Business leaders have long struggled to weigh immediate financial needs against objectives many years into the future in order to succeed over the long term.
In the wake of the global financial crisis, something had to change in order to safeguard the future needs of individual savers and their communities. In 2011, then-McKinsey & Company Global Managing Partner Dominic Barton wrote Capitalism for the Long Term, a call for action to reform the system. This piece was met with agreement from many other observers, and as a result, Focusing Capital on the Long Term (FCLT) was founded in 2013 as a joint initiative of CPP Investments (led by Mark D. Wiseman) and McKinsey & Company.
Focusing Capital on the Long Term produced a number of seminal reports in the ensuing years, including Straight Talk for the Long Term, Rising to the Challenge of Short-termism, and Measuring the Economic Impact of Short-termism. The initiative’s message made it clear that those who participate in the capital markets could improve the system. In July 2016, CPP Investments and McKinsey teamed with BlackRock, Dow, and Tata Sons to found FCLTGlobal as an independent non-profit.
FCLTGlobal’s mission is to focus capital on the long term to support a sustainable and prosperous economy. We are a non-profit organization whose members are leading companies and investors worldwide that develops actionable research and tools to drive long-term value creation for savers and communities.