New York – April 30, 2019 – Bain & Company has committed to invest $1 billion in pro bono consulting for social causes by 2025, and the firm’s 8,000 global employees have rallied behind this goal – a full 70 percent have participated in some form of social impact work over the past year. This is according to Bain & Company’s latest Social Impact Report, released today, which highlights the investments the firm has made over the last year, as a part of this broader goal.
Under the leadership of Manny Maceda, Bain & Company’s worldwide managing partner, the firm is reimagining the role of management consultants in society. For the first time in 40 years, Bain & Company has changed its mission statement. Still focused on creating “the highest levels of value” for its clients, it notes a comprehensive emphasis on economic, social and environmental value in its aims. This indicates a growing acknowledgement among management consulting firms and the global industries they serve —including private equity, finance, consumer products, healthcare, and technology—that the purpose of business must go beyond a singular focus on maximizing shareholder value.
“As we grow as a firm, we remain committed to our mission of creating value – economic, social, and environmental – for all our clients, whether they operate in the private sphere or in the social sector,” Mr. Maceda. “Not only is this the right thing to do, but it mobilizes the best gift we can give – our global talent and strategic capability – to help solve some of the world’s biggest problems.”
The way Bain & Company approaches its social impact work is distinctive. In 2015, the firm made a $1 billion commitment to invest in pro bono consulting over the next 10 years to address some of the world’s biggest problems and deliver transformative social impact. The firm focuses on two critical issues: improving the futures of underserved children and youth, and fostering inclusive and sustainable economic growth. To address these issues, Bain & Company has built enduring partnerships with some of the world’s leading social innovators such as Acumen, Endeavor, Accion, The Nature Conservancy, KIPP, and Teach for America, among others. These are organizations that have pioneered successful models of social change, but often lack access to the type of strategic consulting that Bain & Company can provide to help them reach their full potential.
Through these partnerships, the firm has supported the introduction of full-time secondary education in Brazil, designed a first-of-its-kind agribusiness accelerator platform in Ethiopia, and helped the largest global environmental nonprofit launch a revolutionary market-oriented approach to reforestation.
“Our $1 billion pro bono commitment is a declaration of who we are and how we have chosen to live our values,” said Vikki Tam, head of Bain & Company’s global Social Impact practice. “With recent social and political realities, the urgency and moral imperative for us to engage and give back—as individuals and as a corporate citizen—have only become greater.”
Additionally, nearly two decades ago, Bain & Company helped incubate The Bridgespan Group, which is now a leading 501(c)3 management consulting firm advising large non-profits, foundations and philanthropists.
Recognizing that social and environmental challenges are growing, timelines for addressing them are contracting, and companies are scrambling to adapt, Bain & Company is also helping to drive sustainability and corporate responsibility for its private-sector clients. For example, the firm recently supported the formation of the Alliance to End Plastic Waste, an initiative uniting more than thirty major companies that have committed to invest $1.5 billion over the next five years to eliminate plastic waste in the environment, especially in rivers and the ocean.
Bain & Company also takes its own role as a sustainability leader among global corporations very seriously.
The firm has been certified fully carbon neutral for seven years in a row; its total direct emissions falling by 70 percent since 2011—due in large part to sourcing 96 percent of electricty from renewables—with a goal of reaching a 90 percent reduction by 2040.
In both 2018 and 2019, Bain & Company received the highest recognition, a gold designation, from EcoVadis, keeper of the leading environmental, social and ethical performance scorecard for global supply chains, putting the firm among the top 5 percent of companies rated.
Bain & Company is also regularly ranked as one of the best places to work, and the firm strives everyday to improve on these and other important aspects of sustainability including diversity and inclusion, responsible procurement, employee health and wellness, ethics, and governance.
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