KKS Advisors and Fortune Greece publish the “2019 Change the World” list
For immediate release
ATHENS—KKS Advisors was engaged by Fortune Greece to support them in developing a methodology for the evaluation of company initiatives that have had a positive social impact on Greece.
Fortune is one of the world's leading business media brands and comprises a multinational monthly magazine, daily website, and conference series. It is most famous for its business rankings, with one of its most commendable being the “Change the World” list, recognizing companies that have had a positive social impact through activities that are part of their core business strategy.
Fortune Magazine’s journalists in Greece selected 50 initiatives (one for each company) to be evaluated, by applying the following criteria:
Companies with annual revenues of €50 million or more in 2017.
Initiatives materialized in 2017 or 2018 with an impact segment on one of the following categories:
Education / discovery
Economic opportunity / financial inclusion
Public health / nutrition
Human rights / social justice
In cooperation with George Serafeim, Senior Partner and Professor of Business Administration at Harvard Business School, KKS Advisors’ team in Athens developed the evaluation methodology for the initiatives. We took Fortune’s approach for the American edition of the “Change the World” list into consideration, in addition to evaluating worldwide academic studies and best practices on impact measurement. We also considered current sustainability and business trends occurring in the Greek economy. As a result, we evaluated and ranked the company initiatives by these four factors:
Measurable social impact (55 %): We considered the reach, nature, and durability of the company's impact on one or more specific societal problems.
Business results (20 %): We considered the benefit that the socially impactful work brought to the company and its partners. Profitability and contribution to shareholder value outweighed benefits to the company's reputation, for example.
Corporate integration (15 %): We considered how integral the initiative was to a company's business and strategy.
Contribution to SDGs (10 %): We considered the company initiative’s contribution to the specific SDGs that are most relevant to Greece and the respective industry.
From the top 20 initiatives, which were included in the list, we identified some notable patterns: the majority of the initiatives focused on entrepreneurship and the deployment of young professionals into the job market. Companies are well aware of the challenges surrounding stagnant economic growth and harsh unemployment rates that continue to trouble Greece. In response to this, many have created innovation hubs for startups, as well as training and development programs for young graduates. Admirable effort has also been made towards the protection of the environment, with multiple initiatives focusing around recycling and circular economy.
All company initiatives can be found on the Fortune’s website (in Greek).
We received positive feedback from Fortune’s readers, and we expect that our work with Fortune Greece will promote strategic sustainability practices in Greece and further encourage companies to “Do Well by Doing Good.”