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V O L . X X V I N O. V I I B A N K I N G / F I N A N C E / I N S U R A N C E F O C U S O nce a month in Portland, members of the city's business community meet to talk about business — and capitalism — as a force for good. e Portland Conscious Capitalism Community, as the group is known, is part of a growing national move- ment that puts purpose on a par with profit. It's grown from a few people last August to about 50 today, representing a wide range of industries and profes- sional backgrounds. At every meeting, founder Tara Jenkins displays hand-written post- ers around the room listing the four tenets of conscious capitalism — higher purpose, conscious leadership, caring culture and stakeholder orien- tation. Another lists the five stages of conscious companies from "bad actor" to "conscious business." at approach is about to face its biggest test as the coronavirus outbreak rattles global markets and companies, threatening more damage than the 2008 meltdown. Yet in the midst of all the chaos and uncertainty, might this be conscious capitalism's time to shine? "Absolutely," says Steve Tenney, founder and CEO of Great Diamond Partners, a Portland-based wealth management firm. "Now it's even more important. Emerging and critical needs, like feeding our neighbors, need to be addressed. It's easy to commit to help others when times are good. However, thoughtful and targeted efforts have an even greater impact on our community in a challenging environment." To a certain extent, Tenney says the challenge begins when the eco- nomic climate is good. "at's when companies need fiscal discipline, creative solutions and targeted efforts. Continuing that during a downturn is simply a continuation of the discipline and philosophy." A regular at Portland Conscious Capitalism Community monthly get- togethers, Tenney runs his boutique firm along the same principles — basing all decisions on the interests not just of the owners or shareholders but also its clients, employees, strategic partners, the community and the environment. "Everything we do, every decision we make, needs to take those six stakehold- ers into account," he says in an interview at his office overlooking Monument Square. He recalls conscious capitalism first on his radar as he prepared to launch Great Diamond Partners because "we just felt there was a better way to run a business … It doesn't mean that your business is weaker. In fact, the stronger the business, the more successful the business is, and the greater impact it can have on all the stakeholders." Examples of putting that into practice pre-date the crisis. ey include giving staff generous paid time off, and basing investment decisions on environmental, social and governance considerations, Tenney says. "We've been implementing numerous ESG strategies for clients, and I don't see any slowdown there." Among other Portland Conscious Capitalism Community members, Androscoggin Bank President and CEO Neil Kiely says the principles that resonate most with him are that companies do not exist solely to make profit, and the long-term bal- ancing of different interests. "e key, though, is authenticity," Kiely says. "You cannot fake car- ing about your stakeholders to try to leverage the long-term results." He says he also believes that employ- ees hold an outsized impact on any company's success, adding: "At the end of the day, if you have great employees, you can trust them to make it happen." 'Movement is gaining speed' Jenkins, who also has a consultancy called Conscious Revolution, joined the conscious business movement after a 25-year career in human resources. She became a convert after leaving her job at IDEXX in December 2018, having lots of informal meetings and doing volunteer work to figure out her next move. "at eventually led me to conscious business," she says. "I could take what I loved about human resources...and bring it into this new paradigm shift for busi- ness. e movement is gaining speed." Seen through the lens of the ongo- ing public health crisis, Jenkins notes F O C U S P H O T O / J I M N E U G E R A P R I L 6 , 2 0 2 0 14 Tara Jenkins Tara Jenkins, founder , founder of the of the Portland Portland Conscious Capitalism Conscious Capitalism Community Community, leading , leading one of the group's one of the group's monthly meetings, at monthly meetings, at Rising Tide Brewing Rising Tide Brewing Co. Co., in March. , in March. It's easy to commit to help others when times are good. However, thoughtful and targeted efforts have an even greater impact on our community in a challenging environment. — Steve Tenney Great Diamond Partners Maine financial firms join growing 'conscious capitalism' movement BUSINESS with a purpose B y R e n e e C or de s

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