Millennials are expected to inherit approximately $30 trillion in assets over the next 30 to 40 years. (See Jean Rogers, “Millennials and Women Redefine What is Means to be a Reasonable Investor,” Institutional Investor, Oct. 20, 2016.) This transition of wealth will bring widespread changes in investing and consumer behaviors. When it comes to investing, millennials are “twice as likely as members of older generations both to invest in companies and funds that seek specific social or environmental outcomes and to shun investments in businesses that engage in unethical activity.” With respect to their consumer behavior, 73 percent of global millennials are willing to pay extra for sustainable products, an increase from 50 percent in 2014. (Ryan Rudominer, “Corporate Social Responsibility Matters: Ignore Millennials at Your Peril,” Huff. Post, last updated Dec. 6, 2017).
The power of millennial values has led to increased commercial and legislative efforts to promote transparency in supply chains. Demand for environmental, social, and governance (ESG) products—tools used to measure a company’s ethical and environmental impact—has increased significantly in the past five years. (Casey O’Connor & Sarah Labowitz, Putting the “S” in ESG: Measuring Human Rights Performance for Investors, NYU Stern Center For Business And Human Rights (March 2017)). On the legislative front, the California State Legislature enacted the California Transparency in Supply Chains Act of 2010 (the California Act), which mandates that certain companies provide disclosures about how they are combating human trafficking and slavery.
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