 What a terrific video to get us started today. It's a pleasure to welcome you to the first session of the World Economic Forum virtual Davos on this Tuesday. This session is dedicated to one of the quarterstones of the forum, the implementation of stakeholder capitalism, in essence breaking it down, looking far beyond the prism of shareholder return and profit and instead taking a holistic approach to corporate governance and how that interfaces with the greater good for society. I'm John Defterios, the emerging markets editor of CNN in a discussion here where we bridge the developed and developing world when it comes to governance. The International Business Council of the World Economic Forum has proposed a set of universal metrics covering environmental, social and governance better known as ESG, which has gathered a great deal of momentum within the Davos community and equally importantly in global financial capitals, especially in the West. And that's where the discussion around the developing or emerging markets comes into the fore. Our goal here in 45 minutes is to gauge progress over the past year since the World Economic Forum physically in Davos in 2020. And you will see with the mix of panelists from Europe, the UAE and India how this is being adopted concurrently as I suggested to the developing world. Let me introduce our panelists that you see in the boxes here today. His Excellency Muhammad Abdullah Al-Gargawi is the Minister of Cabinet Affairs here in the UAE. He's joining us from Dubai. We have Ilham Qadri, the Chief Executive Officer and Chair, a woman of Salve, the chemical group out of Belgium, and Anand Mahindra, the chairman of the Mahindra group joining us from India. We were supposed to have the Minister of Finance for South Africa, Tito Mubwani, joining us, but he's in Eastern South Africa and they've been hit with a cyclone, which is actually unfortunately disconnected him from electricity during the session here today. And we, of course, hope that he's well at the same time during this very powerful cyclone in South Africa. Let me welcome in Professor Klaus Schwab, the Executive Chairman, of course, of the World Economic Forum. He's going to join us to set the framework at the beginning, but very happy he's going to stay for the entire 45 minutes, as he noted during our green room discussion beforehand. It's such an important issue that it deserves the contributions across the board from the World Economic Forum. I think, Klaus, a good place for us to start is now 50 years into the concept of stakeholder governance. It's an ideological framework, but is it a framework now that's going into action? Is that what we see here through the International Business Council? It's the real deal? Yes, I think 2021 will be a historical year in terms of changing the philosophy of business, moving from shareholder capitalism to stakeholder capitalism, also accelerated, of course, by the consequences of COVID-19. Now, why do we need stakeholder capitalism? The theme of this meeting is restoring trust. If we want to restore trust, the precondition is to show that when we work together, we work not only for our own interest, but we work for society's interest and for the interest of everybody who works together with us. Now, until now, stakeholder capitalism was some kind of a vague concept, but we will announce today, as you, John, said, we will walk the talk, and we have with the International Business Council elaborated a concept of metrics which allow an approach where business can report and be safe on the stakeholder responsibility and safe can be measured. Until now, usually you had declarations, but now business will be held accountable how much it really achieves CESG objectives. And we will announce today that 61 companies will endorse the stakeholder capitalism metrics, as they represent over 4.3 trillion in market capital and some 7 million employees. And we know this concept will not be the final one, because even if you look at financial metrics, it took years until we had a generally accepted framework, but it's a beginning, and I think it's a milestone. Yes, you mentioned the membership here of 61 companies signing on board. Just for the purposes of our viewers online today, that's going to be released at 1300 CET. One additional question, Professor, is the momentum there now going 61 and doubling up every year? This is the year of COP26. What do you think the forum can do in terms of tripling that number by the end of 2020? Is that realistic in your view? Of course, the stakeholder responsibility in principle comprises three different responsibilities. To be responsible for prosperity, to be responsible for people, and to be responsible for the planet. And being responsible for the planet means to engage actively in driving forward decarbonisation in our world. And we have a number of task forces, and if you look at the program of this special annual meeting here, this virtual annual meeting, you will see that quite a number of sessions are planned to make real progress in terms of achieving the objectives 2030, but particularly in preparing also the COP26. Terrific. Let me bring in Mohamed Al-Gurgawi as Excellency Minister of Cabinet Affairs in the UAE. What have governments learned from this process? Would you suggest Minister with the pandemic, and again, this year being such a crucial one for COP26? What is the role of governments as you see it today with the external challenges that we've been dealing with all around the world, as a matter of fact? Let me start, John, by stating this year the most effective organisation in the world are government. We have government who fail miserably in handling the pandemic, and maybe few government did a good job. I think if we look at the numbers, I mean, last year, during the same time, we had only 2,000 cases, 52 deaths today. Just 12 months down the road, it is 100 million, 2 million deaths worldwide. With the pandemic and the speed of this, the virus was 4 million fold, and that's created a tsunami for government globally. I mean, the most important thing today is how do we balance between our health, economy, society? How do we vaccinate the world population? Only 63 million people that vaccinated in 56 countries so far. In the Emirates, we are number two. Israel is number one with close to 39% of the population. In the Emirates, we are around 25% of the population, and there is a daily increase here. But the most important thing is we have to look as government, global government at the total population in the world. We understand by the end of the year maybe half of the population will be vaccinated, but unfortunately the other half wouldn't have the mean. So for us, it is not a single government, and this is very important. We cannot work alone as a silo government. This is a global spirit, and this is the only time, maybe in recent history of mankind where everybody have to come together. I believe that government have to adopt to a new role right now. And the way we looked at government, it is we live in a hybrid world. Government have to be fast. They have to be agile. They have to be proactive, and they have to work very closely with the private sector, very closely, much more than before. You wouldn't have the old style of government anymore because the old style will fail, and we are seeing it failing in so many different countries. So what we'll have, we'll have a government that need to adopt to the changes that's taking place. An example, I think government and the private sector can work very closely. Usually, you know, think eight ages. The virus itself, the vaccine itself. Government work very closely with the private sector in developing this vaccine. They change very fast, a lot of law, and within a couple of months a new thing is happening. There is a hope for the rest of the world. I think government have to reinvent their model. The model been there for almost 200 years, didn't change. Government have to be embedded with technology. There is a new norm. I mean, our meeting is a new norm. Usually, private sector work from home. That was normal. Government have to adopt with a lot of changes. But the most important thing is I think for government is they have to be fast. They have to be agile, and they have to change and reinvent themselves in the next decade. Thank you very much, Minister. I'm going to follow up also in this role for the UAE as a crossroads between east and west with the vaccine supplies. The vaccine diplomacy, which I think could be very interesting to reach out into the region. I think it's extraordinary. You said that fast agile and to reinvent yourselves. I had been coaching some of the journalist students here at the CNN Academy and I always say fast agile and deep as governments as well to have that depth to respond to such a challenge. We have Aham Kadri in the screen here. Before I introduce you there, I want to let our audience know that there's 21 core metrics to this process here of stakeholder capitalism, 34 broader ones. Let's bring this down to earth so people understand the work that you're doing and somebody like Anand Mahindra from the corporate side as well. How will it impact society? Is it far reaching too far away from the average investor or the average consumer to understand this or really have a profound impact? Yeah, good morning, John, and thank you for having me. Well, listen, the concerns that have been steadily increasing since the 90s with the emergence of a number of initiatives related to the disclosure, GRI, the UN Global Compact, the RSC, the SDGs, the SASB, etc. You name them. The results in multiple frameworks and disclosure standards has been good, but creating a bit of confusion. So that said, it is a fact that there is a wealth of non-financial metrics that are already being published and the fact that such information has been rarely used by investors in the way, in a coherent way. So in our view, the adoption of a common standard, just the stakeholder capitalist metrics brings a great benefit to key stakeholders because it promotes a deeper understanding and benchmarking thanks to the harmonization of key metrics. Close industries, right? It's also bring a lot of transparency. It's about having a common language that focuses on what is material and prerequisites for progress. So you talk there are different stakeholders here, authorities. His excellency talks about that. We've seen a lot of movements on climate, the EU council decision to strengthen the greenhouse gas emission for 2030 to minus 55%, carbon neutrality by 2050 in Europe, 2060 in China, the Biden administration coming back to the Paris Accord. So what's in there for the investors, first of all, the agency and the real opportunity is really launching an international standard. Again, common language, setting the process that delivers a global baseline system for corporate reporting in order to report to investor on how sustainability performance of company affects the creation of an enterprise value and encourage capital market regulators to cooperate with the IFRS foundation, for example, towards a global solution. For businesses, it gives more insight and supports of the private sector to cooperate with security regulators moving forward. It's also more transparent to our customers and their customers about our real non-financial performance. And finally on society, John, Professor Schwab said it. I believe it's both restoring trust, the importance of established global baseline system in this report and as a first concrete step of which any individual, right, any citizen of the world can relate to, such as the European Union is doing and can build more specific requirements on their own public policy goals. So in my mind, time is of essence and it's possible that some participants here and there be differing views on some metrics. We believe at Solvid that it's preferable to get started and refine over time, supplement the metrics with others that we consider pertinent rather than allow ourselves to be slowed down by search for the most comprehensive or perfect set of metrics. Very interesting the way you say that. Let's bring in Anand Mahindra. I know through the IBC of the World Economic Forum, you've been very proactive on this frontier. I would like to ask you the same question. What is the difference within Mahindra in terms of the relationship with investors and your partners, but also society? Because I know you're very passionate about the impact that Mahindra should have on society here and then moving the dialogue. Let me couple that with, if I can, Anand, the progress you've seen at the IBC since WEF 2020 when we were together. Good morning, John. And again, it's a privilege to be here. Your question about what we see is the benefit of all of this to various segments of society. I'm an investor as well as a businessman and a member of society all rolled into one, as of course are the other members of the panel, at least Ilhan for sure. So the best way to answer that question is to tell you why I think that the adoption of ESG metrics is going to be beneficial to each of these avatars, if you will. As an investor, I'm well aware that the secret of successful investing is to ride the tide, if you will. And that tide today, thanks to the efforts of bodies like the IBC, is clearly running in favor of investments and enterprises that see themselves as part of a larger social picture. And as Excellency referred to the pandemic, now that's particularly thrown up all the fault lines in our society and shown that the welfare of business and society is actually linked to the welfare of its weakest members. Now, you know, an investment proposal, investors will look at proposals that have wider perspective, and that would influence my investment decisions as an investor. As a businessman, I look at two factors. How do I grow my business sustainably? And at the same time, how do I meet the needs and aspirations of my consumers? India has 1.3 billion people in the middle and lower segments of that pyramid are a potential powerhouse of consumption. And so, therefore, it's really in my self-interest as a businessman to build businesses and economic prospects of as many people as possible. And there's one more thing, John, that the millennials and the Gen Z who are going to be consumers of tomorrow, there's very strong evidence that they're going to put their money and their custom behind these expectations. So being a good quote-unquote business is going to be good for business. And that's a similar role being played by communities who are getting very vocal about which businesses they would welcome and not. And finally, we're all members of society. So, you know, I have children and grandchildren. And by the way, I am a grandfather now. It's very obvious that it's our responsibility to leave a living and working planet and not some kind of dystopian nightmare to them all. So measurement really converts intent into action. The ESG metrics are important markers. They indicate our progress towards leaving our planet a better place than we found it, rather than leaving those are just nice words. I can talk more about what the IPC has done, but I'll stop for a moment, John. I'm happy to come back to that later point. Okay, very good. I want to open this up in terms of a dialogue amongst our panelists. And just a reminder, if you want to follow up on any of the inputs from your fellow panelists just to flag me with the pen or give me a signal here because I'm looking at you on my screens. It's a little bit of a challenge, but we'll make it work. I wanted to take a question from the audience and this is one for Minister Gargawi, if I may hear. The question is, what's the role of governments interfacing with companies to hit these metrics? And how do you have government private sector contributions that can make a difference and accelerate this transition? Would you say, Minister Gargawi? Let me start with a number, John. I mean, from last year to now, if you look at United States and you look at top company or individual, their gain during the pandemic was close to $800 billion. There are few people during a very tough time, they made a certain amount of wealth actually. And I'm just putting this number is to look at only 600 billionaires made 930 billion during a short span of time and it's a tough economic time. Meanwhile, we are looking at how much half of the population actually of the world cannot be vaccinated because of the economy of certain countries actually. I think the world have changed. I'll talk in totality basically. I wouldn't talk about just company. I think we need to have a new norm, a new norm where corporations have tremendous responsibility because the gap is wide. We are seeing this is win-win for everybody, win-win for companies, win-win also for corporations. The other side of it, you might see a lot of social unrest and we are seeing it. In United States, you have 600 individual, they made 930 billion during the pandemic. Meanwhile, you have 11 million people are unemployed at the same time. So what is the forum is doing here and what is the purpose of the whole agenda is really how do we work together to save the planet? This is not a single issue for government, neither for company. This is a triangle between government, company and society. And our moral responsibility, even as a government, we believe that the role of government will change in the future. It will change because government will be evaluated not just on their internal policy, but also how much they extend hand, how human they are toward the rest of the world. And that's what we are doing here, part of what you're doing in this matrix. I believe that during the pandemic, when we gave hand or distributed over 120 countries globally in a tough time. In a time where countries were just keeping everything for themselves. A new model has where we said, yes, we'll look at ourselves, we'll take care of our people, but our people also are the rest of the world. So vaccine distribution, medical distribution, food distribution went to 120 countries. So I think the relation between company between government are much closer and should be much closer than before, or we might face a tremendous negative consequences. And we've seen it in certain countries in a big time, especially in the West right now. If you look at what happened in the United States in the past couple of months, it is alarming for the rest of the world actually. Thank you very much. That was excellent. By the way, let's bring in Professor Schwab and I wanted to get a trend that we've watched as financial journalists over the last year, particularly in the West. And then I can bring it on to an alarm to comment on this. The role of ESG when it comes to the large pension funds or the large university funds in the United States and yes, Europe as well is forcing action on investors. You look at the international oil and gas companies. All six majors in Europe, Professor Schwab have committed to net zero by 2050. We've had two or three in the United States to do the same. But this case where money talks professor and the money on Wall Street or the city of London or Frankfurt in these Western capitals is making a difference and accelerating the process. This is where the pressure is coming from. Yes, it's it's a fact that we have now impact funds exceeding $1 trillion. So it's a good sign where the money will flow to in the future. Let me come back to work very rapidly to what Minister Galgavi said. I think one lesson which we take out of this crisis is this notion of mutual interdependence because even as individuals we had to take care not to infect someone else and not to be infected. And it's the same we have to apply now on a global level as long as not everybody is vaccinated. Nobody will be safe. I think that's a message minister you had. But I have one other point which is and it relates to your question, John. Impact investment is looking at the ESG performance and having a good performance is not contradictory to profits. I think company usually makes its autonomy between profits and being socially good. But actually today a company with the millennials and so on will have much better employees, much more committed employees, much more productive employees. Clients will be much more loyal. Might not or will not buy let's say goods from a company where she knows is not in line with societal objectives. So it's good for the company. It's good for the company and final, final remark. I think when we look at the expression what is disturbing is this notion of capitalism because it's a notion coming out of the first industrial revolution. And capital was mainly related to financial capital. But wealth generation requires not just financial capital. It requires people capital. It requires social capital. It requires natural capital. So it's a new definition of capitalism which we have today. Good. Anand, I saw in your notes here that you have this common philosophy within the Mahindra group called rise and I think it plays well to what Professor Schwab was talking about because it goes far beyond shareholder return here. How is this applicable to the Mahindra group in terms of the totality of your workforce and your consumer base at the same time? And can we have the emerging markets of the world embrace this move towards stakeholder capitalism. Something is a Western driven metrics but it clearly is not. You know the rise movement as we call it, John, was hatched and incubated at Mahindra back in 2007, 2008, between the two years. And if you look back at that time, that was even before Occupy Wall Street. And it was an interesting, it was somebody who walked into my office and he was there really as an advertising agency trying to get us into the US market and he came around and he said, you know Anand, you don't understand your company. Now whenever anyone tells me that they get my attention. So I said, what do you mean? And he said, people here are either really onto something big or they're inhaling something illegal because they're all talking about not selling tractors. But about creating the next green revolution. They're talking about making people's lives better. And he said there is a movement that's coming and it is a movement to address the lack of trust in large companies. Keep in mind, he said this before Occupy Wall Street. So it got my attention and I and I've always been obsessed about why people come to work in our company every morning. To me, if you can find a purpose, which is transcending, which goes beyond just there for your, your economic needs, then you're going to have a highly motivated workforce. So that's why we did it. But we obviously were fortunate in that we present a lot of what was going to happen in the world. So today, the rise movement as you can see is over 12 to 13 years old. And we have only found that it has become even more relevant. When you talk about relevance to emerging markets, it's going to be even more relevant in emerging markets because frankly, the biggest growth opportunity John in emerging markets is about addressing the bottom of the pyramid. So I have been saying for a long time, ad nauseam, that the tipping point will come on ESG and on stakeholder capitalism. When people stop seeing this as a trade-off or as something they have to pick the box off or even something which they have to do to attract capital. When they see that the biggest opportunity of the next decade is going to be ESG, of course, climate is a big part of that. But just serving the needs of a rising population of a population of great aspiration, that's the biggest business opportunity. And let's face it, Adam Smith was right. We all have our self-interest at hand when you can converge our self-interest with ESG, because that's the biggest growth opportunity the world is going to see. You don't have a trade-off and you don't have to worry about incentivizing. You just measure and the measurement only serves as financial measurements do as a kind of way of spurring you on to even newer heights. Terrific. We have some fantastic questions from the audience. I'm going to go to them now because they flow into some of the topics we wanted to raise. And we only have 15 minutes left, so I'm going to ask you to keep your answers within about 90 seconds if you don't mind. This is a question to Ihan from Khalid Machati, a global shaper. How do corporates move out of the CSR and charity category, if you will, right? The labeling of that and that approach to community intervention and the move to a more infrastructure development as a result, where you put money at place here to actually improve the infrastructure or to improve the lives. And as Anand was just saying, Ihan, not to tick the box when it comes to charity or CSR. Yeah, it's a great point. This is not about charity. This is about being good for the planet, the people and the pockets. It's actually sustainable. Listen, I'm CEO of an early 160-year-old company. And I'm particularly conscious of the need to ensure that the business that has been founded on strong ESG fundamentals are prerequisites for a valuable company that can stand to test the time. I truly believe people and companies who are not addressing it now are going to disappear. And the ability now to measure, compare and demonstrate to our key stakeholders the strength of this ESG credit essential using a common framework is more than welcome. It's needed and as it was well said, sustainability is a license to operate actually including the social responsibility. Customers and consumers, they demand it. Our customers, they want us to deliver a solution that's helped them to meet sustainability targets in many areas like clean mobility where we are acting. But employees equally as it was well said are proud and future employees are proud to work for a company that takes responsibility in helping to solve the challenges of society and the planet. And I think this is all get together at Solvi. We have what we call Solvi One Planet. We raise the bar. We realize that's what took us here. We not bring us there. So February last year, we will launch our holistic Solvi One Planet with 10 goals around 3 pillars, climate resources and better life. And life is about the people. You know, there is no as society and people without the ease. So it all goes together. Obviously, we're a chemical company. So safety is our priority. We aim for zero accidents. We accelerate the inclusion and diversity as one policy. We just launched it first of January. We extend maternity leave and open it to all co-parents regardless of their orientation to 16 weeks globally. So all of this are real examples that you need to walk the talk to be an attractive employer to retain great talents to nurture an inclusive environment with diversity of thoughts. And I applaud again the private sector led initiative of the West and the coalition of companies to commit to engage on those ESG new disclosures. Great. This is fantastic discussion here. Again, to Minister Gergawi, you recently published an article in LinkedIn and we refer to five future trends in governments that they must adopt in a post COVID world. What would you glean from the five key points here to share in governments and how it applies to these metrics that we're talking about, Minister? John, we believe that as a government just the need to be proactive. I mentioned five points through the article actually one. We have globally reverse globalization and the trend didn't start today with the pandemic with COVID started couple of years ago. The government have to be ready for the new challenges that they're facing actually. So the pie is much smaller maybe than before here. Everybody's looking internally and what happened with COVID actually it speed up the anti-globalization. So nationalistic government looking at very self-interest became the most important thing for them. Political rhetoric also got included in this. Number two, I think trusting government is very important. Either citizen will trust government or what they do or it was completely the trust in government. So that's why government must make their decision fast and display high level of flexibility and amending and adopting to new lower regulation. I'll tell you what we've done actually. Even as a nation whatever we couldn't do in 10 years when it comes to lower regulation it happened in a year actually. It was very much fast forward. What situation of COVID gave the world actually is how do you adopt to a new change? And government if government can adopt they can move, they can do whatever they want to do in 10 years just in one year and we did it here. We found out that also national data is very important to track COVID, to track information to know exactly where it's spreading. And unfortunately government are lacking behind when it comes to data. You know, company they know about citizen in each country much more, much more than any government knows. And I think there were need and new models. That was my fourth point for governments. The model, the current model it won't work in the long term. The changes that take place in human capital but also in technology. Also a new practice are changing the world and a lot of government if they don't adopt, they'll be out of business. And the last point I mentioned in my article was it's very important to partner with the private sector. As you stated here, you know, it's people, it is the planet and it's a business. Government have to adopt a similar method also. We need to work very closely with the private sector. These are the five point job. Okay, very good. Excellent. Contributions across the board here. We have another question. In fact, I have a series of questions so we could use a bit more time. This is from Jim Schnaub, who's on the forum board, but also the chairman of Siemens and I be a molar maresk and I'd like to present it first to a non. What happens between now and Davos 2022 to make the stakeholder metrics in your view, this whole framework for all companies, you know, it's not habit to a limited position. I'd like to have a non address that illum and then I'm going to circle back to Professor Schwab. Okay, I'm going to have to take out my crystal ball for that John, but I think that as I let me just start from where I left off earlier that we have reached a tipping point where people have realized that this is not about CSR social responsibility. This is about business and staying alive as an enduring company. Once that tipping point is reached, people are going to have to require signposts that tell them how are they doing on that journey towards becoming a company that is aligned to these new requirements of opportunity and of requirements by the new consumers. And therefore this is going to be taken extremely positively. What I'm referring to is the, is the whole West and IBC metrics for ESG. People, people respect the power of the WVF. There are a number of bodies around the world that are offering signposts and metrics, but the West has a particular iconic status. It has a convening power. It has a neutrality, which is always one of its highest qualities and that's why Davos has been so successful. So for Klaus Schwab to use this convening power and neutrality to present ESG metrics, I think is very timely. I announced today that 61 have signed up. I'm proud that we are one of the two Indian companies that are signed up and we've signed up because we believe just like a standard. You remember the old thing between Datamax and VHS because it's all standard about a world which would it adopt. And like that, you need one standard that people can adopt. There's going to be a multiplicity, by the way, of metric opportunities. The WVF ones, the IBC ones are very broad. They're very useful because they're already data that we are reporting. So it's not going to be difficult. I also sit, by the way, John, on a fund called the Rise Fund. It's a fund promoted by TPG with a very, very valuable board on it, very wide ranging in its influence. And they have come out with a metric system as well called IIMM, which tries to make it a little more financial. And they actually measure the impact that you're having and how much of a multiplier it has. So there are going to be a number of choices that companies can use. By all means, they will use all of them. But I would bet in answer to the question that by come 2022, there are going to be a huge increase in the number of companies that have signed up for this, and it will become a standard that I think a lot of people will use. I'll go out on a limb to take that bet. Okay, thank you very much and not for that. Another question from our audience and Ilan, we only have five minutes left and I want to call on Professor Schwab to conclude some thoughts. How does this fit into the SDGs framework? You know, we have these 2030 targets and one would argue the pandemic set us back, you know, tremendously. How can these metrics feed into the SDGs and accelerate that process from a corporate standpoint in Europe? It's all getting together and it's all aligned with the SDGs, right? So, and coming back to what was said, right? I think every company had their own way of complying, pushing for the SDGs. And if we accept maybe a simple illustration, you need one leg representing regulator and standard setters as they have a critical role. Another leg representing your investor by which mean the portfolio managers and analysts on the front line on the marketplace. And the other one is the corporate issuers who depend on financial markets for their capital. And we need those three. And I think what's happening now, and if I have to put a crystal ball by 2022, it will be evident that we really need to progress quicker. I think the co-construction of the framework is here. It's robust, is pragmatic. And without a coalition, they cannot be meaningful, you know, rapid progress towards actually achieving the SDGs. So for a company like, we love it, we love that harmonization and standardization. It's key for global companies producing and competing on a global scale. And I think this makes the FGGs, right, very pragmatic and very actionable at the company level for the assets manager, portfolio manager, which I call in to join actually the movement, right? And this is very, very necessary for, you know, building a level playing field even, which should be a key priority for regulators. Thanks, Hamid, to bring in Professor Schwab to conclude us here. This is a very important year as I started the discussion because of COP26 and also trying to foster economic recovery. Do you worry, Professor Schwab, that one gets parked and the acceleration on to the advance the Paris Accord gets lost in the need to restart growth around the world? And how do you prevent that as a contributor here to the global dialogue at WEF? First, we have to blend the recovery efforts and the fight against the virus with the long-term objectives. And the long-term objective is to shape the post-corona era. And certainly this post-corona era has to be more cohesive, more equitable and more sustainable. And what I see as a question of charity and let's say stakeholder capitalism, I think what is very encouraging is that companies now say, we integrate the SDGs and that's important into the strategy setting. And we never have seen in the forum such an engagement of companies in our activities. I come back to the question of where would I like to see us in 2022? Let's not forget, we are working together with a number of standard-setting regulatory agencies, governments, because it's very important not to create now a competition who has the best standards. I think what we want to do is in cooperation with everybody who is already out into the field to create a generally accepted comparable system of metrics. And here, in order to create the necessary impetus, we need to have key companies saying, yes, we accept the standards. They may change over time to a certain extent, but we are committed, we are committed not only to report, we are committed also to integrate those standards into our strategy setting. I think we have made good achievements. Professor Schwab, thanks for staying for the 45 minutes. It's good to have your contributions. Anand Mahindra, Mohamed Al-Gargawe, the Minister of Cabinet Affairs here in the UAE, Ilham Khadri of Saldeh, Professor Schwab and regress from Minister Mubuani of South Africa who could not make it because of a horrible cyclone in the eastern half of the country. Thanks for joining us. I'm glad CNN could co-partner with the World Economic Forum as always. This is a very important issue, as I said, because of COP26 this year and also equally important, Italy is a recovery status and trying to get that vaccine penetration high so confidence is rebuilt in the second half of 2021. Thanks for all the questions from the audience. They were superb and appreciate your attendance to this session.