L’Oreal on the OECD’s Business for Inclusive Growth initiative
Jonathan Maher, deputy director of institutional affairs at L’Oreal, discusses the OECD’s Business for Inclusive Growth initiative (B4IG) which is comprised of 40 global companies working on inclusive growth, i.e. economic growth that that is distributed fairly across society and creates opportunities for all.
At L’Oreal specifically, the company puts a strong emphasis on creating an inclusive supply chain that brings in underprivileged populations through procurement categories.
The initiative is a coalition of collaborative efforts in order to scale up the work of each company alone. Covid made the initiative even more relevant as social tensions and inequalities are exacerbated.
One example showcased by Jonathan is a cooperative effort of AXA and L’Oreal to offer insurance policies for farmers that will cover them in times of financial volatility.
Jonathan concludes that inclusive models can lead to enhanced business resilience.