The coalition of global leaders represents companies with a combined annual revenue of over $100 billion and a combined global workforce of over 5 lakh.
"The road map goal is to create an inclusive and sustainable post-Covid-19 economy that benefits society, the planet, and shareholders for generations to come," the Mahindra group said in a statement.
In an open letter, the group of the 14 CEOs have called on governments to accelerate such a transition by recognising and supporting purpose-first business as an emerging fourth sector of the economy in the lead up to the UN General Assembly week in New York in September 2020, it added.
Commenting on the development, Mahindra said, "Today, more than ever, the world needs to be able to reimagine a new future. A future in which people can feel safe and protected. The initiative being set in motion by 'Leaders on Purpose' is an effort toward defining the new environment."
It provides a much-needed aspirational framework, which has the power to change the language of business discourse and how we regard the future, he added.
"The philosophy of 'Leaders on Purpose' resonates deeply with Mahindra's vision and has the potential to become a movement which will define the future for generations to come," he said.
Urging other businesses and governments to join them, the 14 CEOs also provided a "practical road map for proactively redesigning corporate structures and government policies in the development of a more supportive ecosystem for organisations that operate under a new business logic".
DSM Honorary Chairman Feike Sijbesma said the private sector needs an integrated strategy and supportive ecosystem that integrate more fairness, less dependency, more climate and sustainability focus, preparedness, and agility for uncertain times.
"We each have to think about the world around us, our role in it, our tremendous potential, and how we can contribute to making it better together," Sijbesma said .