Sabin Aboitiz joins Council for Inclusive Capitalism
Sabin M. Aboitiz, President and CEO of the Aboitiz Group of Companies, represents the group as a Steward in the global Council for Inclusive Capitalism. Aboitiz is one of the largest conglomerates in the Philippines with interests in energy, banking, food, real estate, infrastructure, construction, technologies, data science and artificial intelligence.
The Aboitiz Group announced that its president and CEO Sabin Aboitiz has accepted an invitation to become a Steward of the Council for Inclusive Capitalism (CIC), a global nonprofit organization that combines moral and market imperatives to help build a more inclusive, sustainable, and trusted economic system for the world.
“I am thrilled to welcome Mr. Sabin Aboitiz to the Council and look forward to working with them as they take the necessary actions to ensure a better future for us all,” said Meredith Sumpter, CEO of the CIC.
The Aboitiz Group, widely recognized as one of the best-managed companies and sustainability leaders in the Philippines, was invited to join the Council for its strong business leadership in power, banking, food, infrastructure, land, construction, shipbuilding, and technology. Through these industries, the group plays a critical role in the country’s economic development by providing life-essential products and services to one-fifth of the Philippine population.
Aboitiz’s acceptance of his new role and responsibilities in the Council appropriately comes six months into what he calls his Group’s “Great Transformation” into the Philippines’ first techglomerate — an across-the-board initiative to supercharge the entire group’s DNA through hyper-innovation and the cultivation of a more modern and progressive startup-like culture.
Aboitiz introduced the bold move in the beginning of the year and with much support from the group’s workforce known as “A-People,” continues to champion it as “an urgent imperative for survival, success, and sustainability.”
This transformation is directly aligned with the Council’s objectives in more ways than one. As a more climate-conscious techglomerate, Aboitiz committed to exploring decarbonization solutions that will balance society’s demand for equitable products and services with environmental impacts.
The Group’s power division, Aboitiz Power, is increasing its renewable energy capacity to achieve a balanced 50:50 renewable and thermal energy portfolio by 2030. The power company will also no longer be investing in any new coal capacity.
Moreover, with the startup of Aboitiz Data Innovation last year, the group is now utilizing data science and artificial intelligence to make group-wide operational decisions that are much more cognizant of environmental and societal concerns.
This is particularly prominent in the Group’s two biggest business units: Aboitiz Power where they are using data science to maximize resources and minimize its carbon footprint. And UnionBank where they are leading the way in using technology to develop inclusive approaches to financial services and be able to reach the unbanked population of the country.
The Group was also recognized in the Asean Tech Awards for ESG for the innovations that led to sustainable outcomes for its stakeholders.
Ultimately, being part of the Council strengthens Aboitiz’s commitment to sustainability and ESG practices, and the fulfillment of its brand promise of advancing business and communities.
“I am honored to be part of an organization that brings people from all over the world together to make sure the capitalist ideal of a global free market economy remains beneficial for all people everywhere, without exception, preference, or prejudice,” said Aboitiz. #
