 Business is at a real turning point on sustainability globally. The climate change talks in Paris and the new agreement on climate change set a long-term direction. It's been made abundantly clear that there is a transition away from fossil fuels. The business agenda is really responding to this globally and we're seeing companies like Unilever and Nestle and others really stepping up to this global agenda, plus newcomers like Tesla and others that are disrupting markets. In New Zealand, I think we're seeing a renaissance on sustainability after it went, frankly, dormant for some time and recently Air New Zealand announced their sustainability policy to an absolutely packed house and shed tin in Auckland with 450 business leaders and that really felt like a turning point for New Zealand business. The logic for business on sustainability has often been presented that it's a moral argument. It is that business needs to take its responsibilities towards others in society. But it's also an economic argument. I mean, if you look at the notions of a circular economy, of waste minimisation, businesses have some real advantage in terms of saving themselves money through energy efficiency and good practice in their business with regard to minimising waste. You've also got a logic to say that businesses will do well if they engage their customers about the practices of sustainability. So companies like Z Energy, for example, have a very strong message to their customers about the way they incorporate sustainability into their business. And I guess, thirdly, it's important to investors and it's important to the value of a company. Shareholder value is increasingly about corporate reputation, brand and all of the other things that used to be called goodwill in an accounting sense and that can account for over two thirds of company value, often up to 90%. So companies need to manage their reputation well, to manage it badly, as many companies have found, is extremely dangerous and has led to precipitous declines in shareholder value. One of the most important drivers is, of course, the perception of customers and the practice of customers. And, you know, Colmar Brunton, the polling agency, did research that said that 88% of consumers care about sustainability and over half will pay more for sustainable practices. And, you know, companies that are positioning themselves in sustainability will do well because on the shelf they get the preference from consumers if they have a credible story and that's really important. The story has to be credible and ideally it has to be backed up by independent and objective certification. But also, then, there is a certain group of customers that are prepared to pay higher prices for goods that are labelled sustainable and you only have to look at organics and free range and other product categories to see that that plays out every day in our retail stores. There's been interesting research undertaken by Waikato Management School to look at tracking over time what happens in business perception on corporate social responsibility. And what's increasingly evident is that businesses are expecting the government to step up to the challenge of sustainability. We've come from a period where, frankly, the government has done little in order to set the parameters that would reward the good players on sustainability and provide penalty for those who are essentially polluting. So according to the polluter pays principle, all governments have signed up to, you would expect that there would be a price on pollution and New Zealand is, frankly, one of the laggards within the OECD on setting those environmental taxes or environmental subsidies in order to change the price signals. I think there's increasing pressure, firstly, on government to do more from business and it would be good if more businesses spoke up to say that. But also we see a lot of businesses who say we're not going to wait for government, we need to do this. Price signals will happen over time, particularly on issues like climate change, and we're going to go ahead and make the investments and change our practices in order to do that. Good for customers, good for business. And it will give us in many cases either a first mover advantage or in fact a way to be able to comply with our supply chain requirements, which are increasingly onerous around sustainability. My role has been to establish a sustainability programme at the University of Auckland Business School. We've looked around what other universities are doing internationally and it's very interesting. Leading universities are a long way down the road on this and have done some fabulous and exciting things. They're the usual cast of characters, Harvard, Yale, which is my alma mater and Oxford, Cambridge, etc. One of the ones I love is MIT. And MIT has not only an overall strategy for the university on sustainability, but the Business School leads in terms of sustainability teaching and research. And they have a very close link with innovation and entrepreneurship and sustainability. So this is, I think, an area where innovative practice in universities can really help provide the next generation of business leaders who are well-versed in sustainability, but also see a rapidly evolving future and are able to position the companies that they work for into that future. I guess the other interesting thing from looking across universities is a few of the universities are playing what I would call a convening role. So they're bringing different stakeholders together around sustainability issues, often people who don't necessarily agree with each other or talk with each other. And I think that's a really important role for universities and something certainly that we're looking at at the University of Auckland. And we aim to be amongst the leading universities on the issues of sustainability. One of the key lessons and ways forward for businesses is to look for the fundamentals of the business and in a way tie it into business strategy. Many companies regard sustainability as a bit of an add-on. So it's something that we do in order to keep our customers happy. Actually, the most innovative approaches that companies are using is to build sustainability into their core strategy. And it's very much around the concept of shared value, where you look at the fundamentals of the business, the competitive drivers of the business, and you say, how can we build in sustainability in a way that is central to our business? So instead of using corporate social responsibility as a way, for example, to give a bit of money to charity, actually what you're trying to do is you're trying to change your business strategy so that sustainability is at the heart. And that's the kind of approach which is driving the strategies of many companies internationally. And I guess Unilever is a classic example. Food companies are really leading the charge on this in many ways. And it's also evident in sectors where there is disruptive technology that is opening up spaces for business to reshape their markets and reshape their purpose as companies. As the Silicon Valley entrepreneur, Peter Thiel said, the most successful companies never established to make money. They established to change the world. And when companies have a driver of sustainability, they find value in ways that they never expected.