Last month the Capitals Coalition has announced our intention to establish the global Value Commission.
The Value Commission will convene key actors from around the world to set the global criteria for how value factors are created and used. It will drive consolidation of existing efforts by delivering a publicly available Value Database that provides value factors which can be consistently applied by businesses, financial institutions and governments to empower them to understand the value they create, preserve, and erode through their activities.
Providing open access to robust, consistent, and trusted value factors we will provide organizations with an effective tool to reduce their negative impacts and to identify actions and investments that create positive feedback loops which deliver benefits across the capitals.
Currently, there are many different creators, compilers, and providers of value factors. There is little consistency in the way that these factors are developed and applied, and the process used to calculate them can be proprietary and opaque. Therefore, confidence in this essential information can vary significantly, and there is little accountability for the statements that are made.
Many of the organizations involved in this work are already part of the Capitals Coalition and have recognized that this lack of consistency is creating a significant barrier to system-wide uptake.
What is the Value Commission?
The Value Commission is a time bound three-year, collaborative project, hosted by the Capitals Coalition and building on the many existing efforts that are unifying to redefine value across decision-making.
As a trusted and independent body, the Capitals Coalition will kick off this process, but we recognize that these criteria must be embedded into international systems and so it is our intention that the Commission eventually be handed over to an internationally recognized third-party that can become a permanent host for this work.
The Co-Chairs are now looking to appoint Commissioners to lead this project who, between them, will provide representation from across the global system including those involved in creating and using value factors.
Representatives from across the global community, including indigenous peoples and local communities, will be consulted throughout this process to ensure that guidance has been developed based on a diversity of perspectives, especially in relation to those who will be impacted by the decisions that stem from their application.
Watch the launch event at Davos 2022:
Apply to be a Commissioner:
The Value Commission will be comprised of individuals with the relevant skills and knowledge to deliver the Commission’s needs based upon the following criteria:
- Clear understanding and public support for value accounting* and assessment.
- Representation from a range of organizations and initiatives including but not necessarily limited to:
- Those who develop and create value factors including relevant academia and science.
- Those who collate and provide value factors to users.
- The users of value factors (business, finance, government).
- Those who would regulate or standardize the use of those values.
- Geographic, and gender diversity including drawing from as wide a diversity of people as possible.
Commissioners will be appointed on 18-month term, with the chance to renew.
Commissioners will meet (virtually) every quarter with the first meeting planned for September 2022. When possible face-to-face meetings will be scheduled, also allowing for hybrid participation. There will also be a selection of working groups which Commissioners will be encouraged to take part in between the meetings, although this will not be mandatory. The working groups will be supported by consultants who will help deliver outputs and development of the Value Database.
We are also in discussion with many of the leading organizations from the Capitals Coalition and more widely who have expressed significant interest in partnering on this project and supporting the Commission and we will continue to build a strong community around this work.
- Deadline for applications to become a Commissioner: 22nd July 2022.
- Decision on Application, to be received in writing: End of August 2022.
- First (virtual) meeting of the Commission: End of September 2022
As with all projects run by the Capitals Coalition this project will be collaborative. If you do not wish to become a Value Commissioner but would like to still be involved in another way, such as piloting, engagement or testing then please let us know.
*Value Accounting according to the Value Accounting Network is ‘The collection, calibration, and use of information about the relative value that an organization depends on, creates, or erodes using common units. This information is used when making decisions for a variety of purposes.’ This includes approaches such as capitals assessments and accounting, impact measurement and management, context driven information, impact valuation, true price, true cost, and true value etc.