Episode 1 - Building Responsible Business at Fordham

00;00;06;06 - 00;00;40;19
Marc Siegel
Welcome to the Responsible Business Center podcast. We are very excited to launch this podcast series talking about the Responsible Business Center and all the stakeholders for all companies out there with their employees, their customers, their communities at large. And the series will be a platform to really amplify, we all know the Responsible Business Center's mission is to inspire, inform, and activate business professionals, academics, and emerging leaders to foster a more just and sustainable business ecosystem.

00;00;40;21 - 00;01;06;19
Marc Siegel
And by having conversations with industry leaders, faculty experts, students, and community partners, this podcast will bridge thought leadership with practical action, directly supporting our purpose of equipping individuals and organizations with the tools, knowledge, and networks they need to drive positive change. I’m Mark Siegel, and Leigh Anne, we have the perfect guest to start off this podcast series.

00;01;06;25 - 00;01;27;05
Leigh Anne Statuto
We certainly do. Hi everyone. This is Leigh Anne Statuto, and I have the privilege of introducing our very first guest on the podcast, Dr. Barbara Corso, a good friend and also a colleague in this work. I'll give a quick intro into who Barbara is and then we'll take it away from there. So Doctor Barbara Porco is the Dean of Graduate Studies at Fordham University.

00;01;27;07 - 00;01;51;22
Leigh Anne Statuto
She is a member of the Fordham University Gabelli School of Business’s Accounting faculty for over 20 years, and she currently serves as the Dean of Graduate Studies and the Managing Director here at the Responsible Business Center. She's received several awards. I will not list all of them because there are so many! But including the American Accounting Association Ethics and Accounting Excellence Award and National Teaching Innovation Award from the American Accounting Association.

00;01;51;24 - 00;02;26;20
Leigh Anne Statuto
In addition to her doctoral degree, Barbara has a master's degree in Sustainability and Environmental Management, a Corporate Sustainability and innovation certification from Harvard University, and the Wharton ESG Executive Certificate for Senior Leaders. Before her academic positions, Barbara was a tax director and audit supervisor in the Financial Service Group at Price Waterhouse Coopers. She is the author of KPMG Ethical Compass Integrity in Business, a multi-series package of interactive instructional material that enables college professors to present ethics-related topics in their classrooms.

00;02;26;22 - 00;02;38;11
Leigh Anne Statuto
Barbara is the coauthor of a very new, exciting McGraw-Hill textbook titled Sustainability Reporting and Disclosures. And I could go on, but I'm going to hand it over to you, Mark, to start our first question and go from there.

00;02;38;13 - 00;03;02;00
Marc Siegel
Awesome. Thank you so much, Leigh Anne. Barbara, thank you so much for being with us today. We're excited to have this conversation and to reflect on the responsible business center, why it exists, what it's doing, and where it's headed. So I guess the first obvious question is, why did you and Fordham decide to launch the RBC? What need did you see at the intersection of business ethics and sustainability?

00;03;02;02 - 00;03;07;09
Marc Siegel
Was there sort of one bold idea that made you say, yes, Fordham Gabelli must do this now?

00;03;07;11 - 00;03;32;00
Barbara Porco
Thank you. First, I want to thank both you and Leigh Anne for the opportunity to be here, especially as the first podcast for the Responsible Business Center. So it's a great privilege. I don't think we make decisions this important for one reason. There's a lot of factors. And the creation of the Responsible Business Center was born from a lot of considerations.

00;03;32;02 - 00;03;57;13
Barbara Porco
We are a Jesuit institution. We are the Jesuit school of New York, and we hold very dearly the aspirations and the values of the Jesuits. And they've been around for hundreds of years. They know what they're doing when it comes to education and the way that we have approached the responsible business center is in a way that's agnostic to political movements.

00;03;57;17 - 00;04;24;03
Barbara Porco
It doesn't involve us as an institution. We are true to our values. Cura personalis, for instance, which is the commitment to the whole person. Men and women. For others, the importance of giving and paying forward, the unity of heart and mind and soul, the nourishment of all the factors that help us thrive in a world that continues to present us

00;04;24;03 - 00;05;00;27
Barbara Porco
challenges after challenges. So why the responsible business center? I think the main goal was the hope of unification. There were so many important things happening outside Fordham and inside Fordham, and we felt at the Gabelli School, under the great leadership of Lerzan Aksoy, who serves as our Dean of the Gabelli School of Business, how important and how helpful it would be to everyone to have a place that collects all the efforts associated with sustainability and responsible accountability.

00;05;01;03 - 00;05;28;28
Barbara Porco
All these key terms that you hear about when you think about the importance of what we do at the center. That was my reason. Other consideration certainly looks to Leigh Anne Statuto herself. She was an individual who was working at the University. I have some enormous amount of respect for her as a professional. And her enthusiasm and passion, and commitment to this space is inspiring in itself.

00;05;29;00 - 00;05;57;08
Barbara Porco
I had an opportunity to jointly launch the center with her, and now I have the distinct pleasure of working with you, Mark, a man that I have admired for many years. So the Responsible Business Center is drawing this kind of extraordinary talent, the efforts. It's a collection of like-minded people trying to do good and bringing things forward in a responsible way.

00;05;57;10 - 00;06;13;26
Leigh Anne Statuto
Barbara, that was a terrific answer. I think you know it really, it really showcases that the work we do here at the Responsible Business Center is really rooted in our Jesuit values, but it's also rooted in our passion, our understanding that this is something we need to move forward. It's good for business, but it’s also the right thing to do.

00;06;13;26 - 00;06;25;16
Leigh Anne Statuto
And I think you really touched upon that and how it's really who we are. A group of like-minded individuals. And I can echo it's been a privilege working with you, and we are always very excited that Mark has now joined our team as well.

00;06;25;19 - 00;06;27;16
Barbara Porco
Yes, for sure.

00;06;27;19 - 00;06;47;21
Marc Siegel
You know, I've been thrilled to be a part of and affiliated with the RBC for about a year now, and it's just been fantastic. It's been inspiring. And I see the passion that you both have, and it inspires me to do whatever I can. But I wanted to also touch back a little bit more history before even the RBC was formed.

00;06;47;21 - 00;06;52;11
Marc Siegel
Gabelli and you personally, Barbara, have been involved in sustainability reporting for many years.

00;06;52;11 - 00;06;53;01
Barbara Porco
Yes.

00;06;53;03 - 00;07;08;23
Marc Siegel
And how did that affiliation with the Sustainability Accounting Standards Board or SASB influence the launching of the RBC? That's when I first got to meet you and work with you. And Fordham was very, very foundational in their support for SASB.

00;07;09;00 - 00;07;44;23
Barbara Porco
Oh, thank you for sharing that history between Fordham University and the Sustainable Accounting Standards Board, known as SASB, which is now part of the International Financial Standards Group. And also the ISSB, which was established to house SASB standards, along with some other very important guidance in the field of sustainability reporting and disclosures. Years ago, there was a brilliant woman by the name of Jean Rogers, who was doing post-doctoral studies at Harvard

00;07;44;25 - 00;08;17;16
Barbara Porco
and through her work there, recognized, a part of financial reporting that had a gap, had a space that was missing, an important element that is contributing to long term value creation, risk management, resiliency, key elements that we'd like to be aware of, informed about when we make decisions about affiliation with an organization, whether it be investing in the company or whether it be working for the organization.

00;08;17;19 - 00;08;48;16
Barbara Porco
So she was doing such great work. And, shortly after, I was at Harvard doing postdoctoral studies as well, and got familiar with her work through my studies there. We ended up meeting, and she was on the West Coast and Fordham’s on the East Coast, and we started this great friendship that led to Fordham housing, if you will, being the home on the east side of this country, for SASB in its very, very early stages.

00;08;48;19 - 00;09;11;18
Barbara Porco
I like to think of us as a place where they called it a safe environment, that they can do great work and have continued now to expand their influence not only domestically but globally. So SASB did kind of grow up here in the halls of Fordham University, and we hosted their symposiums for many years.

00;09;11;18 - 00;09;42;12
Barbara Porco
And I had the distinct pleasure of meeting you, Mark, and many other outstanding individuals that have dedicated their time and energy to the importance of responsible reporting. And that all was in place as part of the decision-making to launch the responsible business center. So absolutely, that informed and it also had created a certain legitimacy about what Fordham University believed and what we were able to accomplish.

00;09;42;14 - 00;09;57;27
Leigh Anne Statuto
Barbara, I would love to ask you a follow-up question on that. That I actually don't know the answer to. Is that area something that propelled you into the space of sustainability, or were you, I mean, you're a Jesuit, born and raised in the Fordham education, but what really got you involved in the sustainability piece?

00;09;57;29 - 00;10;45;16
Barbara Porco
Well, thank you, Leigh Anne, for going off script. I appreciate that. My doctoral studies was in ethics, and my commitment to the space of understanding what motivates behavior. What are some of the elements that we can do as educators to help create individuals that are aware of their actions, that have, the capacity to exercise proper judgment, discernment, reflection, all the key, important characteristics that shape a person of moral character, which is critical in the accounting profession because first and foremost, I'm a CPA, as is Mark, as well, and we're bound by our code of conduct and the importance of behaving.

00;10;45;19 - 00;11;12;23
Barbara Porco
You know, in a way that is ethical. That's what I studied. And if you think about sustainability, it's really a natural. It comes from the importance of considering the elements of governance, the elements of our environment ourclimate and social peace. Could there be anything more ethical than the proper treatment and consideration of others? It became something that compelled me.

00;11;12;23 - 00;11;25;07
Barbara Porco
So this was an area I was studying before. It really was popular, and before many individuals recognize the importance of understanding this space.

00;11;25;09 - 00;11;44;26
Leigh Anne Statuto
That's really wonderful and so inspiring to being housed at the Gabelli School of Business. We have so many business students that are starting to explore areas of sustainability, and understanding your background is inspiring for me as well. I'd love to shift our conversation a little bit to start looking at how our mission really shows up in action, and why this work matters.

00;11;44;28 - 00;12;09;02
Leigh Anne Statuto
So our mission is really values driven. It's action oriented. But how do we show up in practice? We show up in practice through convenings, through research, education, partnerships, so many different aspects. But Barbara, I'm curious from your perspective, why is the Center's mission to inspire, inform, and activate responsible business leaders today? Why is it so urgent in today's environment?

00;12;09;04 - 00;12;57;23
Barbara Porco
I think the urgency is present because of so many of the different shifting factors that we're experiencing. You have an eruption in technology, and the importance of recognizing information that has integrity. I see so many of my students using different types of platforms, AI that helps them study and helps them learn. And the part about it which concerns me is their ability to discern which is true, what is valid, and also is these types of practices crippling their ability to develop their own judgment skills.

00;12;57;25 - 00;13;26;05
Barbara Porco
We need the opportunity to exercise, the chance to learn, the chance to experience on some very basic levels. And the shortcut of artificial intelligence may be in some way segregating that, those types of opportunities that I remember I had early on in public accounting, which is something as simple as, hey, can you photocopy this material?

00;13;26;08 - 00;13;53;12
Barbara Porco
You'd never ask a staff person to do that now. But when I was doing simple tasks like that, what was I doing standing by a coffee machine saying hello, engaging in conversation, getting to know people in the office. And I also did something that is really unique. I was reading a piece of paper because as the task came out of the printer, I'd pick the papers up and I'd read them, very simple tasks.

00;13;53;12 - 00;14;27;24
Barbara Porco
They don't exist anymore. And all of these types of changes creates this feeling of crisis. And what I feel the responsible business center, which in some ways started as a home for an organization like SASB, is a home for individuals who care. Care about each other, care about the future, and care about making a difference. So we’re a safe place. We’re a place that nurtures, a place that creates excitement and enthusiasm about developing positive ways of moving forward.

00;14;27;26 - 00;14;49;09
Marc Siegel
I think that makes so much sense when you think about the pace of change today, and it's so darn fast. And if we don't take the opportunity like we're doing at the center to sort of lock in on some foundational values that we believe in, making an impact for the future, etc., you could just get so caught up in just trying to catch up to the change that's happening.

00;14;49;09 - 00;14;54;05
Marc Siegel
And so this gives you the opportunity to sort of step back and lock in on some of those values.

00;14;54;08 - 00;15;27;07
Barbara Porco
Absolutely, Mark. A word that I like to use, and I often suggest that our students do it, our faculty do it, is pause. We need to pause because you can't reflect unless you stop. And when you stop, and you reflect, that's when you learn. That's when that real development takes place, that self-actualization that brings you to a point where you really can appreciate and feel grateful for the things that you can do, the things you have done, and the possibilities of the future.

00;15;27;10 - 00;15;48;25
Leigh Anne Statuto
And very much aligned with our Jesuit values, too, of reflection and discernment. I love that because I think what the responsible business center, we are very encompassing of what that means, what it means to be a responsible business leader in the world today in various ways, through AI, through sustainability, through general interactions, and just being a good person and citizen.

00;15;48;27 - 00;15;59;12
Leigh Anne Statuto
Moving on a little bit. So the center describes its purpose as bridging the gap between thought leadership and practical action. Can you share? Why is that bridge so important?

00;15;59;14 - 00;16;22;03
Barbara Porco
I think when you work in higher education for an extended period of time, certainly as I have, you start to isolate yourself, and you start to look at things almost in an academic way, in a theoretical way. What the responsible business center is hoping to continue to do is provide an opportunity where the professional and the academic come together.

00;16;22;05 - 00;16;47;16
Barbara Porco
That's really where you're going to see that true leadership. That's where you're going to see that bridge that makes the difference. Bringing the population of not just the faculty, but also the students. I learned so much from my students. They really do inform they’re brilliant. And it's not just Fordham students, it's the mind of the young that see things in that new perspective.

00;16;47;19 - 00;17;07;28
Barbara Porco
That's what really inspires me. And I know Leigh Anne, it inspires you, and I know it inspires Mark. That provides us with a lens to the future and it keeps us optimistic, which is something I really want to encourage everyone to try to do when all things seem that they may not be going in the direction you personally hope for.

00;17;08;03 - 00;17;20;14
Barbara Porco
Stay optimistic. Recognize that there are so many individuals who share your beliefs and are dedicated to making outcomes positive, constructive, and beneficial for all.

00;17;20;16 - 00;17;43;23
Marc Siegel
Oh, that's so great to hear. And yes, I can. I can certainly attest to being inspired by all the time that I've had with the students and the emerging leaders, as they are, engaging in all the programs that we put on. When you look forward a little bit, five, ten years from now, what does success look like?

00;17;43;25 - 00;17;52;04
Marc Siegel
When you're thinking about the RBC, what do you think of when you think of 5 or 10 years from now? What do you think success is?

00;17;52;06 - 00;18;28;06
Barbara Porco
Let's look, five years first, five years out. I would like to be nationally recognized. I would like our Jesuit schools, our Catholic schools, our public schools, when I say schools, I mean higher education, universities, colleges, to recognize the great work of the responsible business center. Five years, I would like to see outcome that was directly created by you, Mark, by you, Leigh Anne, by individuals who are committed their time and energy to the responsible business center.

00;18;28;08 - 00;18;57;15
Barbara Porco
I would like to imagine that someplace, in the West Coast, in the south, in places throughout the country, individuals will convene and they will talk about responsible reporting, accountability, the importance of good business. And someone in that conversation will say “the responsible business center” and then continue. That's my five-year plan. That's my five-year dream.

00;18;57;17 - 00;19;34;08
Barbara Porco
I imagine people would certainly include, you know, sitting on the beach or relaxing. Never been anything I'm interested in. I don't know if you both know that the sun is not good for your skin, so that's not ever been any of my goals. Ten years out, ten years, that same scenario, I want it global. How about you Mark, Leigh Anne, and I, the three of us in Rome, having a conversation with people from the Vatican, and they talk to us about the impact the responsible business center has had.

00;19;34;11 - 00;19;35;13
Barbara Porco
That's a dream.

00;19;35;16 - 00;19;38;09
Leigh Anne Statuto
Perfetto. I think we need to improve our Italian by them.

00;19;38;09 - 00;19;40;27
Barbara Porco
Oh goodness. I'd be fine with that.

00;19;41;00 - 00;20;09;17
Marc Siegel
You know, it's great that you say that because I'm already seeing glimmers of that with some of the organizations that we're affiliated with that we're talking to. There are certainly some that are global. There are certainly some, other universities. We've been talking just, just recently with, representatives from other universities, about some initiatives together, and you know, Fordham is in that small camp of universities that they talk about when they talk about these kinds of things.

00;20;09;17 - 00;20;32;14
Marc Siegel
And you know, we've had examples just this week of it. So let's give some examples to the listeners of the RBC in action. You know, some of the convening, some of the research, some of the education, you know, you've mentioned it already, but I'd love for you to describe some of the examples of how we advance our mission through convenings research, consulting and education.

00;20;32;16 - 00;20;36;27
Marc Siegel
How has the RBC brought some of these things to life? Do you have some examples of them?

00;20;36;29 - 00;21;03;26
Barbara Porco
Well, I'm going to ask Leigh Anne to jump in as well. And we have our annual conference, which Leanne can share a little bit about, which is called Good Business is Good Business. Inspired by a great colleague, an alumnus, Peter Lupoff. So, I want to acknowledge his contributions to the responsible business center. I have also worked with Leigh Anneto develop student fellowship opportunities.

00;21;03;28 - 00;21;27;21
Barbara Porco
There's been some great work that we've done with the UN, which I'll ask Leanne to share a little bit about. We have research grants for our faculty in the space. We have some fantastic work that you, Mark, are doing in your roundtable gathering. There is. I mean, the list can go on and on, and we publish an annual report on, if anybody is interested in it

00;21;27;21 - 00;21;47;04
Barbara Porco
please just email us at the Responsible Business Center at the Gabelli School. We can share it with you. It is a very impressive document, and it has details of all the incredible things that we've done. So, Leigh Anne, if I can ask you to maybe share a little bit about the Good Business is Good Business conference, and some of the other great work that you've done as well.

00;21;47;11 - 00;21;47;22
Barbara Porco
Yeah.

00;21;47;22 - 00;22;14;05
Leigh Anne Statuto
What I love about it is some of those really wonderful conferences and convenings that we have. When you first get there, you're inspired by so many different conversations. It's very interdisciplinary. So we bring in different voices. We bring in folks from different disciplines as well as different industries. So we'll have members of the community coming from the impact investing space, from a corporate space, from a consulting space, and even foundation space.

00;22;14;05 - 00;22;36;17
Leigh Anne Statuto
So, really looking at how all of them interact in the system to really drive change forward. And whenever we finish a conference, we always end saying, this is great. I'm so glad that we all came together and we're inspired here. But the conference value isn't just those couple hours together. It's when you leave those connections you formed and what inspires you to do something really great in your company as well.

00;22;36;20 - 00;23;04;06
Leigh Anne Statuto
With that, we also are ever present during Climate Week NYC, and we have not planned anything just yet for the upcoming one. However, this past year, we had four different events over the course of the week and were present throughout that entire time here in New York City, as well and our fellowships with our students and our faculty are just really incredible, because I think it goes back to what you were talking about, Barbara, and that it really encompasses what responsible business means.

00;23;04;09 - 00;23;25;18
Leigh Anne Statuto
Last year, we worked with the United Nations on women's health in the workplace, so really focused on that social side. And then this year, we have students that are looking at how to finance the climate transition. They're also looking at nature and understanding nature-based solutions and the financing of that with our faculty. They always, always impressed me with the work we're doing.

00;23;25;21 - 00;23;43;21
Leigh Anne Statuto
I'll give a quick shout out to Professor Sertan Kabadayi, who's doing great work in migration and refugee crisis, and what the what the value is for business and what the opportunity is as well. So, so many different pieces of that. And then of course, education is what we do. So with that, we have various workshops and webinars.

00;23;43;21 - 00;23;50;21
Leigh Anne Statuto
Mark, if you want to talk a little bit about the Responsible Reporting workshop series you did, I thought that was really well attended and received.

00;23;50;23 - 00;24;10;22
Marc Siegel
Sure. Thank you. Yeah. I've had the opportunity to participate in a lot of these things. I've been focused on sort of a pillar of responsible reporting. So one of the things we did is develop a responsible reporting workshop series for students who, on a voluntary basis, could come and go to any one of three workshops

00;24;10;22 - 00;24;31;17
Marc Siegel
and if you went to all three, you would get a certificate talking about sustainability reporting and responsible reporting, what it means, what exists today, what investors are looking for, and even though there was some of the coldest days of the year, we were getting dozens of students come and engage. And so again, that's very inspiring.

00;24;31;20 - 00;24;55;22
Marc Siegel
We also held a roundtable, that Barbara mentioned, of leaders at the board level, corporate accounting level, investors, and consultants. And we held the Chatham House roundtable talking about all aspects of corporate reporting and responsible reporting, and we issued a white paper on it. So that's out there as well, that you could see on the Responsible Business Center's website.

00;24;55;24 - 00;25;07;24
Marc Siegel
And it's just been a phenomenal, you know, this RBC really punches above its weight and is out there making a real impact in the market. So it's just so exciting.

00;25;07;26 - 00;25;28;23
Leigh Anne Statuto
Yeah. I think one thing just to wrap that all together is that I think we like to provide opportunities specifically for our students, but for external as well, on what responsible business means. I think we've touched on this a few different times, but for those students that are interested in the accounting space, I think you've really inspired them, both of you, to think about what that means in sustainability.

00;25;28;25 - 00;25;57;11
Leigh Anne Statuto
Additionally, giving them different feedback on what social and environmental issues are and providing these different avenues for them to explore what a role in sustainability could look like, or what a traditional role could look like, and how could that could be influenced by sustainability. So, Barbara, I'm curious. We've talked a lot about roundtables and conferences. What have you learned about bringing diverse leaders together through industry roundtables and cross-sector collaborations, whether through the RBC or with SASB?

00;25;57;11 - 00;25;58;29
Leigh Anne Statuto
In the past.

00;25;59;02 - 00;26;30;27
Barbara Porco
I think one of the most important components that results from bringing thought leaders together is the importance of integration. When it comes to sustainability decision-making. When this topic first began to have some traction, it was separate and apart. It was a department that was under marketing, under finance, under H.R., and it was a small group of people that sort of did their thing.

00;26;31;00 - 00;27;07;14
Barbara Porco
And then they report out what you see in different industries is the integration and how the activities that are associated with sustainability are considered in critical decision-making. Ultimately, the practice of responsible decisions leads to that long term value creation. That's the resiliency that we look to when we focus on sustainability. And I think that that's what becomes evident when you get thought leaders together.

00;27;07;17 - 00;27;46;23
Barbara Porco
And we have conferences where we provide the opportunities. But each of us also participate in other conferences. And you see it, you see that discussion, you see how there's a common thread, and that commonality is how this importance of sustainability needs to be involved. And all the discussions and all the different layers and elements of how your business model needs to adapt and how it needs to consider the importance of sustainability elements.

00;27;46;25 - 00;28;09;16
Marc Siegel
You know, let's let's think about the education aspect to this and the students, and what skill sets they might need in this changing world. So, as you talk to students and industry partners, and you might have touched on this a little bit earlier, but let's be explicit about it. What skills and mindsets do emerging responsible business leaders need most?

00;28;09;19 - 00;28;41;29
Barbara Porco
I would love to see our students at the Gabelli School have a basic understanding of the different types of GHG emissions now, and I mentioned GHG emissions. There is a lot of regulation that's taking place in Europe, in the United States, from a federal level. We do not see it. However, we are seeing it in the States, seeing it in California.

00;28;41;29 - 00;29;19;24
Barbara Porco
Even New York and New Jersey have pending regulation in this space. So what am I referring to, is to understand what is your carbon footprint, if you will, from an entity perspective, what are some of the things that you as an organization, as a public health corporation, can do to affect climate and the proper way that you report out on different types of GHG emissions, the awareness of how different types of gases have different long term impacts on our global environment.

00;29;19;27 - 00;29;51;00
Barbara Porco
All of this is critical, and I feel as a baseline, our students at Gabelli need that understanding. And we currently have programs in place at both the sophomore and junior level that teach students, those critical fundamental concepts. So I think that's a differential here at Gabelli. And I would like to see that be taught more frequently. As I had said earlier, it is agnostic to politics.

00;29;51;03 - 00;30;15;22
Barbara Porco
It's an understanding. Knowledge provides the ability to make good decisions. And that's what we want to do. We want to give our students the tools to be able to make good decisions, to be able to evaluate others decisions, and to be able to move forward with the values we instill at them here at our school.

00;30;15;24 - 00;30;36;27
Marc Siegel
I mean, I think that's wonderful. I think, you know, you've touched on the ability to glean a ton of information, about different types of things. And specifically, in your case, you mentioned greenhouse gas emissions. But just that, critical thinking and adaptability, and flexibility to adjust to the data that you're having and to be able to make those good decisions.

00;30;36;29 - 00;30;47;14
Marc Siegel
Whether this student turns into a business leader or whether the student turns into an investor, an activist, or whatever they might, or a policymaker even. Yeah, I think that's great.

00;30;47;16 - 00;31;15;06
Barbara Porco
I think the important, the important element to think about is the ability to be nimble, to be flexible, to be able to adjust. If there's one thing that we see is change and one thing that we have seen more prevalent in the last decade is change is being is–. Let me put it this way. Change is happening faster and faster.

00;31;15;08 - 00;32;05;17
Barbara Porco
So we used to say the one thing was sure about is that change will happen. But what we're seeing now, it's not just change, it's fast change. So we really have to be able to shift, to adapt, and to be nimble. And that's part of what understanding sustainability provides you. It gives you that lens. It lets you see the different scenarios that are coming and how you can adapt and be resilient and be prepared, whether it be the minimization of risks, whether it be the identification of new market share, new revenue streams or is simply an insulation of potential regulatory, ramifications, you create a space where knowledge provides you what you need to be

00;32;05;21 - 00;32;07;01
Barbara Porco
adaptable.

00;32;07;03 - 00;32;22;07
Marc Siegel
Yeah. And as I hear you mentioned, these ingredients of adaptability, being nimble, being willing to change, being able to and wanting to look at the data to understand it when you mix that all together. I also hear innovation.

00;32;22;13 - 00;32;23;02
Barbara Porco
Oh, yes.

00;32;23;02 - 00;32;34;12
Marc Siegel
And that's where innovation comes from. Used to sprinkle in a little bit of creativity to all those things that you mentioned. You've got innovation, and that's what we're going to need to deal with the problems that exist in the world today.

00;32;34;18 - 00;32;36;22
Barbara Porco
Brilliant, Mark. Exactly.

00;32;36;24 - 00;32;56;08
Marc Siegel
You know, let's let's talk a little bit about the areas of focus at the RBC. There's lots of– there's several pillars that we have. And I wanted to go in and describe several of these. The work of the RBC has centered around these pillars. The first is responsible reporting and disclosures, which is a little more close to my heart.

00;32;56;10 - 00;33;05;08
Marc Siegel
Does a company's reporting really make a difference, or is it really just about the company's actions? How do we think about the reporting and the actions together?

00;33;05;08 - 00;33;28;05
Barbara Porco
Oh, you have to coupled them. You can't separate them. Reporting just for the sake of reporting doesn't provide any feedback. What you need is the information in order to decide the action. That has to be looked at together; you really can't decouple them. And what we often say in the accounting space is if you can't measure it, then you can't manage it.

00;33;28;11 - 00;33;58;22
Barbara Porco
So it's very important for us to think about. The reporting is not an exercise in itself, nor is the final product of the report something that we should just wholly take great pride in as an accomplishment. It's what is being communicated in that report is the space that I think we need to all focus on. What is really being looked at?

00;33;58;24 - 00;34;23;28
Barbara Porco
Are you organizing your report based on the Sustainable Development Goals? Okay. That's great. You've got the little colorful icons, all of the things that you've done. Love it. It's engaging. It's compelling. What did you really communicating? What have you accomplished? This is not an exercise in marketing, if you will. We are simply showcasing the best of the best of what you do.

00;34;24;01 - 00;34;50;17
Barbara Porco
The data needs to come from a place that has integrity, has validity, has comparability, has consistency, has all the elements that we in the financial space have come to recognize as important. And that's where we need to be in the space of sustainability. And we're we are close. We are very close.

00;34;50;20 - 00;34;57;05
Marc Siegel
What excites you about the potential impact of the natural asset capital principles? On business and finance?

00;34;57;08 - 00;35;21;07
Barbara Porco
You know, when you ask that question, I looked to see if there was a seatbelt in this chair because that's how excited I got. I wanted to leap up as an accountant, which I which I share proudly. I am when I reflect on what's on a balance sheet, there is nothing on a balance sheet that represents nature in its live state.

00;35;21;09 - 00;35;48;02
Barbara Porco
Think about it. Do you do we have a place where we capture something like trees? No. Or. Oh, sure. If you're in an industry that produces timber or uses wood, you will see that as an asset. But the tree no longer exists, right? You can't have a live tree and then have it be part of your business model in terms of your manufacturing stream.

00;35;48;05 - 00;36;27;20
Barbara Porco
So the notion of assets that are part of nature is so compelling to me, because nature is no longer this abundant, never-ending resource that we can just keep draining. It has limitations, and depending on the industry you are in, depending on how you manage these resources, your business model can become very fragile if you don't fully understand the elements of how natural assets are used and need to be protected.

00;36;27;22 - 00;36;56;01
Barbara Porco
So what we are doing as part of one of our pillars, one of the significant commitments and responsible business center's actions is looking at natural assets, how to value them, how to report on them. And I'm going to add another piece and that I know you're both going to enjoy. It's not enough to just report information.

00;36;56;03 - 00;37;30;06
Barbara Porco
That information needs to have some level of verification. You need someone from the outside to opine, to give an opinion, to assess the legitimacy of it. The structure that was in place to produce that data, then internal control, if you will, system that provides the information that's going to be collected, and it's going to generate the reports and the disclosures that you, as a stakeholder, are going to want to understand.

00;37;30;08 - 00;37;46;05
Barbara Porco
So natural assets really desperately needs to be part of this conversation. And collectively, as part of our responsible business center is a space we are focusing a great deal of energy.

00;37;46;07 - 00;38;05;01
Leigh Anne Statuto
Thank you. Barbara. I think we're all very excited about the specific area. It's really focused on the environmental stewardship piece. Yes, and I think it makes so much sense to have it housed here. And we'll see where it goes because we're really just starting off with it. So we're very excited. The third and final pillar that we have is sustainable wellness and societal health.

00;38;05;01 - 00;38;17;27
Leigh Anne Statuto
And this one's relatively new. As we start to explore what our goals and impact for the center are. Can you speak a little bit about why we felt this was an important pillar to include, and the connection to Cura Personalis?

00;38;18;00 - 00;38;55;15
Barbara Porco
Oh, absolutely. We mentioned that Latin term early on, and we said Cura Personalis, and we use it frequently at Fordham. If you communicate with colleagues at other Jesuit institutions, they also use the term very freely. I think for a lot of people outside the space, it might be unfamiliar. And what it talks about is the importance of looking at an individual as a whole, the entire person, the curation, if you will, the development, the nurturing of the person in its totality.

00;38;55;17 - 00;39;23;28
Barbara Porco
So, as part of a person's nurturing, we at the Responsible Business Center recognize all the great work that we're doing. There was this space that we were not focused, and that was the space of an individual sustainable health. And not just an individual, but even a corporation. You know, from an accounting perspective, we think of the term going concern.

00;39;24;01 - 00;40;18;17
Barbara Porco
Going concern means that you are here tomorrow, and you're taken care of and you're well. And that's how we felt, we needed to think about the responsible business center in its third pillar, that we focus on the wellness and society of health. It's not just about the business element. It's not only about sustainability in its broad perspective, in terms of the environment and the social elements, in terms of welfare and inclusiveness, but also the importance of the a person's health, health not just in its physical sense, but in its mental sense, all of it in its totality, bringing together that personal whole ecosystem and connecting it in a way that's still

00;40;18;17 - 00;40;22;12
Barbara Porco
grounded in the Jesuit principles.

00;40;22;14 - 00;40;44;07
Marc Siegel
Love that. And somebody that has a lot of connection to the health and wellness space. I think that's so important, whether you're talking about individual health or organizational health or environmental and the entire planetary health. I wanted to ask you, what is the importance of Laudato Si’ and why is it important for the RBC, then, that work in this area?

00;40;44;09 - 00;41;11;08
Barbara Porco
Laudato Si’ is a legacy of Pope Francis. And on a personal note, may I just share with you that Pope Francis looked so much like my grandfather. So for many, many years, whenever Pope Francis was in a space where I could watch him, I would run to see him because he looked just like my granddad. Oh, that's so sweet.

00;41;11;08 - 00;41;49;00
Barbara Porco
And if you trace back, there may have actually had been some connection in terms of, in terms of, their, you know, their family background. So just saying Pope Francis to me sort of warms my soul. And he left us with this legacy, along with so many things. But the importance of thinking about the stewardship of our world and how we need to be responsible, responsible of our ecosystems, responsible for not just people, but for our planet.

00;41;49;03 - 00;42;28;16
Barbara Porco
And that fits so perfectly in the mission of our great president. We have a fantastic president of Fordham University. And one of her key focus is climate, and the importance of thinking about the wellness of not just the individuals and the entities that collectively represent our economic systems, but the ecosystem itself. And I'm going to ask Leanne to jump in on this, because if you visit Leanne's desk, she just has paraphernalia all over on Laudato Si’.

00;42;28;19 - 00;42;42;18
Barbara Porco
So if you need to ask someone about it, you can pop over to Leanne because she is someone who's very committed to this new area of focus for the Responsible Business Center. (Leigh Anne Statuto: Well, I)

00;42;42;18 - 00;42;47;00
Leigh Anne Statuto
could go on a soapbox, but we're running out of time, so I'll share a little bit of.

00;42;47;02 - 00;42;49;02
Barbara Porco
That on a nugget, I think.

00;42;49;02 - 00;43;13;15
Leigh Anne Statuto
What's so– I won't say magical- about Laudato Si’, is when you read it, it has the business case woven in there, and it also takes such a beautiful systems approach to understanding the need to care for our shared home. And that brings in conversations on biodiversity, it brings in conversations on nature. It speaks about climate and climate migration.

00;43;13;21 - 00;43;34;17
Leigh Anne Statuto
It even brings in the finance worlds of what can the financial institutions do to really move this forward? And Pope Francis is absolutely he was absolutely incredible and was Jesuit, so very well-educated. And so he understood the systems approach. And I felt as though when you read it, and I encourage everyone to go reread it if you've already read it.

00;43;34;20 - 00;43;58;11
Leigh Anne Statuto
It's just wonderful because it thinks about the different business folks who would have read that. And so he really seeks to inspire various stakeholders in the planet across the world on what this would mean. So I could go on a whole tangent, but I won't. But I do encourage everyone, even if you've read it, I've returned to it often because it just provides such hope and inspiration for the future.

00;43;58;14 - 00;44;05;13
Barbara Porco
I love that you use two of my favorite words, hope and inspiration.

00;44;05;16 - 00;44;09;10
Leigh Anne Statuto
Yeah, I think that's what we need most. Yeah, in this world lately.

00;44;09;10 - 00;44;10;15
Barbara Porco
Yes.

00;44;10;18 - 00;44;27;02
Leigh Anne Statuto
I think, you know, we touched a little bit on the natural asset piece. We could go on a whole separate podcast, and we might do that. But in a few sentences or words, can you share a little bit more about what the Responsible Business Center is doing with the natural asset capital?

00;44;27;08 - 00;45;05;00
Barbara Porco
Certainly, I'd be happy to share that we are working with an exceptional creative. You talk about innovation. You couldn't be any more innovative. I'm going to say that you talk about innovation. You cannot identify a more innovative organization as the intrinsic exchange group known as IEG, which is a phenomenal organization that is filled with brilliant people that have recognized the importance of valuing natural assets.

00;45;05;03 - 00;45;40;13
Barbara Porco
And we are working with them. We, now at the Gabelli School, are the home of a framework, an ecological framework that was developed over several years. And we are in the process of developing standards and principles that will extend the frameworks and guidance so that organizations, entities can incorporate, find ways to raise capital for natural assets. It's a is a complex space.

00;45;40;15 - 00;45;54;03
Barbara Porco
It's filled with innovation and hope and inspiration. I would certainly love to come back and talk about it further as we continue to develop, and maybe bring one of our great friends from our IEG with us. Yeah.

00;45;54;03 - 00;45;56;17
Leigh Anne Statuto
Stay tuned for the space. I think there's a lot coming up.

00;45;56;19 - 00;46;08;22
Marc Siegel
You know, I think it's a perfect example of how the values of the RBC come to fruition and come to action. Right? Because this is actually trying to create a marketplace.

00;46;08;24 - 00;46;09;22
Barbara Porco
Yes.

00;46;09;25 - 00;46;14;18
Marc Siegel
For investors and to create financial returns, around returns on the environment.

00;46;14;25 - 00;46;15;02
Barbara Porco
And.

00;46;15;03 - 00;46;34;13
Marc Siegel
And returns on your natural assets. So, I think it's just a wonderful example of everything you're trying to do here at the RBC. Another priority for us at the RBC is, is fostering industry relationships. Do you see any particular areas where there might be bigger opportunities for new partnerships?

00;46;34;16 - 00;47;04;21
Barbara Porco
I am open to all opportunities. And this is one of the reasons why Liana and I are thrilled to have you, Mark, with us, because you're a person who's greatly respected across so many different industries, coming from your background in public accounting and providing these opportunities for convening. This podcast alone is another way of communication and outreach.

00;47;04;23 - 00;47;41;11
Barbara Porco
I like to think of Fordham is this neutral, supportive, innovative place that individuals who have commitment to sustainable and responsible actions and business can come to and find like-minded people to help them move their goals forward. There is greater results and collective action, and the more that Responsible Business Center, RBC, can provide those opportunities, the greater impact we can create.

00;47;41;14 - 00;48;03;09
Leigh Anne Statuto
You know, we touched upon hope before, and as we were starting to craft what this podcast will look like, we want to end always on a positive note. There's so many challenges happening across the world, and I think oftentimes those conversations will come up throughout this podcast. But what's important to us is that we leave the folks listening, feeling a little inspired.

00;48;03;11 - 00;48;12;10
Leigh Anne Statuto
And so what we'd love to ask you is what gives you the most hope about the next generation of responsible business leaders, and any closing thoughts?

00;48;12;13 - 00;48;47;29
Barbara Porco
Great question. My students, our students, not just students at Fordham University, but students across the country, students across the globe, young people they’re our hope. They’re our inspiration, and if they can block some of the bombardment of negativity that comes to them, that they don't digest it and absorb it in a way that it influences their perspective. I think that we would be in a better situation.

00;48;48;02 - 00;49;28;09
Barbara Porco
All times in the history of the world come with sets of challenges. This time is no different. We are experiencing rapid changes, and again, we want to be ready for them. Knowledge provides you the ability to deal with those types of challenges. If there's something that I would leave everybody with that may help is that we, as a member of the Responsible Business Center care, you can remember that if you have a challenge in this space, there are individuals that care about responsible business.

00;49;28;11 - 00;50;07;00
Barbara Porco
And more importantly, every person matters. Every person can make a positive difference and think about positivity in a way that is contagious. Everything from social media to interacting with people. Think about instead of wasting energy reading about posts and opinions that you don't agree with, and then adding notations that are contrary to the individual's posting. What a futile exercise for your time and energy.

00;50;07;02 - 00;50;41;11
Barbara Porco
All it does is remove your creativity, and it brings you in a space that is stifling. Instead, think about the areas that you can make a difference. A positive difference. And by no means am I discouraging to you to look review and read everyone's viewpoints, because that's what helps you have a holistic understanding of situations. I encourage everyone to look at all different reports and opinions.

00;50;41;13 - 00;51;13;29
Barbara Porco
What I'm suggesting is, don't let everything attach to you. Imagine yourself in a space that is preserved, and is privileged, and is grateful for the kinds of opportunities that you can have and how you can make a difference. And I am very grateful to be part of this partnership with Leanne and Mark, two brilliant, inspiring, thoughtful leaders.

00;51;14;01 - 00;51;19;14
Leigh Anne Statuto
My feeling is incredibly mutual, Barbara. I mean, I think this was a terrific first podcast. What do you think?

00;51;19;21 - 00;51;42;24
Marc Siegel
No, it's been fantastic, and we couldn't end with better last words and better thoughts about hope and what brings you hope in all of us? Hope. You know, Barbara, I can't thank you enough for being our first podcast guest. Thank you for all your insights today. More importantly, thank you for your leadership, your vision, and your support. And listeners, 

00;51;42;24 - 00;51;47;00
Marc Siegel
we look forward to welcoming you to our next podcast and others down the road. Thank you so!

00;51;47;00 - 00;51;48;15
Leigh Anne Statuto
Much. Thank you. Thank you, Barbara.