Through commitment to the Clinton Global Initiative, EY continues its quest to advance purpose-led transformation all around the world

-- New research shows purpose at the center of business success

News provided by

Sep 30, 2015, 01:15 ET

NEW YORK, Sept. 30, 2015 /PRNewswire/ -- EY announced today that it is making a Clinton Global Initiative (CGI) Commitment to Action to create a digital hub for the EY Beacon Institute, a global community of c-suite executives, investors, entrepreneurs and academics with the goal of advancing transformation of the working world. The EY Beacon Virtual Institute will grant worldwide access to anyone interested in purpose-led transformation. It will serve as a virtual platform for knowledge and resources and a digital community for everyone to advance their collective ambition to transform the working world.

Valerie Keller, EY Beacon Institute Global Leader, says:

"The EY Beacon Institute is advancing the purpose-led transformation movement of corporations who are defining success beyond profit – growing and innovating in ways that generate sustainable, shared value for all their stakeholders. Through our commitment to CGI - the creation of the virtual institute, we will bring the insights from EY Beacon to companies all over the globe, equipping those who are on a shared journey of building a better working world."

Through collaborations with leading academic institutions including Oxford University Said Business School, St. Gallen University and Harvard Business Review Analytic Services, the EY Beacon Institute deepens research driving the new frontier of innovation, transformation and growth in business that focusses on more than just profit.

New research uncovers the power behind purpose

The timing of the CGI commitment comes as new research commissioned by the EY Beacon Institute and conducted by Harvard Business Review Analytic Services (HBRAS) highlights how executives view the power of purpose to grow and transform their organizations, and measures the challenges of embedding it within their companies. The new report, The Business Case for Purpose, surveyed 474 c-suite executives globally and found:

Most executives believe purpose matters:

89% of executives surveyed said a strong sense of collective purpose drives employee satisfaction
84% said it can affect an organization's ability to transform
80% said it helps increase customer loyalty

However, only a minority of executives say their company currently runs in a purpose-driven way:

46% said their company has a strong sense of purpose
44% say their company is trying to develop one

Importantly, companies with a strong sense of purpose are able to transform and innovate better:

53% of executive at companies with a strong sense of purpose said their organization is successful with innovation and transformation efforts
Just 19% report transformation success at companies where leaders have not thought about purpose

Launched at the 2015 World Economic Forum in Davos, Switzerland, the EY Beacon Institute hopes to catalyze 21^st Century business transformation by deepening research and convening its community of executives, entrepreneurs, investors and academics to advance the change agenda, define critical barriers and implement solutions.

"EY is passionate about purpose-led transformation because it has been an important part of our journey, enabling us to work with our clients in a meaningful, transformational way – and serving as a powerful force for attracting new talent," added Keller. "Extending the EY Beacon Institute is one way we are living our purpose of building a better working world – while expanding the frontier of innovation and growth for businesses globally."

Today's commitment represents the latest EY has made at CGI since 2008, others include:

In 2008, EY firms pledged $1 million in pro bono services to Kiva, the world's first and largest online lending platform with a mission to connect people through lending to alleviate poverty.
In 2011, EY became a founding member of Third Billion Campaign -- a global organization of corporations, government leaders and Non-Governmental Organizations dedicated to advancing economic opportunities for women worldwide.
In 2013, EY, in conjunction with WEConnect, Vital Voices and other leading businesses and nonprofits, committed to increase the spend on women-owned businesses in their supply chains and to support the development of women-owned businesses.
In 2014, Ernst & Young LLP expanded its existing College MAP (Mentoring for Access and Persistence) program in the US, annually adding four schools to the program and affecting a total of 1,100 students.

To learn more about the EY Beacon Institute, please visit: www.ey.com/beacon

Notes to editors

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

About the Clinton Global Initiative

Established in 2005 by President Bill Clinton, the Clinton Global Initiative (CGI), an initiative of the Clinton Foundation, convenes global leaders to create and implement solutions to the world's most pressing challenges. CGI Annual Meetings have brought together 190 sitting and former heads of state, more than 20 Nobel Prize laureates, and hundreds of leading CEOs, heads of foundations and NGOs, major philanthropists, and members of the media. To date, members of the CGI community have made more than 3,200 Commitments to Action, which have improved the lives of over 430 million people in more than 180 countries.

In addition to the Annual Meeting, CGI convenes CGI America, a meeting focused on collaborative solutions to economic recovery in the United States; and CGI University (CGI U), which brings together undergraduate and graduate students to address pressing challenges in their community or around the world. This year, CGI also convened CGI Middle East & Africa, which brought together leaders across sectors to take action on pressing social, economic, and environmental challenges.

For more information, visitclintonglobalinitiative.org and follow us on Twitter @ClintonGlobal and Facebook at facebook.com/clintonglobalinitiative.

Logo - http://photos.prnewswire.com/prnh/20130701/NY40565LOGO-b

SOURCE EY