The annual report "civic engagement 2020" of Cornerstone Economics summarizes all activities and initiatives of our company in the year 2020.

1. 2020
A N N U A L
R E P O R T
C I V I C
E N G A G E M E N T
w w w . . c - e c o n o m i c s . c o m
( 2 9 7 ) 5 9 2 2 2 6 5
PREPARED BY
Years

2. CORNERSTONE ECONOMICS
Word from our founder
2020, was a significant and exceptional year for Cornerstone Economics. Humanity was confronted
with the COVID-19 pandemic, an unexpected global crisis that has impacted many. As I reflect on
how Cornerstone Economics was impacted by the pandemic, I also realize that it amplified the
reason for our existence even more. The mission and purpose of serving social impact projects and
to maintain a healthy balance between profit, people and planet is not easy. Many times, I doubted
this new way of doing consultancy financially.
However, COVID-19 brought light to what truly is important. We saw how as a community we
needed to balance the well-being, health and the economy. The perfect scenario of everything we
have been trying to advocate for. And is thanks to you, conscious business, NGOs and social
entrepreneurs that confirms that we should continue with Cornerstone Economics.
COVID-19 was a reminder of the progress we made, the importance of our mission and guiding
principles to serve and build businesses and organization that embed profit, people and planet as a
standard.
I look forward to sharing our progress in the years to come and the impact we’re able to have on
society.
“Poverty is not only a lack of money, it's a lack of sense of meaning.”― David Bornstein,
How to Change the World: Social Entrepreneurs and the Power of New Ideas
PAGE 01
Chief Purpose Officer,
Lay Hing de Kort-Yee

3. WHO IS CORNERSTONE ECONOMICS?
Cornerstone Economics was created to support
impactful and sustainable business models, NGOs,
and programs through economic, finance, and
strategic consultancy and training. We support
organizational and systematic change by helping our
clients formulate a strategic vision that considers the
impact on its community while taking into account its
financial sustainability. We focus on a customized
approach with practical solutions to our clients to
achieve their sustainable goals.
We are a purposeful consulting firm that provides
research-based strategic insight and learning solutions with
an emphasis on social impact and financial viability.
We use a cross-subsidization model whereby higher pricing
for traditional organizations allows for lower or subsidized
pricing for financially-constrained organizations serving the
under served with limited access to professional services.
Cornerstone Economics has been established since June
2015.
· Integrity and Excellence. We will always be honest to our clients while maintaining a strong work ethic.
· Empathy & Purpose. We promise to treat everyone fair and equal regardless of their background. We
encourage empathy and promote purpose in all projects and services we offer.
· Problem-solving. We have a problem-solving attitude. We encourage life-long learning, and we ask
ourselves constantly “how we can solve things”, rather than accepting issues at face value. This involves the
services offered to our clients and interpersonal relationships.
· Professionalism. We consider each of our associates as professionals and expect a professional attitude.
A professional attitude means that you have the ability to: effectively manage your tone, display leadership,
act in an ethical manner, show tenacity, determination and responsibility.
· Reliability. Reliability means worthy of your trust. We provide ample space for trust to our associates,
which means that associates are considered reliable and dependable with consistent behavior towards our
clients. Rain or shine, delivering on every promise we make as a company and as an individual is important.
OUR VALUES
P A G E 3

4. CHALLENGES?
Obviously Covid-19 was a challenge for many, for us it was an
opportunity to replenish and rekindle our purpose and mission
even more. As a social enterprise our challenge is always how
to be impactful with little, and to be very mindful with our
resources. This year we took the challenge to explore
innovation in education by launching an eLearning platform. It
is still in its testing and piloting phase. We continuously seek to
execute our planning and build a truly social impactful
consultancy firm. Over the past years, our business has been
functioning as an advocate for conscious business. We still have
a path to walk to show that being a responsible company and
contributing to people and planet can also benefit profit.
For us offering a service in which the market is still in its early
adoption is not easy, at the same time, we see the needle
moving! And we are proud of our local organizations and
consumers for being part of the awareness!
P A G E 4
This year's annual report, focuses on our civic engagement throughout 2020. We also summarize some of
the previous projects and initiatives in the last five years. For five years, Cornerstone Economics has
supported and worked as an activists for conscious businesses and social impact. With this in mind, we
carefully develop our internal infrastructure to reflect our purpose.
This year 2020, was an extraordinary year, which showed us more than ever the importance of considering
our community's social and environmental impact. The year 2020 showed us how vulnerable and connected
we can be as a global community, and that we need to be more intentional in designing business models that
can influence and lead communities into greater sustainable practices and prosperity.
Year in Review
INTRODUCTION

5. This year we continued working on our Bcorp certification. And we are happy to announce that we have
made progress by completing our Code of Ethics. Our gratitude to Hannah Lee for taking this assignment
as part of her internship at Cornerstone Economics.
The Bcorp management tool is used by over 50,000 businesses worldwide, including over 3,000 Certified
B Corporations. The management tool helps companies assess their impact on various stakeholders,
including their workers, community, customers, and the environment.
Cornerstone Economics have made great progress with a current overall score of 64.5. The average
score of certified B Corporations worldwide is around the 80. We have not yet achieved the 80-points bar
certification as yet, but we have definitely made progress.
BCORP PROGRESS
P A G E 5
OUR IMPACT METRICS
Using profit as the sole indicator of success is not enough—
we also want to measure and report our social and
environmental impact. Therefore, in the upcoming years we
will be working on reporting our B Impact Assessment score,
which consists of five sections; governance, workers,
community, environment and customers. As we work to
develop a solid impact framework that will lead us to BCorp
certification. With the following chart we want to illustrate
our 2020 projects by sectors impacted.
The latter is identified based on a subjective categorizations
per project, and does not reflect any indirect scientific
calculation of the true impact. The year 2020 was the year
of social justice, with most of our projects impacting this
area, followed by economic progress & innovation,
agriculture & food, health & well-being, and education.
Under projects we refer to (paid) clients , and not pro-bono
or own initiatives. Since Cornerstone Economics is still a
boutique consultancy firm, financial indicators are being
fined tuned, and are currently used only for internal
purposes.
Social Justice
33.3%
Economic Progress & Innovation
22.2%
Agriculture & Food
22.2%
Education
11.1%
Health & Wellbeing
11.1%

6. In the last 5-years we have supported our community by contributing with capacity building. We have done
this in the past with various seminars, conferences, workshops and training. This particular year, however
with the COVID-19 pandemic, we have launched a pilot e-Learning platform during April to June 2020, to
provide self-paced learning with focus on social impact and sustainability.
The Cornerstone Economics eLearning, Training and Practice sessions aim to contribute to knowledge,
skills, and development for sustainable impact. Our courses are designed around the Sustainable
Development Goals of the United Nations. With tailor-made courses that move and promotes each of the 17
goals: No Poverty, Zero Hunger, Good Health and Well-being, Quality Education, Gender Equality, Clean
Water and Sanitation, Affordable and Clean Energy, Decent Work and Economic Growth, Industry,
Innovation, and Infrastructure, Reduced Inequality, Sustainable Cities and Communities, Responsible
Consumption and Production, Climate Action, Life Below Water, Life on Land, Peace and Justice Strong
Institutions and Partnerships to achieve the Goals.
We were happy to reach 100 local learners with this platform, which is still in its prototyping phase.
COMMUNITY EDUCATION
P A G E 6

7. During the "Covid-lockdown", we took it on ourselves to
educate and explain our community what was happening in
our local economy. We believe that information can
support out community to better cope and formulate their
own opinion. Therefore, we launched our first webinar in
2020. We were one of the first or few companies that
started exploring Webinars on our local market, and we are
happy we did! Since then, we have seen more and more
webinars being used as a tool for education.
Our first webinar had the title in Papiamento: "Comprende
Aruba su sistema Economico" (in English: "Understanding
Aruba's economic system"). This took place on the 23rd of
March during the first days of the lockdown.
We continued offering FREE webinars to our community
with webinars such as; "Conversations StartUP", which was
set up based on a conversation between Lay Hing de Kort-
Yee, Chief Purpose Officer at Cornerstone Economics and
Mauro de Koning, SME support, in which we share relevant
information on what an entrepreneur should know to start a
business.
2020
LAUNCHING OF WEBINARS
In October 2020, we have organized our first Social Change Mixer. The Social Change Mixer's objective was
to bring together social change agents to create a network of individuals who were passionate for social
change expressed in different forms, such as social entrepreneurs, students, artists and other enthusiasts.
The aim was to bundle abilities and skills to support each other in projects. We are all aware that for social
entrepreneurs resources are valuable and needed. By organizing such an event. we want to facilitate the
collaboration and promote social impact projects.
SOCIAL CHANGE MIXER
P A G E 7

8. Cornerstone Economics also invested more than
20 pro-bono hours giving lectures to about 100
students from Colegio Arubano on how they
should handle their budget. This started on
December 1, 2020 and will continue throughout
April 2021.
FINANCIAL EDUCATION
TO STUDENTS
P A G E 8
2020
CAREERIQ VIRTUAL SUMMIT:
RESTARTING CONVERSATIONS
We were honored to be invited to the Career IQ restarting conversations virtual summit.
Rendell de Kort, our Chief Data Officer and economist was invited to share his thoughts
on the economic developments on the island and how we should be moving forward
despite the Covid-19 crisis that has hit the island of Aruba greatly. Below we are sharing a
snapshot of what has been shared by Rendell de Kort during the virtual summit. The
snapshot is courtesy of CareerIQ.

9. In September 2020, one of our "Rijksdienst Voor Ondernemend" (RVO) Nederland
(www.rvo.nl) export coaches participated in an export program organized by Exprodesk. This
program was specially tailored for two groups of businesses, (1) the art business and (2) the
tech business. The program offered various workshops, which took place mostly virtually
due to Covid-19 protocols. The workshops were mainly provided by two RVO coaches, Lay
Hing de Kort-Yee from Cornerstone Economics and Frits Israel from Doc Opleiding. In
addition, Exprodesk also assisted with the coordination of the program and arranged various
tailor-made workshops requested by participants. The aim is to finalize the program with
1:1 coaching subsidized by RVO. To receive more information about the RVO subsidized
export coaching opportunity you can contact layhing@c-economics.com.
2020
ARTS & TECH WITHOUT BORDERS PROGRAM
BY RVO AND EXPRODESK
P A G E 9
We also were invited by Heart Centered Leadership
Foundation to participate in their virtual talkshow
specially catered to the youth: Vox Iuventus Impactus.
Our Chief Purpose Officer shared t her thoughts on the
COVID-19 pandemic and the expectations for our local
economy.
HEART CENTERED LEADERSHIP
VOX IUVENTUS IMPACTUS
We also were invited by the T-Talk Show by Eva
Croes; an Instagram Live interview with a student in
the Netherlands that aims to educate and share
relevant information with students in the Netherlands.
This time with the topic "personal finances"
THE T-TALK SHOW

10. Our team
Holds bachelor’s degree in
Commercial Economics at the
University of Aruba and a Masters of
Science in Finance at Webster
University. She has 12+ years of
relevant experience in conducting wide
range of studies and research for the
purpose of writing business plans,
feasibility studies,market research and
socioeconomic impact studies. Her
analytical skills are certainly one of
her strengths, as her career evolved
mainly providing insights to
management and clients as an analyst
at the Aruba Investment Bank and
later as a financial analyst and
research specialist at the national
tourism office (the Aruba Tourism
Authority). Lay Hing has volunteered
in several boards of non-profit
foundations and has a passion for
community service.
layhing@c-economics.com
Rendell specializes in data solutions at
Cornerstone Economics’ unit “Lovely
Data” and is an Economist with 10
years experience in public policy and
development, having formerly served
as an Economist in the Research
Department at the Central Bank of
Aruba. Rendell holds an MSc in
Development Economics from the
University of Manchester, a Graduate
Diploma in Economics from the
University of Nottingham and a BA in
International Business and
Management from Hogeschool
Inholland. Rendell is an expert in
macroeconomic forecasting and data
science, he has published various
articles, one recently being
“Forecasting Tourism Demand
through search queries and Machine
Learning” published by the Bank for
International Settlements. He has
served in various board of non-profits.
rendell@c-economics.com
Mauro assists as a freelancer, he holds
a bachelor's degree in Accounting and
Finance from the University of Aruba.
Mauro has more than 14 years of
experience in a variety of sectors on
the Island. He started very young in
the labor force, from working in the
tourism sector in 2006, to entering the
financial sector in 2012, and now
sharing his knowledge in the public
sector, he has witnessed first-hand the
ever changing dynamics in Aruba's
economy. He strongly believes in the
potential of Small and Medium
businesses on the local economy.
Mauro has done several volunteer
work and is very passionate about
helping businesses, startups and the
young community in general,
especially on the importance of
financial education.
support@c-economics.com

11. www.c-economics.com | (297) 5922265 | info@c-economics.com |
https://www.linkedin.com/company/cornerstone-economics
https://www.facebook.com/cornerstoneecconomics
"Our main purpose in life is to love
others as yourself and that may include
some (business) resources." -
Lay Hing de Kort-Yee, Chief Purpose
Officer at Cornerstone Economics
THANK YOU FOR
YOUR SUPPORT
.