Pope Francis dies at 88. Here are 5 companies in his 'Inclusive Capitalism' group

Championing what Vatican observers called “compassionate capitalism” was one of Pope Francis' causes

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Image for article titled Pope Francis dies at 88. Here are 5 companies in his 'Inclusive Capitalism' group — Photo: Christopher Furlong (Getty Images)

Pope Francis passed away one day after celebrating Easter Sunday and following a brief meeting with U.S. Vice President J.D. Vance

Throughout Pope Francis’s 12-year papacy, championing what Vatican observers called “compassionate capitalism” was one of his causes. Sometimes he would excoriate CEOs, and other times he would work with them. The Council for Inclusive Capitalism was a vehicle affiliated with the Pope that aimed to incite corporate change.

Each organization on the council — formed in 2020 — has committed to changing aspects of its business model. Mastercard (MA), for instance, has said it plans to invest $500 million in Black communities and will increase annual spending with Black suppliers by 70% over the next five years. DuPont (DD), for its part, has said it will make sustainability a required criteria throughout its value chain by 2030.

Still, the council has its critics, who call it a fox-guarding-the-henhouse creation, naively hoping that powerful corporations will solve the problems they created, according to a post on InsideTheVatican.

Anne Quito contributed to this slideshow.

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Mastercard

“We’re all part of an interconnected system and once we see that, our responsibility becomes very clear. We have to help those in need today, AND ensure the world emerges a stronger, more resilient place—because doing the right things for society will lead to the right outcomes for business. This Council, under the direction of His Holiness Pope Francis, has been created to help define that path. Together, we will help provide capitalism the guide rails that it needs to make our world more equal and sustainable.” — Anjay Banga, former CEO of Mastercard.

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DuPont

Edward D. Breen, Executive Chairman, DuPont: “To me, a thriving world is one that fosters human potential in a way that is sustainable and enriches the lives of people everywhere and for generations to come. One company can’t do this alone. As a Guardian of the Council for Inclusive Capitalism, I’m excited by the insight and impact we can create together. “

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Merck

“Disparities in access to health care, including the benefits of promising innovations, are manifestations of a much larger societal problem. Until we improve economic inclusion among all people, we will struggle to fully address its consequences.” — Kenneth Frazier, Chairman of the Board and Chief Executive Officer, Merck & Co., Inc. (MRK)

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Johnson & Johnson

“In this moment when the importance of human health is in the collective spotlight, the business community has both the opportunity and the obligation to help shape a more equitable future for all. Together with the Council for Inclusive Capitalism, Johnson & Johnson (JNJ) is proud to support this call to action for organizations large and small to reimagine the positive impact we can make in building a more inclusive and sustainable society.” — Alex Gorsky, Chairman of the Board and Chief Executive Officer, Johnson and Johnson

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Bank of America

“Inclusive Capitalism addresses society’s most important priorities such as driving prosperity, equality and economic opportunity for everyone. It is critical that we align the capital, creativity and innovation from the private sector to solve for these pressing global challenges.” — Brian Moynihan, Chairman of the Board & Chief Executive Officer, Bank of America (BAC)

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Estee Lauder

William Lauder, CEO, is a member. CEOs who serve on the Pope’s council are known as guardians, and they commit to the following goals:

Acting on environmental, social, and governance (ESG) goals
Promoting fairness and equality
Encouraging sustainable business practices
Aligning capitalism with moral and ethical standards

There is no word on what will happen to the Council upon the passing of Pope Francis.

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