HKI-SIA CEO Terence Yuen (back row, first left) was one of the 22 participants attending the
Valuing the Things that Matters workshop held at the Bellagio Center in Milano
Press release: Valuing the Things that Matter, Bellagio Center, Milano, 21 – 25 September 2015
On the 21st September, Social Value International (SVI) and the World Business Council for Sustainable Development (WBCSD) convened a global meeting for experts in valuation of social outcomes. Taking place in the Bellagio Center on Lake Como and sponsored by the Rockefeller Foundation, the meeting brought together 22 individuals from a range of sectors and countries to discuss how a variety of valuation techniques relate to each other and can be mapped and brought together with clearer guidance.
The meeting, entitled Valuing the Things that Matter, is part of a growing interest in the valuation of social outcomes. A crucial part of sustainability and impact reporting, valuation is the way in which different outcomes can be measured using the same scale. This process then means that choosing between different options or ways of doing things is more transparent and accountable. Most of the time, the valuation of outcomes is done using ‘gut instinct’, which results in non-transparent and incomparable judgements being made.
Derived from welfare economics, social research, statistical analysis and SROI, the valuation of social outcomes is a mixture of existing and new approaches.
Delegates brought expertise from around the world, including Australia, Hong Kong, Brazil, Canada, Singapore and India. Sectors represented included academia, philanthropic foundations, the UK Cabinet Office, accounting and financial consultants, multinational corporations and small social enterprises.
Over the three day meeting, delegates discussed the way that valuation techniques map onto each other, the relationship between valuation and audience and purpose, a way of selecting an approach and the assurance of valuations.
Jeremy Nicholls, CEO of Social Value International, said “this meeting has been a fantastic opportunity to bring a wide variety of expertise into one room to talk about this fascinating – and crucial – question of how to value social outcomes. We believe that this valuation process will be a key part of changing the way that organisations can be held to account. Everyone values things intuitively and on an everyday basis; making this process transparent will help organisations to increase the value that they create.”
Kitrhona Cerri, Manager of the WBCSD’s Redefining Value project, said “the conversations and discussions that have taken place over this week have been an incredibly useful way to develop our understanding of valuing social outcomes. For an area which has so much cross over between different sectors and has huge global implications, the chance to gain insights and agreement from a group of people with such diversity of backgrounds and expertise will go a long way towards improving and focusing our understanding.”
About Social Value International
Social Value International is the global network focused on social impact and social value.
Our members share a common goal: to change the way society accounts for value.
All too often key decisions about resources and policies are made using a limited economic concept of value, which fails to consider important effects on people and the environment. As the gap between rich and poor increases and the effects of climate change become more apparent, our work has never been more urgent.
Social Value International works with our members to embed core principles for social value measurement and analysis, to refine and share practice, and to build a powerful movement of like-minded people to influence policy.
This pioneering community contains members from 45 countries, drawn from a huge range of different sectors and disciplines. Our goal at Social Value International is to support, connect, and represent our members through training, knowledge-sharing and networking.
Social Value International is much more than a professional network. Together, we are building a movement for change.
The World Business Council for Sustainable Development (WBCSD), a CEO-led organization of some 200 forward-thinking global companies, is committed to galvanizing the global business community to create a sustainable future for business, society and the environment. Together with its members, the council applies its respected thought leadership and effective advocacy to generate constructive solutions and take shared action. Leveraging its strong relationships with stakeholders as the leading advocate for business, the council helps drive debate and policy change in favor of sustainable development solutions.
The WBCSD provides a forum for its member companies – who represent all business sectors, all continents and a combined revenue of more than $7 trillion – to share best practices on sustainable development issues and to develop innovative tools that change the status quo. The council also benefits from a network of 65+ national and regional business councils and partner organizations, a majority of which are based in developing countries.
Helen Campbell, Communications and Membership Coordinator, Social Value International
firstname.lastname@example.org | +44 (0)151 703 9229
Irge Aujouannet, Communications Manager, WBCSD
email@example.com | +41 (0)22 839 3129