with a social purpose are companies whose enduring reason for being is to create a better world by being an engine for good,” says Coro Strandberg, Cofounder and Chair, Canadian Purpose Economy Project. “Many companies are already taking important steps to articulate and operationalize a social purpose as their meaningful reason to exist; however, there is more work to be done. A Call to Purpose brings together businesses from across sectors to support the development of a purpose economy, galvanize their stakeholders around it and develop purpose-driven lines of business, products and services that can provide solutions for society’s challenges.”

The endorsers of A Call to Purpose recognize that, in addition to creating meaningful outcomes for people and the planet, social purpose companies are more likely to have a strong sense of direction that will position them to compete, navigate challenges and achieve long-term growth. With their purpose as their North Star, these organizations and their leaders can unlock unlimited potential, including increased profit and innovation, customer loyalty, partnerships and collaborative relationships and more.

Maureen Young, Vice President, Social Purpose at Coast Capital added: “As a purpose-driven organization, we believe that social purpose is a path to healthy communities and a strong economic environment, as well as profitability and growth. It’s the kind of business model we need to tackle the complex, systemic issues facing people in Canada today. For Coast Capital, our social purpose of Building Better Futures Together has been key to our evolution as a modern federal financial cooperative and as an organization that is dedicated to positively impacting our members, employees and communities. We’re grateful for the opportunity to champion this collective effort to move towards a purpose-first economy and accelerate a better future for all.”

The organizations endorsing the common vision for a purpose economy in Canada are calling for their fellow CEOs and leaders of Canadian businesses to sign on to endorse A Call to Purpose. By discovering their organization’s social purpose, they can leverage the fullness of their resources, expertise and capacity for the betterment of our communities, businesses and country. Together, we can create a better tomorrow for future generations. To learn more about CPEP and endorse A Call to Purpose, visit purposeeconomy.ca.

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Media Contact
Cristina Melo Senior Account Manager, Citizen Relations (on behalf of Coast Capital)
cristina.melo@citizenrelations.com
604-612-4468

ABOUT CANADIAN PURPOSE ECONOMY PROJECT
Imagine an economy powered by the pursuit of long-term well-being for all in which business, regulatory, and financial systems foster an equitable, flourishing, resilient future. That’s the economy Canadians want, and the Canadian Purpose Economy Project is working to build it. In 2020, in the midst of economic challenges, pandemic recovery, and environmental emergency, business leaders across sectors joined forces to convene, connect, and collaborate as the Canadian Purpose Economy Project for the common goal of promoting the uptake of social purpose action across the country’s economy.

ABOUT COAST CAPITAL
At Coast Capital, we’re not dreaming about a better future, we’re building one. We’re a member-owned financial cooperative with an 80-year legacy of unlocking financial opportunities that positively impact people and communities. We believe that every Canadian deserves a financial partner who actually cares how things turn out. Driven by our social purpose, we look at everything we do through the lens of how we can help our 600,000 members, our employees and communities. Ranked in the platinum category of the 2022 Corporate Knight’s Social Purpose Ranking and a proud Certified B Corporation®, we’re part of a global movement building a more inclusive, equitable and regenerative economic system. Each year, we continue to build on our strong commitment to community investment, with more than $95 million reinvested in our communities over the past two decades. We’re deeply committed to making our financial cooperative a great place to work as demonstrated by some of our accolades. Coast Capital is a platinum member of Canada’s Best Managed Companies, one of Canada’s Most Admired Corporate Cultures, and a BC Top Employer. To learn more, visit us online at coastcapitalsavings.com.