WEF founder: It's time to think beyond financial capital

"To turn this purpose into an achievable and measurable objective, the WEF has formulated a metric system capable of measuring efficiency in the use of not only financial capital, but of all kinds," he commented in the "A new start" session of the virtual Annual Conference of Executives (CADE-Executives) which kicked off today.

Schwab affirmed that the Peruvian business community has the possibility of becoming the first to adopt this new measurement system. Thus, it will be able to comply with environmental, social and governance (ESG) criteria, as well as measure prosperity and economic progress.

In this sense, he suggested businesspeople to start thinking with a purpose about how to serve people, the planet, and how to respect the application of good corporate governance principles.

The WEF founder said that the crisis generated by the COVID-19 pandemic could mean a great restart opportunity for the planet and for Peru.

According to the expert, people should not only think in terms of recovery and reconstruction.

Schwab went on to add he believes that it is time to also think about a great restart.

"We know that the traditional capitalist system contributed significantly to lifting people out of poverty, particularly in Peru, and reduced it well. However, the country faces challenges to promote inclusion and sustainability," he expressed.

Lastly, Schwab stressed that the great restart seeks to build a new system which brings humanity a better model of employment, quality of life, and sustainability. Thus, a healthier, more equitable, and more prosperous future will be achieved for all —objectives that are aligned with the goal of creating a new Peru for its Independence Bicentennial (in 2021).