Linklaters supports new report from Open For Business Coalition showing economic upside for LGBT+ Inclusive Cities
- “Open For Business: strengthening the economic case,” a new report published today at Davos by Open For Business, a coalition of 24 companies committed to advancing Lesbian, Gay, Bisexual and Transgender (LGBT+) inclusion, shows that cities that are LGBT+ inclusive are better placed to develop their global economic competitiveness.
- The report establishes the Open For Business City Ratings, a guide of 121 global cities that shows which are open, progressive and economically competitive—and which are not.
- The evidence shows that LGBT+ inclusion goes hand-in-hand with higher levels of innovation, a stronger skills base and higher quality of living in a city, all of which contribute to better economic performance and higher per capita GDP.
Davos & New York, 24 January 2018 – Cities that are LGBT+ inclusive have greater competitive advantages because they are open to new ideas, welcoming to people of different backgrounds and foster an environment that encourages the free flow of innovation, according to Open For Business, a coalition of 24 global companies, including Linklaters, making the case that inclusive, diverse societies are better for business and economic growth.
The report, “Open For Business: strengthening the economic case,” published today at Davos shows that LGBT+ inclusion goes hand-in-hand with economic performance and productivity in cities. Cities that are LGBT+ inclusive are better placed to develop their global competitiveness, have stronger innovation ecosystems and greater concentrations of skills and talent, and better quality of life.
The report announces the Open For Business City Ratings, a guide to which global cities are open, progressive and competitive. The guide is the first that establishes a link between LGBT+ inclusion and economic competitiveness on a global scale. It should be used by individuals thinking about relocating to another city, businesses considering new operations or offices, policymakers seeking to boost the economic performance of their city and activists wanting to have better engagement with business.
Similar to credit ratings agencies, the ratings scheme—which is based on 23 different economic and social inclusion metrics—shows that cities can range from those that are “fully open for business” (tiers AAA to A), to cities that are “partially open for business” (tiers BBB to C), to finally those cities whose lack of openness presents political, social or personal risks (tiers DDD to E) metrics.
New York, London, Berlin, San Francisco, Stockholm and Washington, D.C. are among the most open for business cities around the world, while Cairo, Jeddah, Karachi and Lagos are among the least.
Cities such as Medellin, Bangalore, Guadalajara and Ho Chi Minh City are some of the most surprising high-performers in terms of LGBT+ inclusiveness and economic prosperity (and are highlighted in the Report).
The full report and details of the Open For Business City Ratings can be found here.
Gideon Moore, Firmwide Managing Partner, at Linklaters, says:
“The report is the first of its kind, establishing a link between LGBT+ inclusion and economic competitiveness on a global scale. It’s an incredibly important piece of work. When Linklaters helped to launch the ‘Open for Business’ Coalition in 2015, we wanted to join together with other prominent global businesses to make and promote a positive business and economic case for global LGBT+ rights and this report does exactly that. We hope that the report will help to positively affect policies in countries that are hostile to LGBT+ people as well as to encourage other members of the business community to show support for LGBT+ inclusive policies and societies.”
Linklaters has a number of LGBT+ initiatives in place globally. These include establishing a network of LGBT+ Allies in multiple cities across the globe and mentoring young LGBT+ talent through DiversCity and Diversity Role Models. In Germany, we recently celebrated IDAHOT Day for the first time and we support the Albert Kennedy Trust, a UK-based charity, and have taken part in a variety of global and local LGBT+ workplace benchmarks to ensure we are at the cutting edge of best practice, recently winning the Gold Award from "work with Pride "in Japan for the second year in a row. Our latest Global Diversity Week also featured awareness raising sessions against homophobia in the workplace in Warsaw, trans workplace equality the UK, and support for Pink Dot in Hong Kong.