 Well, it's an absolute pleasure to be here. My name is Erinch. I have a bit of a confused identity. I have a Turkish name. I'm from Turkey, but I have an Australian accent. I grew up in Australia. So if anyone guessed I'm Turkish-Australian, I'll buy you a drink later. Let me find the clicker. Here it is. So I want to talk about fair trade from an angle that you might not have considered it before, because if you're living in the UK, chances are that you've come across the wildly successful fair trade commodity system, which you will see in many supermarket shelves. It's about the coffee. It's about the bananas. It's about the cocoa. And I'm from the side of the movement. That's a little bit older. It's been around for 30 years. That is about an alternative enterprise model. And I really think this is an experiment. It's an experiment that's been going on for 30 years about how you build a business to be mission-led, how you structure it, how you put it together in its core and its DNA. And that's the angle that I really want to present on today. But to give a little bit of background, this is what the picture vaguely looks like, where we are a network, a community of social enterprises spread across 76 countries, everything from women worker-owned fashion factories to farmer-owned chocolate manufacturing to jewelry makers, to basket weavers. We are that community of those social enterprises spread across the world, doing all sorts of interesting and different things, and not necessarily working on commodities. So that's who we are. And that's who we're not. We're not the guys on the left. So our system isn't the one that wants to get more cocoa into the Nestle Kit Kats that is fair trade. There's a wonderful system for that, the fair trade international commodity system. But instead, it's about building a chocolate business that reinvests the majority of its profits, that practices fair trade in all of its ingredients, that practices fair trade with its own workers, not just its supply chain. That is all about a social mission at its very heart. And those are the enterprises that I'm going to draw a few insights from. And of course this means that we are in a little bit of a different camp because we use this language of fair trade because in 1989, when our community was first formed in a formal sense, that's what they called themselves. They said, well, actually, to practice fair trade, you have to be a social enterprise. If you were a mainstream company that wanted to profit-maximise and at the same time get some kudos for some of your ingredients or some of your products, then you would pick and choose where you practice these principles. So we need to be a mission-led business model from front to back, from start to finish. That means that, yes, we are thinking about what's going on in the supply chain like the commodity certifiers are. So there are lots of exam questions in there about what is the impact on farmers, on workers, on artisans. But I think there's a very interesting other narrative forming and group of questions forming from the business mission side. So not just what's going on in an individual product, but why does a company exist? What's its purpose? But what's its real purpose? Not the purpose that it talks about in its glossy CSR brochures or its sustainability plans or on its website or on Windows, but really at the core of it, when push comes to shove, why does that exist? And that means that we're in that same tribe of organisations and communities like B Corpse, like social enterprise UK, various social enterprise sort of formulations that are going on around the world. And that I think is a increasingly more relevant arena for all of us. And I think it's increasingly relevant because of this. In the last 30 years, 40 years, there's been an increasing obsession of the mainstream business community to extract profits for its shareholders. That means that we've supercharged inequality. That means that the fruits of economic activity, those fruits of economic activity that, by the way, are over stretching planetary boundaries are going to a fewer and fewer amount proportionately. So if you have the asset base to invest into a lot of shares, then your dividend checks are really big. And if you've only got a little bit of an asset base, then your dividend checks are much smaller. And if you don't have anything to invest, then you get nothing. And if we've hardwired businesses to extract profits out of its economic activities and deliver it to its shareholders proportionately to the wealth of those shareholders, then we've essentially supercharged inequality. And this is happening around the world. This growth of extraction of profits for shareholders, whether it's the US or the UK, it's gotten to alarming levels. And this, we need to have an alternative to. So there are many organizations, businesses, enterprises that are talking about this that are saying, yes, we are going to have triple bottom line. We're going to do people and planet as well as profit. But what we found in our community of 360 such social enterprises of all sizes, some below 100,000 turnover, others in the millions of turnover, what we found is that you cannot fudge that priority. You cannot say, yeah, we'll do everything. Because when push comes to shove, if you've kept the power structures of a business in place, the financial capital sits in the driver's seat. Financial capital still says to that business, you can do the right thing, but demonstrate to me that you get higher returns. Demonstrate to me the business case. And let's call that triple bottom line. Well, I think that that's a hugely limiting factor and fudging priorities in that way and making it a prerequisite to maximize returns to shareholders is a straight jacket that we put on business. So for us, it's about how do we get to the core of the priority? When push comes to shove, will they look after the people that are making those products that we feel need to be looked after? What we found is that those 10 principles of fair trade are the starting point. For the members of the World Fair Trade Organization, it is about living and breathing those 10 principles. And by the way, we just had our gathering two months ago in Peru, where as a global community voted to update the 10th principle to focus on the climate crisis more explicitly, more ambitiously. And these are small, mostly small social enterprises spread around the world in the slums of Dhaka to Zanzibar, to Nepal, to Latin America, who are saying we're going to roll up our sleeves and invest more into tackling the climate climate crisis. And what we found for enterprises like that, to practice fair trade in everything they do, they need to be structured differently. They need to have something different going on, not just in their practices and in their impact, but in their structure in their design. And that's where the conversation on sustainability has mostly ignored. There's a black box inside the heart of business that's remained unquestioned. That is that it exists to maximize returns. And that is something that we've been trying to break. And we've been trying to understand what it looks like across those 76 countries to be able to set up a business in that way. So we did some research, which we'll be publishing in January, but to give you a bit of a sneak peek, what we found is a couple of different things that really change the structure of that business and liberate decision makers to focus on a social mission. An obvious one is representation on boards. You diversify who sits on the board. At the moment, the mainstream business model says, essentially, the investors, it's their voice. And in fact, the boards owe a fiduciary duty to them. But also, what's critical is what's in the governing documents. It might seem in some places forced, but putting in there that actually the mission and the social mission is the priority. That is absolutely critical. And that starts, again, changing the culture within that enterprise. And thirdly, and perhaps most strikingly, what we found is that although for all those years, it was never a requirement to be able to demonstrate to us that they are fully practicing fair trade, we found that for 93% of our members, they reinvest all of their profits in their social mission. They put everything back in. They don't have shareholders breathing down their necks saying, next quarterly return, what's the number? What's the ROI? That liberates them to do all sorts of different things. And it liberates them to spread wealth differently, which is one obvious way that these sorts of enterprise models will have a different impact. Another thing that was striking is that it liberates them to structure their management differently. So one interesting fact that we were completely struck by is that 52% of those enterprises are run by women. That's, again, in stark contrast to the mainstream business world where depending on the figures you look at, around 9% of CEOs are women. 52% of these social enterprises are run by women. So you create a mission led enterprise and it starts having these other effects. But it starts having effects on the ecological side too, because decision makers in those enterprises are able to prioritize things that maybe a regular business would not bother with. They will go in and create a solution to the water hyacinth problem in Ducca, where the waterways are blocked by water hyacinth. And the local social enterprises are saying, let's find a solution to this. Let's pick that up and turn that into products. It will set up small scale recycling plants in Sri Lanka to clean up the local waterways, not because there's going to be a handsome market reward, but because that's what the local community in which the enterprise is embedded is saying is important to them. They will go and clean up the beaches of Zanzibar and in Chile, Green Glass is doing the same thing, working with waste pickers and people that otherwise would have no employment to both clean the streets and to practice fair trade and create livelihoods. And one of my favorite examples in Tanzania, working with Burundi and refugees to turn what they have as food sacks from the World Food Program into products that are then sold around the world. Those are the kinds of things that you wouldn't bother with if you weren't a social enterprise. Those are the kind of investments. Those are the kinds of risks that you just wouldn't take because the rewards aren't handsome enough. But these are commercially viable decisions. These enterprises, they make it work. They hustle in the marketplace. They go to global trade shows. They find new customers. They cut through global market barriers because they are commercially viable, but they're not profit maximizing. And that distinction is one that needs to be wedged in a very clear way because so much more can be possible when you have this sort of a social mission run enterprise model. And the last example is, for instance, hand weaving. It's something that is able to be adopted again because it's in the social fabric of that enterprise that they listen to their community and say there's a traditional technique going on here we want to preserve. Sure, margins might be higher if we invest it into machinery. Sure, we might get the highest scale and growth, but that's not our mission. Our mission is to listen to what's going on in this community and what will really impact them. So they start adopting these sorts of practices, production models that otherwise they wouldn't bother with. We're not the only ones. We are one of these global communities of enterprises that are trying to create this alternative. But if there's one thing that you remember from my talk, I hope it's that it's really being clear that rebalancing who has power and who has priority within the enterprise model is an absolutely critical distinction. Making that distinction allows you to make decisions as an enterprise, as a social entrepreneur, as a manager that a mainstream company can't. And last night, Nillefer and I were talking about, so what are the barriers to growth of this? And I want to flip it a little bit about, well, we're the competitive advantages as well. Where are you in a better place position? Because you are a mission led enterprise. You are embedded in your community. Your workers, the local people support you. Well, one thing is production. We've got members that for decades have been sharing designers. So the product designer doing toy design for our member in Armenia is the same one doing it in Sri Lanka. We've got members that are going to market together. At the bottom is from the trade show in Ambiente, where they've shared costs, they've shared market insights, because they don't have the regular ultra competitive DNA that a mainstream company would have. And critically, they speak up. They have voice together. So they march on World Fair Trade Day. They march on International Women's Day. They go to governments and say, we must support these new enterprise models. So together, we do have this advantage. Together, we do, as a global community of alternative businesses, are able to show that this is not only viable, but it's desirable. But it means that we need to start asking bigger questions about the business ecosystem and the kind of enterprise models that business ecosystem is fostering. Thanks very much.