Senate Compact – Frequently Asked Questions
The Senate of the Economy is a socially conscious international non-partisian leadership and networking community of shared values. We are a think-tank driven by fairness, integrity, and ethics.
Our nonprofit US organization provides a global cooperative and exclusive leadership platform for individuals in business, academia, and politics. Senate Members participate actively in finding solutions to economic, social, and environmental issues on a national and international level.
Our members engage in best practices of their industries and promote leadership in all aspects of business and social life. The ultimate purpose and goal of the community is to drive positive and meaningful change to all parts of society.
The Senate’s original organization (“Senat der Wirtschaft”) was founded in Germany and has expanded to over 1,300 active members in Europe. As North America and Europe share common ethical and democratic values, the Senate of the Economy has also expanded globally including the United States.
Members maintain long-term relationships based on trust and mutual respect. They are ambassadors for the ethical principles of the Senate. In the spirit of US President John F. Kennedy:
“If a free society cannot help the many who are poor, it cannot save the few who are rich”.
Discussions between Senate members take place during regularly held forums. They are encouraged to share their professional experiences and solve business challenges in an atmosphere of confidence. In doing so, thoughts and actions support long-term trust with sustainable collaboration.
Who is eligible to become a member?
Solution-minded leaders from business, academia, and policy who identify with the mission and principles of the Senate and wish to promote these values are eligible. Members may be company CEOs, leaders of national and international associations, executive board members, family and small business owners of innovative or leading brands in their industry or service sector.
In addition, members may also come from academia, policy, government, diplomatic associations, sports, and cultural organizations. We look for thought leadership and those who can naturally mentor.
How is membership determined?
Senate membership is limited and is based on referrals. Once a prospective member is referred, there is an extensive interpersonal discussion with the Senate board. This dialogue allows both sides to get to know one another and is normally conducted at the prospective member’s place of business.
Membership appointment is usually announced during an upcoming event. Members of the Senate who have distinguished themselves through an outstanding commitment to social, cultural, or environmental issues may be granted the title of Senator of Economy.
How are members selected?
Prospective members are typically referred by other members. They can also be referred by the board, policymakers, or academics. Further prospective members may also be selected by a targeted search conducted by the Senate at set times.
What is expected from members?
Members are expected to follow and actively promote the mission and principles of the Senate. Members are also expected to engage with other members to learn and grow. They must always represent the Senate to the public and act accordingly.
How much of my time will be required?
While active participation is anticipated, the time devoted to the Senate is a matter of individual determination.
What are the mission and principles of the Senate?
Senate members are expected to lead by example and promote positive values. In addition, they are expected to foster respect between all stakeholders and work effectively with policymakers and government leaders. This is how to exact effective change.
Members of the Senate support the following principles:
- A value-centered and sustainable economy
- Ethical business, integrity, and social practices
- Protection of the environment
- The social responsibilities of companies and entrepreneurs
- Protection of international human rights
How are these goals implemented?
- A dialogue with decision-makers in policy at the international, national, regional, and local levels focused on implementing solutions for both today’s and tomorrow’s key challenges that positively affect our children in the future
- Participation in political decision making. We develop recommendations for legislature and actively participate in governmental hearings on issues related to the common good
- We consistently provide competent representatives from the Senate for interviews and reports to the media
- Supporting studies toward the development of solutions that align with the mission and principles of the Senate
- Granting an endowment of distinctions, honors, and awards
What activities are involved?
Members will have access to organizations such as the World Bank, the United Nations, and other national and international affiliations from industry, academia, and government.
U.S. members will also have access to individuals from the International Senate of Economy. Members can expect to become part of the Senate’s expert global network. Members can participate in national and international social events, economic forums, and lectures.
Why is the Senate of the Economy unique?
The Senate of the Economy is an independent organization and not part of a trade association. Therefore, we do not compete with trade associations or lobby groups. We are an impactful and influential global community of leaders with shared societal values and the primary goal of exacting real changing and making a difference in the world.
The Senate has an obligation to public welfare and does not represent any specific interest. By bringing together leaders who have the influence to make positive change real.
Membership in the Senate is limited in size to encourage a higher level of interaction among members. It also ensures that everyone benefits from the strength of the Senate, regardless of the industry or professional activity.
How are the activities financed?
Activities are financed through member support and membership fees.
What can I and my company expect from becoming a member?
Senate members can benefit from synergies and insights gained by participating in Senate activities and the exchange of ideas and experience with other Senate members, thereby enriching their personal and professional lives.
The Senate provides its members with the opportunity to access an international and impactful Senate network. This is done through partnerships and close collaboration with international organizations, consultancy networks, and competent service partners from industry, academia, and government. Members can expect to become part of the Senate’s expert network that participates in national and international social events, economic forums, and lectures.