Celebrating 25 Years of Corporate Purpose
By Meka Moskowitz, Associate Director, Strategic Advisory, CECP
Throughout 2024, CECP will be celebrating 25 years of purpose–this is a significant milestone, not only for CECP, but also for the entire corporate purpose movement. Over the past 25 years, CECP has continued to evolve as corporate purpose, corporate social responsibility, and sustainability ecosystems have transformed to meet the demands of a dynamically shifting business environment and along with it, the changing expectations of key stakeholders. With our companies, we share a goal of harnessing the power of purpose for the benefit of business, stakeholders, and society.
Rebecca Henderson, the John and Natty McArthur University Professor at Harvard University, defines corporate purpose as a “moral commitment to a pro-social goal beyond profit maximization.” Purpose sits at the intersection of what the world needs and what the company does best. It is the unique value the company creates for its many stakeholders.
Purpose-driven organizations generate higher employee trust and outperform on common financial performance and value creation measures. Perhaps it is not surprising, then, as companies celebrate milestones and anniversaries, corporate purpose often plays a leading role. Milestones provide companies with the opportunity to demonstrate what’s important to them and their stakeholders by shining a light on their strategies and progress surrounding purpose.
Below are examples of CECP-affiliated companies that are integrating their corporate purpose strategies across CECP’s Centers of Excellence into milestone celebrations.
- Estée Lauder Companies recognized its 75 years in business in 2021. Fabrizio Freda, President and CEO, attributed the continued success of the company not only to its business strategy, but to the execution of the company’s core values. To honor its anniversary, Estée Lauder launched several initiatives to reflect the company’s commitment to citizenship, sustainability, diversity, and inclusion. “With our values and our purpose continuing to guide us, our future will be bright,” said Freda.
- In 2022, State Farm Mutual Automobile Insurance Company celebrated its 100th anniversary. To commemorate this centennial milestone, State Farm dedicated $2 million to create safer, stronger, and more resilient communities. Aligned with State Farm’s purpose to help people and to protect what matters most, the “Century of Good” grants supported projects focused on community-specific environmental priorities, including air quality, addressing climate change, and conserving green spaces.
- Hasbro also celebrated its 100-year anniversary in 2023. Founded by the Hassenfeld brothers, Hasbro continues to be guided by the Hassenfelds’ belief in doing good things and making the world a better place. To celebrate 100 years, Alan Hassenfeld and the Hassenfeld Family Foundation donated $1 million to four charities benefiting children cand families. “On behalf of the Hasbro family, we want to extend our thanks once again to the Hassenfelds for instilling purpose at Hasbro and continuing to guide us in making a positive impact for children and families in our community,” said Kevin Colman, Senior Director of Global Philanthropy & Social Impact at Hasbro.
At CECP, we create customized advisory projects designed for a company’s specific needs to build, operationalize, communicate, and measure purpose strategies. Our research demonstrates that shared resilience built on purpose, empathy, integration, congruence, and trust leads to more resilient and profitable companies. These purpose-driven companies are those that will be celebrating milestones for years to come. Please reach out for more information at info@cecp.co.
