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EP16: Analyzing Trends and Potential Flashpoints in ESG Investing with Erik Wohlgemuth of Future500

Transcript

Participants:

Michael Young

Erik Wohlgemuth, Chief Operating Officer, Future500

Recent blog post by Erik on brand response to racial injustice  https://www.future500.org/blog/insufficiency-of-solidarity?mc_cid=79b9dbd3d2&mc_eid=[UNIQID]

Future500 Force for Good  Forecast 2020:  https://www.future500.org/blog/force-for-good-forecast-2020

Michael Young:

Welcome to the Purpose, Inc., the podcast where we discuss corporate purpose and stakeholder capitalism. I'm your host, Michael Young.

In order for companies to be effective change agents and deliver on sustainability goals whether they be internal ESG targets, Paris Climate, UN SDGs, change is necessary. Corporations must forge deeper and more productive relationships with their stakeholders to become change agents. And my guest today, Erik Wohlgemuth, the chief operating officer of Future500 is here to talk about how that needs to happen and the work that they do in order to help corporations find innovative systemic solutions that enable our planet and our society to thrive. Future500 is a nonprofit consultancy that builds trust between companies, advocacy groups, investors and philanthropists to advance business as a force for good. Erik earned his MBA from the Yale School of Management. He also holds a master's in environmental management from Yale and the School of Forestry and Environmental Studies. He also has a BA in history from Yale.

And Erik and I talk about Future 500's Force for Good Forecast which, if you're not aware of it and I'll link it in the show notes, is an authoritative and compelling body of research and analysis on the top issues, trends, topics and indeed flashpoints in ESG that are going to shape engagement between corporations and stakeholders in the coming years.

And we recorded this in—obviously, COVID had already happened and that is a big part of that report—but we recorded this the week that the Black Lives Matter protests and demonstrations were taking place in the aftermath of the murder of George Floyd.

And so, that isn't reflected in that research report but it most certainly will be in the future. And Erik and I do get into the role corporations must play in responding to racial injustice particularly the connection between employees and activists which is already a trend that Erik and his team are seeing as well as intergenerational change with Gen Z rising up and taking control. And companies are ultimately going to be calling consumers to action around racial injustice and vice versa. So, we're going to see a lot about that in the future. And so, we do get into that a bit but at the end and I'm going to be doing a lot more on the topic of corporate action around and racial justice in coming episodes.

So, here today without further ado, my conversation with Erik Wohlgemuth of Future 500.

Erik, thanks so much for coming on the podcast.

Erik Wohlgemuth:

Yeah, Michael. Thank you for inviting me and for the opportunity to talk virtually with you today. I hope we get to meet in person sometime in the near future.

Michael Young:

Excellent. Erik, so, maybe just give our listeners a quick snapshot of your background and then a quick history of Future 500 and where the organization comes from and how it fits into the purpose/sustainable capitalism landscape.

Erik Wohlgemuth:

Sure. I guess a little about me. I grew up in Brooklyn, New York and was truly an urbanite who didn't learn to drive until my mid-20s. Loved the subway. And growing up, I loved the mosaic of racial and socio-economic diversity of New York and I was planning to go off to college, return home and be a Wall Street trader for the rest of my life like my father and his father. But then I graduated during a recession and it kind of quickly became disillusioned with the grind of the corporate world. So, I like to joke that I had a midlife crisis at 24. So, I saved some money, I quit my job, learned to drive, I bought my first car and I took off cross-country and I headed to California to go to Whitewater River Guide School. My friends who used to call me Urban Erik thought I was nuts and my family, particularly my mom was supportive. And in college, I majored in American history with a focus on the settlement of the West and I'd been influenced by professors like Bill Cronin. He authored a great book called Changes in the Land that laid out the industrial development of the American West. So, as I was driving to California, I was enraptured with the majestic landscapes unfolding around me and how they'd been kind of dissected or cut up by a development. And I didn't know it then but I was about to find my life's purpose and change my trajectory. So, I spent three years working as a river guide and a ski bum in the winter and it was predominantly a rural existence and I loved it. I became enamored with the outdoors and impassioned about the environment and I’d come home for holidays, criticizing American consumption and corporations for destroying the environment.

My father who abhorred littering and helped establish one of Brooklyn's first recycling centers was wholly unimpressed with me. He said—now if I can channel his kind of smoker’s voice—but he's like, “Kid, you sound like the profit of a new religion. You don't know anything about business.” So, he said go get a business degree and then we could have an informed discussion. So, like most kids, I ignored him for a while but eventually his wisdom sunk in and it was beginning of the socially responsible business movement with the likes of Body Shop, Stonyfield Farms and socially responsible investment with folks like Amy Domini. So, I was having a lot of inspiration from these folks and Paul Hawkins’ Ecology of Commerce had just come out and I read that and William McDonough’s Declaration of Interdependence. So, I was realizing that corporations are part of the problem but they could also be a major part of the solution. So, I did go back to school got, an MBA, master's in environmental management and after a stint in environmental management consulting and an environmental tech startup in the early days, the dot-com era, mobilizing online campaigns targeting companies, I landed at Future 500 and it's a place that really allowed me to apply my academic training and really realize my career aspirations.

So, that's I guess a segue to Future 500. It's a 25-year-old nonprofit consultancy this year with a mission to build bridges between corporations, advocates, investors and philanthropists to advance business as a force for good. Our team are experts in stakeholder engagement and we're expert generalists on social and environmental sustainability. So, at a high level, we help companies in two primary ways. First, we help companies get aligned internally across functions to embed sustainability into a company's core business strategy and second, we help companies engage externally with critical stakeholders who are influencing social and environmental issues that are financially material to a company. So, our origin story was our organization was formed out of helping resolve a conflict between Mitsubishi Corporation and a network of environmental groups led by Randy Hayes and Rainforest Action Network. Mitsubishi Forestry was destroying old-growth forests in Malaysia and the company was ignoring Randy's overtures to talk. So, to get their attention, Rainforest Action Network organized public corporate campaigns against Mitsubishi, corporations, other better known consumer-facing businesses.

So, they showed up at auto shows and locked themselves in Mitsubishi cars, they unfurled large banners outside of Mitsubishi’s Union Bank in California. Then they picketed outside of Mitsubishi USA's electronic stores and this got the attention of the CEO of Mitsubishi Electric USA whose name is Tachi Kiuchi. And Tachi realized this was bad for business. It was turning off customers and employees. So, he hired Bill Shireman, our founder, to help him engage Randy and company and they traveled to the rainforest together to see the problem firsthand. And Tachi was moved and eventually forged an agreement with Rainforest Action Network to discontinue sourcing wood products from endangered and old-growth forests. That's part of the agreement. They committed to a sourcing preference for Forest Stewardship Council or FSC certified wood. FSC was in its infancy then so this really helps spur market demand for certified forest commodities and eventually, hundreds of companies signed onto similar or more stringent agreements and this help change demand patterns and reduce pressure on some threatened old-growth and endangered forests. So, Tachi retired and that led he and Bill to Future 500, Tachi in Japan, Bill in the U.S. And they saw a need for experts to inhabit the middle and helped forge the common ground that moves parties at odds from conflict to collaboration on advancing systemic solution.

So, as one of our board members likes to say, we were depolarizers before that term was cachet. So, today thankfully, sustainability and stakeholder engagement is mainstreamed. Companies want to lean in on sustainability and they're doing some response to pressure and changing societal expectations on so many stakeholder fronts from NGOs, from investors, employees, consumers, communities where they operate and policymakers at all levels of government. This is really a welcomed change because it enables our team to have more impact influencing companies positively but also for companies to have more of a positive impact on society as they move more from a reactive posture to a proactive one. So, hopefully, I hope that wasn't too long.

Michael Young:

No, that was fantastic.

Michael Young:

Cool. No problem. Absolutely. So, talk a little bit more about the theory of change because I think that's an area where and I think you were touching on it within your initial explanation of Future 500 and how you approach and depolarize corporate interests and those of society broadly. So, talk a little bit about that.

Erik Wohlgemuth:

Sure. There's something that we like to call the Green Peace Walmart Effect and this really emerged from the Rainforest Action Network-Mitsubishi conflict and that is really where you have the advocacy community raising awareness of an issue and they go after well-known brands, companies who are really protective of their brand reputation to get them to commit to things and then drive that commitment through their supply chain. And this is a way to really affect not just what happens within a company's four walls but really what happens across the entire business value chain. And so, this is a way to really get to more systemically solving problems across geographies. Now you can debate whether this is a form of colonial capitalism and there's been definitely changes in the model over the years by different campaigning groups like Greenpeace to be more thoughtful and adaptable to what happens in different countries around the world and what's culturally appropriate. So, first world standards need to be applied in different ways in different parts of the world.

Well, what we do is we really try to harness that tension between the advocacy community and companies to see where there is common ground and help get more and more companies to sign on to similar types of agreement. So, we often will be pointing companies to what we think leadership looks like and trying to connect them to the right stakeholders to see if we can head off conflict and have them drive these changes proactively. And thankfully, we're having a lot more of those boardroom discussions are happening today than they used to.

Michael Young:

Yeah, yeah. All right. I want to drop into your Force for Good report and ask you to unpack that for us, the key trends and the ideas that are in that and just kind of walk us through the big tent poles and pillars on that.

Erik Wohlgemuth:

Sure, sure. I always find it's a little helpful to provide some context in how we create the report. Each year our team convenes around Thanksgiving to pool our expertise to identify the top ESG trends that we anticipate are going to shape engagement between corporations and external stakeholders in the coming years. And so, to arrive at our predictions, we look at trends in advocacy, philanthropy, investing and politics and then we poll thought leaders in our network for their insights and it's a really fun and challenging exercise. And our 2020 forecast is our ninth annual trends report. We've gotten pretty good at this. We're helping leaders kind of see around the corner an issues such as plastic, environmental justice, diversity and inclusion and zero deforestation. For example, we highlighted the issues like plastic pollution four years ago, same thing with D&I and environmental justice before they really exploded onto the mainstream and it's a great way for us to signal to companies but also to the advocacy community that we see that this issue is really going to grow and scale and we invite people to want to engage and connect on these issues before they become more of a problem, if you will.

So, each of the ten topics in our report we could spend an entire podcast on. So, I'll touch on a few and if people want to read the report and view the team's webinar where we really unpack the issues in more detail, you can go to Future500.org/forecast.

Michael Young:

Yeah, and Erik, I'll link that all in the show notes.

Erik Wohlgemuth:

Okay. Great. So, since we first drafted the report, of course, the pandemic hit and now we have a reckoning due to the murder of George Floyd. So, I'll try to contextualize how these events might influence the issues that we have in the report. Kind of at a high level, how companies large and small respond to the COVID crisis and the murder of George Floyd is going to be a defining moment and it's going to be remembered for years, particularly in the younger generation. And as you know, there's a world of immediate transparency and deep polarization. So, companies have to tread carefully as missteps are going to shine a spotlight on their purpose and how their company's leadership upholds that purpose and I'll talk a bit about that. Some key questions as you think about the issues are how are companies treatment and engagement of their employees and customers, how will that influence loyalty, productivity and the company's reputation for years to come and will investors’ focus on ESG reporting and transparency continue to rise and will scrutiny of corporate influence on politics increase? So, I'm going to talk about those.

Employee activism is one trend that we've been tracking and is in the report and it really is the evolution of employees as activists which we've been closely following. Tech workers became kind of the vanguard of an employee agitation on ESG issues including climate change, gun sales, sexual harassment policies and controversial governmental contracts and social media has been a real critical tool for the rapid mobilization of employee activism on petitions and walkouts and the coordination of shareholder resolutions targeting corporate leadership. So, it's a critical situation we're in now as with COVID. It’s only strengthened employer-campaigner collaboration and there's a coalition of tech workers voice support for Amazon's warehouse protesters and soon after, campaigners like United for Respect were advocating on behalf of workers. The pandemic’s also propelled the voices of more traditional labor stakeholders like unions into the conversation. So, for example, recent fast food worker protests have been supported by Fight for $15, the minimum wage focused union. So, hopefully that gives you a little sense of employee activism particularly now that COVID has emerged.

Michael Young:

And Erik, I just wanted to maybe double click on that as it relates to George Floyd. So, COVID was one asteroid strike and now we have another one societally and I just want your thoughts on, and you shared your blog post and this episode will come out after your blog post is published. But I just wanted to, we've all seen companies stop and take a moment around Black Lives Matter and declare their support for the end of systemic racism. Give us your thoughts if you've got them yet on how that is going to impact this employee-activist connection and the youth rising piece which I think is another dimension to this. There's zero tolerance at Gen Z, right? Zero point zero is how they measure it, right?

Erik Wohlgemuth:

Right. Yeah. And that was the next issue I was going to dive into. No, these are really challenging issues. Our team has been deliberating over our privilege as an organization, as an entirely white organization and what is our role in society in terms of how can we really lean in and leverage our privilege to impact this issue. I think you touched on COVID which really was shining a spotlight on the wealth race gap and then this murder has certainly shined a very harsh spotlight on institutional racism and systemic inequality. And I think the issue of employee activism now is really charged. COVID kind of created a lot of tinder and the George Floyd murder really lit the match and I think there's really no going back and companies are coming out with statements of solidarity and that's all well and good and people need white allies to really rise up here. But it's really going to be aligning tone and deed and the actions that companies take with their employees, with their consumers and in the halls of government and in boardrooms. So, that's where we're going to be moving as a team and trying to use our access in corporate boardrooms and in the advocacy and funding networks to really try to elevate this conversation in a significant way.

Michael Young:

Got it. Okay. Let’s keep rolling.

Erik Wohlgemuth:

Yeah. Well, let me dive into youth rising up which is also a really good issue. We've seen this unfold spectacularly in our own backyard to the last year and youth activists have had immense success in elevating climate and social issues in public discourse. Today's youth movement’s louder, it's more urgent and more capable of waging an information campaign on social media than any of its predecessors. So, it's really important for companies to understand youth’s theory of change and expectations because their discontent with the status quo is definitely a sign of what's to come. My niece who's one of the lead climate advocates and activists in New York and has been marching with the protesters around George Floyd, she says, “Look, we're the leaders of the future. We're going to be voters. We're going to be workers. We're going to be consumers and we have nothing to lose. So, we're going to be out here in the street and we're going to be judging you and we're angry. We’re very angry.” So, I get a little teary eye because I'm proud of her.

Michael Young:

Yeah.

Erik Wohlgemuth:

But in the U.S., the focus of any of these groups has really been on political mobilization. So, it's not 100% clear what role they see the private sector playing and how they're going to engage with business. But we've already seen activists stage protests on Wall Street and at a number of different corporate headquarters. So, there's plenty of indication they're going to use different leverage points like civil disobedience to affect change and many are calling this a systemic problem whether its climate change or whether it's racial inequality. So, we could also see activists pushing business to move from action to advocacy and use their political influence which I've touched on and will touch on in the other issues to come. Should I keep going?

Michael Young:

Yeah, please. Please. Keep rolling.

Erik Wohlgemuth:

Okay. I just wanted to see if you had a question on it.

Michael Young:

No, no, no. Roll through. Keep going.

Erik Wohlgemuth:

Got it, got it. So, the next issue is companies are calling customers to action and this issue is essentially an evolution of brands taking stands trend which we've highlighted in prior reports and it's been highlighted by a lot of academics in recent years. We did a webinar last year with a Harvard Business School professor named Michael Toffel who had done a report on CEO activism. So, this is really entering the mindset of corporate leadership and it's kind of a sibling trend to the employee activism one I just talked about. So, first, we think about brands, had to figure out kind of what do they stand for and now they started sharing that with their customers. So, they're saying this is what we care about. Isn't that great? But they're now realizing that's really not enough. If they want to earn the loyalty of values-driven consumers and youth activists, they can't just talk about how great. They need to be offering something distinctly more tangible to their consumers who are often feeling helpless or disempowered. They’re craving solutions on big topics like climate change. So, brands are beginning to say this is what we care about and if you care about this too, here are some ways we can take action together. So, this isn't just about customer loyalty. Companies realize they can't tackle these systemic issues by themselves and let alone achieve their bold sustainability goals. They have so many 2050 goals and many of them are 2020 goals and many of them are going to fall short of them. So, they need an army. And so, they're looking to their customers as potential allies on things like policy change and societal behavioral shifts.

So, a couple of examples that we look to, like for example, Gillette's campaign about how to be a better man in response to the women's march and raising a spotlight on the need for men to be allies to women when they're faced with the gender discrimination and misogyny. And more recently, one worth looking at just came out, of course, on the murder of George Floyd is Reeboks campaign where they say we're not asking you to buy our shoes, we're asking you to walk on someone else's. So, we'll see how that unfolds and how that's interpreted by the campaigning community out there.

Another issue is—and you and I talked about this on some of our earlier calls—is ESG investing taking over Wall Street and what we've seen is we really do look at big passive mainstream investors now as almost the new regulators. To give us a little context, our team's long tracked the priorities of socially responsible investors as indicators of bellwethers for what mainstream Wall Street investors will ultimately integrate into their investment models. So, it's really not surprising today that you see mainstream passive investors increasingly integrating ESG screens into their financial models and their product offerings. And this increases due to several factors but I think the biggest driver is just growing interest among institutional and high-net-worth investors who are seeking lower risk portfolios and ESG screen funds are really intended to provide this and COVID-19 and the sharp drop in the market suggest this trend’s only going to accelerate. Those investments with more active ESG screens have performed better in the market downturn than non-ESG funds. So, the acceleration in capital going to those types of funds is going to now I think increase dramatically.

But also investors are feeling the same pressure from their employees, from youth, from activists take stands on issues. So, there's four key stakeholder types we watch around this is SRIs as I mentioned. Let me back up. SRIs are really the bellwethers but then there's activist institutional investors like Nordisk Bank out of Norway and State Street who are kind of fast followers. Then you look at the coalitions like Climate Action 100 that really elevate investors’ expectations on particular issues and then activist groups like Stand on Earth and Mighty who are really helping coordinate NGOs and investors and campaigns. They're targeting Wall Street firms like Blackrock and JPMorgan Chase kind of to cultivate this virtual race to the top. We talked about the Business Roundtable and the statement of purpose. I think a lot of the stakeholders I just mentioned really were helping to kind of create the conditions for that statement to come out. So, I guess to summarize this issue which I think is a really important one, investors of all types are increasingly expecting more robust ESG disclosure and transparency by companies and our team is doing a lot of work there. ESG integration is going to continue spreading across asset classes and this is really interesting because there's been a notable pivot by hedge funds into ESG in the past couple of years. So, it's definitely spreading across asset classes and approaches. And we expect a lot more activist campaigns targeting investors and banks as regulators really to try to hold companies to account because particularly the U.S. there's limited regulatory enforcement happening right now in the eyes of many.

Michael Young:

Yeah.

Erik Wohlgemuth:

I suspect you may have questions about it because you talked a lot about that with me before.

Michael Young:

Yeah, yeah. And maybe if we could just think contextually now especially around the S in ESG and go back to some of the top the things we were talking about a moment ago with COVID and the murder of George Floyd. Because S has seemed to be maybe the softer and the least measurable of the three and how do you think social impact is that going to be looked at in the future? And do you think COVID and George Floyd are going to impact disclosures around D&I? And I just booked onto the podcast Alison Taylor from Ethical Systems at the Stern School in New York.

Erik Wohlgemuth:

Great.

Michael Young:

Yeah. And she wrote an article which caught my eye about corporate responsibility. It was titled “The Corporate Responsibility Façade is Starting to Crumble” and I wanted to just get your thoughts, if you've got them, around this. You mentioned tone in action as a sort of duality. How will statements that corporations make and then the actions that they take and indeed the lobbying because that's another one of your topics, maybe we could drop into now transparency is coming to lobbying in that now here's the circle is being closed. Right?

Erik Wohlgemuth:

Right.

Michael Young:

Between the sustainability report, the purpose statement, the ESG disclosures, what marketing brand then indeed advertising are saying and now lobbying. And how do you all think about that? And I know that's a very kind of discursive question. But how do you all look at lobbying in particular?

Erik Wohlgemuth:

Right. Well, you're anticipating the next issue I was going to talk about. I think when you talk about the S, we often talk about intersectionality and a lot of these issues are really converging and the groups that have been advancing these issues are also beginning to align and converge. And I talked on some of the examples where unions are starting to weigh in on things in climate. When you talk about the climate movement which is a predominantly white movement until very recently, it's really now about a just transition and climate justice and as it relates to investors, they are really recognizing that human capital is essential to positive returns for shareholders. And so, there's a real sense of elevating that. D&I, it's hard to show the materiality of that and I think that's where investors are really struggling because it is softer, as you say, but there is a lot of very smart investors really looking at that very closely in terms of metrics around employee morale, employee empowerment and there are ways in which I think there is quietly happening on shareholder calls where they're really able to get a sense of corporate culture and how it's changing to help inform their investment, their approaches. So, it's just a little background there on that.

So, let's talk about lobbying which we're about to hit the most charged and expensive political election in U.S. history and certainly, political transparency is under increasing scrutiny by all the stakeholders whether its advocates or investors. So, we're seeing more stakeholders criticize companies whose public commitments aren't aligned with their political contributions or their lobbying. This is a key way in which companies are held to account for aligning their tone with their deeds. We've seen investors particularly pointing to this as a significant reputational risk and hence, a potential will tamp down shareholder value and they've been publically calling on companies increasingly to disclose their political spending and to review their membership and trade associations that are promoting agendas at odds with their stated goals. We've seen a number of companies respond to this public pressure. Companies like BP and Ecuadoran, Totale and Shell have all left industry groups because of their stance on climate policy. Companies like Coca Cola and Pepsi broke ties with the plastic industry association as did SC Johnson and hundreds of companies left [inaudible 00:31:15] in the last few years. So, there's a lot of pressure on these companies to align tone and deed. Nestle's another company that pulled out of every single association that they were members of, saving them a lot of money but they then aligned with other like-minded brands like Mars and Unilever in what's called I think the Sustainable Food Policy Alliance and it basically freed them up to really align tone and deed and advance their collective goals together around sustainability goals.

So, but it's not just investors and the others. It's watchdog groups like Center for Political Accountability and another group called Influence Map among others who are really analyzing lobbying registries and public databases to connect the dots. So, companies can't count on their political activity to remain secret anymore. Advances in AI are making information very, very accessible to be the advocacy community. So, because of this increased transparency, employees now and customers are becoming less tolerant on what they perceive as hypocrisy on this issue and then you see groups like Bill Weihl who used to be the head of sustainability at Facebook launching new organizations—this one's called Climate Voice—to really mobilize employees and companies around advocacy on issues. They’re starting with climate as a key issue but I suspect that over time if they prove successful, they'll shift into other issues as well. So, it's going to be fascinating to watch this issue unfold in the next several months as we approach this election.

Michael Young:

Yeah. Yeah, yeah. Well, I think the convergence of a lot of things and as you were talking about, culture, this goes back to a new generation of employees being recruited and it becomes a talent issue.

Erik Wohlgemuth:

Right.

Michael Young:

And how do you recruit the best and the brightest if they look and can see very plainly what's going on and then it becomes material. Right?

Erik Wohlgemuth:

Yes.

Michael Young:

And I think that's how we can see that jump from well, this is a nice initiative to this is actually a potential risk factor to the organization because we're not going to be able to recruit in the future.

Erik Wohlgemuth:

Right. And if you do it really well, it's a competitive advantage.

Michael Young:

Correct, correct. If you align those things. All right. So, final thoughts from today? This has been an amazing 30 minutes, Erik. And I agree. I think we could—we are going to have to come back in season two with you and just keep looking at these issues and unpacking them. But any final thoughts for us as we wrap up here?

Erik Wohlgemuth:

Yeah. Well, really appreciate it. The time has just certainly flown by. I guess one parting thought is I do really think corporations are uniquely positioned to lead particularly in United States right now where we have a vacuum in regulatory and governmental leadership. Companies have the resources: human, financial, intellectual. They've got these global footprints and market incentives to grow their assets by taking on society's big hairy audacious problems and what we see is when companies collaborate across sectors, they can more rapidly scale systemic solutions. So, helping emerging economies leapfrog past development channels with things like cell phones and renewable energy is classic examples. Even more currently, the race to find a vaccine for COVID-19. Corporate efforts or not panaceas. They can leverage the supply chain but this is where civil society can I think also and must play a critical role in helping companies on this journey but also holding them accountable for aligning tone and deed as we've talked about particularly in areas where the rule of law and governmental oversight is really weak. So, I'm optimistic that companies can lean in on this and that I’m really pleased that more advocates across stakeholder types are going into boardrooms with these companies now to dive in on these issues. So, I guess that'll be my parting thought for today.

Michael Young:

Fantastic. Erik, thank you so much for coming on the podcast.

Erik Wohlgemuth:

Thank you very much, Michael.

Michael Young:

The Purpose, Inc. Podcast is a production of Actual Agency, helping innovators communicate in a changing world. More at www.Actual.Agency.