Ernst & Young (EY) is a multinational professional services firm headquartered in London, England, United Kingdom. EY is one of the largest professional services firms in the world and is one of the “Big Four” accounting firms. It’s Chairman and CEO is Mark Weinberger. EY ALSO is a leader in working with companies to value their “Natural Capital”.
It has 270,000 employees in over 700 offices and provides assurance (including financial audit), tax, consulting and advisory services to companies.
Excerpts from an article dated June 28, 2017 – “The Coalition for Inclusive Capitalism and EY have announced that they are bringing together CEOs from over 20 global companies, representing more than US $20 trillion of assets under management, to work on a project, called “The Embankment Project for Inclusive Capitalism” which will develop and test a new framework to better reflect the full value companies create through human, physical, financial and intellectual capital deployment.”
THIS IS AN ADDITIONAL WAY TO VALUE COMPANIES. INSTEAD OF VALUING COMPANIES, CITIES, ETC. BY THEIR PROFITS/LOSSES, THEIR INTANGIBLE STRATEGIC ASSETS THAT BENEFIT SOCIETY ARE INCLUDED IN THEIR VALUATION.
FOR EXAMPLE, THE NATURAL CAPITAL COALITION WEBSITE SAYS THIS: (https://naturalcapitalcoalition.org/faq/) “a natural capital approach works to illuminate nature’s (often hidden) value, whether it be economic, social, environmental, cultural or spiritual value, or economic. It goes on to say, “when we purchase almost any physical good, we are, in a sense, commodifying nature in that we are signifying our willingness to pay a designated price in exchange for ownership of natural materials, organisms and their derivatives.
In this way, much of nature is already commodified, and has been for thousands of years. While there are many prices for the products that are created with nature and natural derivatives, the value of leaving the natural world intact is often far less understood, or worse regarded as 0. Natural capital approaches work to illuminate the value of an intact natural world, by recognizing the value created in the absence of traditional economic activities.”
Lady Lynn Forester de Rothschild, Founder of the Coalition for Inclusive Capitalism is doing something similar, in parallel, with the partnership of EY.
The [COALITION] group will scrutinize, test and refine a framework that is being developed by EY. The Coalition for Inclusive Capitalism will work collaboratively with EY.
The project goes to activities that are at the very heart of value creation, but are not now fully captured on a company’s P&L or balance sheet. The Embankment Project for Inclusive Capitalism attempts to properly value a firm’s intangible strategic assets. The Project would not be possible without the EY framework.
PUTTING A PRICE ON THE AIR YOU BREATHE – LITERALLY
ERNST & YOUNG (EY):
· A multinational professional services firm headquartered in London, England, United Kingdom
· One of the largest professional services firms in the world and is one of the “Big Four” accounting firms. EY provides assurance and financial audits, tax, consulting and advisory services to companies and cities globally.
· EY’s Chairman and CEO is Mark Weinberger with 270,000 employees worldwide
· EY is a partner working with Lady Lynn Forester de Rothschild and various companies and cities to value “Natural Capital”
Excerpts from an article dated June 28, 2017 – The Coalition for Inclusive Capitalism (founded by Lady Lynn Forester de Rothschild) and EY (a Coalition partner) have announced that they are bringing together CEOs from over 20 global companies, representing more than US $20 trillion of assets under management, to work on a project, called “The Embankment Project for Inclusive Capitalism”. The project goes to activities that are at the very heart of value creation, but are not now fully captured on a company’s P&L or balance sheet. The Embankment Project for Inclusive Capitalism attempts to properly value a firm’s intangible strategic assets. The Project would not be possible without the EY framework.
“INTANGIBLE” INCLUDES THE EARTH, EVEN IN THE ABSENCE OF ANY ACTIVITY:
The Natural Capital Coalition (also working with EY) website says, “a natural capital approach works to illuminate nature’s (often hidden) value, whether it be economic, social, environmental, cultural or spiritual value, or economic.” Also, “when we purchase almost any physical good, we are, in a sense, commodifying nature in that we are signifying our willingness to pay a designated price in exchange for ownership of natural materials, organisms and their derivatives.”
And, “In this way, much of nature is already commodified, and has been for thousands of years…. While there are many prices for the products that are created with nature and natural derivatives, the value of leaving the natural world intact is often far less understood, or worse regarded as 0. Natural capital approaches work to illuminate the value of an intact natural world, by recognizing the value created in the absence of traditional economic activities.”
