Homeplus CEO Lee Seung-han, said that corporations should embrace a new type of corporate social responsibility model in order to stay competitive in the changing economic times.

Lee made the remarks during a lecture he gave at the Rio +20 Corporate Sustainability Forum, held in Rio de Janeiro, Brazil, on Saturday.

Lee, who also serves as the president of the U.N. Global Compact Korea Network, said that corporations should make social and environmental issues a part of their core business, especially as the world shifts towards a new capitalist model dubbed “capitalism 4.0.” The term was coined by the British journalist and economist Anatole Kalestsky to describe the paradigm shift following the global financial crisis of 2008. 

During his speech, Lee also urged companies to take a multilateral approach toward sustainable development by working together with local governments, non-governmental agencies, and other related organizations.

Meanwhile, the corporate sustainability forum was a precursor to the Rio +20 United Nations Conference on Sustainable Development, which opens on June 20 and runs through the 22.

According to the organizers, the conference will revolve around six main themes, including energy and climate, social development, and urbanization and cities.

By Kim Min-ju (elizabethkim2004@aol.com)