 Welcome everybody. My name is Jumana Versace and I'm an anchor from CNBC and I'll be leading the panel. A really nice end to the video there. The fact that you are listening today means that you are willing to make a change. So what a better way to kick off our panel today about putting the S in ESG. I think most of the times when we talk about ESG, most people often have the tendency of falling into the trap of just assuming that we're talking about the E, the environmental impact the company has, the climate transition, energy transition that many of these companies are undertaking, often neglecting the S and the G part. Today obviously our focus is going to be on the S. So let's talk about the definition and what that broadly means. In a general term, the S is a company's contribution to society, the impact that it has on communities. That could include customer satisfaction, it could include data protection, gender and diversity, employee engagement, human rights and labor standards. These may include initiatives that encourage diversity, equity and inclusion and also address pay gaps as well. In summary, the S is how to create shared value for all. And the interesting thing about this is that investors are beginning to take notice. Edelman's 2020 institutional investor trust report shows that the S in ESG is now the most important ESG priority for US investors. And with that, I also just want to bring you some news out of the world economic forum just on the number of companies supporting the stakeholder capitalism metrics initiative. And this is a big part of our discussion today because oftentimes people talk about the challenges of actually building a framework to capture how much good a company is doing and what their overall contribution is the society. So the fact that we're seeing more and more companies sign up to these metrics is very, very encouraging indeed. Since January 2020, over 100 companies have shown support for the initiative with 50 already including the metrics in their 2020-2021 reporting materials. And an initial analysis of the first report shows that companies have spent over $1.5 trillion in training, over $20 trillion on R&D, $23 trillion in cumulative multi-year innovation investments, and that these companies are contributing to their communities and social vitality with nearly $140 trillion in taxes. So at the end of the day, we are beginning to see a convergence between the public and the private sector. So it is very encouraging. One point of housekeeping, we're going to have about a 30 minute panel discussion. And then afterwards, we're going to open it up to Q&A. So we encourage anyone watching to submit their questions. You can do that via the Slido link. And I believe that should be available in the chat. So we'll be screening out for any questions that come through. Now, in terms of our panelists, I just want to introduce them all quickly. Starting with Philippe Bayon, who is the chief executive officer of Eco Patrol in Colombia, the largest oil and gas conglomers in Colombia. Judith Weiss, who is the chief people and sustainability officer and member of the managing board at Siemens in Germany. Ruth Harper, who is the chief communications and sustainability officer at Manpower Group in the US. And then Judy, not to be confused with Judith, Judy Kosetski, chief executive of Sancroft here in the UK. Sancroft is a London based international sustainability consultancy company. So I'm going to kick things off. Philippe, I'm going to actually start with you. Eco Patrol is one of the first, if not the first company in the Latin region to commit to the stakeholder capitalism metrics. So obviously those encompass all parts of ESG. But today, the focus of our panel is obviously on the S. And given you are an energy company, the CEO of an energy company, I just want to put the question to you, why is the S, why is the social impact and the social contribution of an oil and energy company so important to you right now? Humana, thanks. I'm good to see everyone and thanks for the opportunity. So as we think about Eco Patrol, that's just celebrating its first 70 years. And we're looking for the next 10, 20, 30 years. We're a company that operates in probably more than a third of the municipalities in country where neighbors of those municipalities, we actually leave and breathe and go to school and purchase goods and actually are in coexistence in those areas. So it's fundamental that we, if we can actually provide benefits to what we do in purchases of goods or good employment and good conditions. And you were mentioning things like human rights and how we approach our relationship with our stakeholders is fundamental that the S is part of what we do. As we think about the next 20, 30 years, we announced that actually a month ago that we just bought the largest energy transmission company in Latin America. And that's to ensure that we can provide electricity to people. We do believe that providing energy to the communities is one of the stronger ways and more powerful ways to close the gaps. COVID has shown us that we are very, very fragile as human beings and it has accelerated things like decarbonization and electrification. And yes, and I'll stop with this one. There's something in Colombia called like doing construction work or doing projects in lieu of taxes. So we can actually do investments in water or social or education instead of paying taxes to the government. So once the school is up and running, we can go and deduct that from our taxes. And recently, one single mom was saying, thanks for bringing school supplies to our kids because you've taken one of the key elements of violence out of the equation. And I said, I don't understand. And you said, look, when there's 600 kids, 600 kids fighting for 50 desks, the desks become an issue of violence, a violence generator. So we have the ability, I think to touch many, we don't want to replace government. We're a company most largely owned by government, but we are floated in the New York Stock Exchange. So it brings us the possibility of being very nimble. But again, yes, I think it's a fundamental part of how we see ourselves in our day to day operations and long term. And it's really interesting what you say there about the importance of the collaboration between the public and private sector and the incentives the government has put in place to that effect. Ruth, I'd like to turn to you because Manpower have also released 2020 reporting materials that include stakeholder capitalism metrics. And in your 2021 ESG report, you outlined the firm's S commitments. And one of them is quotes becoming creators of talent at scale to help improve employability and prosperity for all. Tell us more about that. Thanks, Gemana. Thank you. Thank you to you. Thank you to the forum for having Manpower Group here today. We're thrilled to be. It's great to hear the good news as well around the kind of collective, if you like, of more and more organizations signing up to this stakeholder capitalist metrics as we have. We released our report a couple of months ago now, Gemana, are working to change the world plan with a little bit of the kind of looking back at our 2020 data and even more of kind of looking forward with some of our kind of ambitious goals around the future. And just as a bit of context as Felipe just gave around his organization, we're a global organization. We put people into work. We're driven by our purpose to find meaningful, sustainable employment because we believe it can change the world. The impact that that has on individuals and on communities. We do believe it has the power to change the world. And as part of that and as part of the kind of shift in terms of even pre pandemic, the shift of digitization and the acceleration of investment in technology by by all sectors, not just the technology sector means we've seen a kind of skills revolution beginning to take place over a number of years. And as we look ahead, we understand the and the necessity for organizations, including our own to help people increase their employability and be resilient and prepared for today's world of work as well as the future world of work as that changes. So that's why we focus on being creators of talent and creators of talent at scale across the 75 countries in which we operate and the thousands of clients that we find talent people for so that we can work in partnership to be able to make an impact on an individual basis, but of course also on a community and global basis too. So that's a little bit of an explanation around the creators of talent and our lofty goal there. And of course, our ambitions include some of the other areas that you talked around earlier in terms of diversity and equity and inclusion, as well as being creators of talent. Well, it's interesting because just with these first two questions, we've got two different perspectives of what the S means. The first one was to do with a company's impact on the closed community and municipalities. Your response was about skills preparedness for the workplace. I want to put the next question to do this from Siemens. On the Siemens Capital Market Day, you also launched a new SDF focus initiative called Degree, if I'm not mistaken. But I believe that a big part of that is driving diversity and how a diverse workforce can bring about better economic outcomes. So we've touched on skills, we've touched on the impact on community. Let's talk a little bit about the importance of diversity in the workplace as well. We're a technology company that has been around for 175 years and we want to build technology with purpose that really changes the lives for people and societies around the world. We change industrial operations, the future of mobility, healthcare and grid infrastructure and building infrastructure. And for us, the degree framework really sets out our ambition both from an environmental, a social and a governance perspective. And interestingly enough, so it was a great listening to Ruth just now. One of our easiest employer ability for all the reasons that Ruth has just outlined, but equity as a diversity, equity and inclusion is indeed also one because we believe that if we find a way of bringing prosperity and equal chances to everybody, if we have everybody participate workforce around the planet, will we be able to offer the technology we want to be able to offer for another 175 years because we need a diverse and inclusive workshop to be, workforce to be innovative. But like Ruth, we also believe that prosperity and social peace is very much linked to whether people are actually in employment. We believe in the value of work in and of itself for the individual, but also for societies. Okay, great. So that leads me to Judy from Sandcroft. And your company advises corporates on their sustainability strategies. I'm just interested in hearing how people thinking has evolved over, you know, let's say the past decade or so. Obviously, there's been a major development in that space, but also over the course of the pandemic, we briefly touched on that. How has ESG come to the forefront with declines that you speak to? Oh, yes, absolutely. And first of all, I'm so pleased to be here. And the, I mean, I think what we saw in the pandemic, almost immediately after the after the pandemic struck, was a real change in recognition of the value of the S in ESG. To some extent, what this reflected was the fact that, you know, business leaders had kind of, you know, they'd know before the before the pandemic, the value of an engaged, vital, healthy workforce, the value of a strong wider society that's able to actually buy their products, buy their services, participate in the wider economy and so forth. But the fact that the that the pandemic struck meant that they could no longer kind of ignore or assume that these were sort of far off distant, maybe future kind of impact to deal with, but something that's here and now. And that's hugely relevant to the way that businesses have to be prepared to work today in order to make these steps beyond the pandemic and into a kind of more resilient, more sustainable future. So we really saw right from the very beginning of the pandemic a recognition that this was a moment to stop doing old behaviors, things that didn't that didn't work anymore that were suited to an old fashioned kind of marketplace or neighborhood or style of working and really take the opportunity of a crisis like this to reinvent the way that you relate to your employees, to your customers, to your other stakeholders. Well, I mean, you could also argue if I took the opposite approach that it has in many ways the pandemic set back a lot of these initiatives, particularly when it comes to employment. And we know now looking at the statistics that women were disproportionately hit. Ruth, I actually just want to pick up this question with you and whether you feel that in a sense the pandemic has set back the diversity agenda just because women and people of minority have unfortunately been disproportionately hit when it comes to unemployment. I think that's a really important point to flag, Jumana, because I think in a lot of the through 2020 into 2021, we've talked about the acceleration of many trends, the acceleration of remote working, the acceleration of digitization and the use of technology. And it's kind of acceleration of so many trends. And I think it's really important for us and for the forum as they are to be reinforcing that some trends have hit the brakes and have gone into speedy reverse. And I think that kind of progress that we've made around gender parity and to your point around addressing marginalized communities and ensuring that we can equip them to be successful in the labor market has been halted to a certain extent as we can see the data telling us that women have fallen out of the labor market across the globe. People of color are more disadvantaged. I think one of the other, so that's an alarm bell for us. How do we look at our policies and our return policies, especially to ensure that we can be very conscious and very intentional about how we ensure communities and people of color, women, are not left out of the return to the workplace? And I think the other thing worth flagging too is, let's not forget, we talk about remote working and we talk about the challenges of balancing hybrid is a return. About 60% of the workforce never left the workplace. They sold it on, they continued going into the workplace. What are we doing to ensure they also benefit from this kind of new way of working or this new return to a new normal as we talk about? What does that look like for that majority of the workforce too? How do we ensure shift patterns that are working for women, whether we're cutting shift patterns so that they're four, four and a half hours rather than nine hours? How are we ensuring we're doing everything we can in that regard to ensure that the labor market is as accessible as it can be for as many, when at the same time the data is also telling us talent shortages and hiring intentions are at their highest for decades or longer. So a lot to be done, I think, in terms of that kind of on the ground active addressing of the trends that we can begin to see emerging too. Judith, would you like to weigh in on this topic as well, just how the pandemic emoted or set back some of the ESG initiatives we talk about? I think what we see is very different in different geographies and in different industries, obviously. I mean, Siemens was lucky enough to extremely well through the crisis and like Ruth said, we kept our manufacturing plants open. We kept our technicians out there, but we left everybody else at home. I think that there have been upsides to this as well. So undoubtedly, Ruth has pointed out some of the real watchouts that we need to take very seriously, but I do think that there are upsides as well. So in Siemens, for instance, we said we will give people two to three days in the future to work from anywhere where they feel that they can be most productive within the remit, of course, of what the nature of their work is. So therefore, that level of flexibility will need to be explored by job profiles and by job context. And that's exactly the message that we've been given. We had to trust people and we wanted to trust people through the pandemic. What can we do to bring that forward and really give people maximum autonomy and how they want to work again within the remit of the work itself. We've had some level playing field by everybody being virtual. It didn't matter so much whether you were at home and where exactly you were and whether you were close to the head office or somewhere in a remote location. Also, that kind of power distance didn't play a role anymore. So in terms of inclusiveness of visibility, I think there's also been some very positives in this crisis. We want to make sure that we carry that forward in the best possible way. I want to turn to a slightly different topic, but also extremely relevant in the context of an ESG discussion, also in the context of the S part of ESG. And that is just the metrics we use to evaluate whether a company is meeting their targets. Philippa, I'd like to put this question to you. When you talk about, say, your financial targets, they're quantifiable. You can put them out there. They're easily assessed. There are global disclosures that you are required to abide by, not so much the case for ESG and definitely not the case for the S part of ESG. How do you go about navigating the complexities of building a framework that allows you to assess your overall impact on communities? So I'd say, Jomana, the first thing is that ESG is part of our core values, as we've talked about our values declaration. So it's very important. And I'll start with something that's ES and GR ultimately linked together. For example, from a governance point of view, 55% of our viable compensation for everyone, 14,000 employees, is linked to TESG targets. So it's real. It makes sense. So we need to measure it. It's things like reduction in CO2 emissions, reuse of water, circular economy. We've announced recently that we're creating, we are creating in Colombia 50. Those are lands that we use for exploration or hiding reserve. They're going to be dedicated, for example, compensate CO2 emissions. So there's lots of things that we're going to be doing. And in those numbers, we also measure things like, for example, we have 690 people with disabilities in the companies. How do we care for them? For minorities or sexual orientation? Or in things of gender, for example, a very short story. Three years ago, I went to Davos and I came back. My son said, so what did you learn, dad? And I said, oh, the fourth industrial revolution and this, that and the other and gender equity. And he said, and what is that? That for the same job with the same conditions and same responsibilities, men and women should at least earn the same. And he said, can you guarantee that eco petrol? And I said, that's the toughest question that has been asked to me. And I said, not then, but now I can. So we actually measure things. So SEM, I think it's a great platform. We've started, it's going to be a journey. We've, I think we've reported on 45 of the 55 metrics, the core and expanded metrics. We've also reported our first TCFD this year, SASB. And one of the things that eventually will happen is that all of these platforms will need to converge at some stage because there's too much data, too much information. I think as industry, as leaders, we need to work in that space. But transparency is fundamental. It's a journey. People want to out there, investors, you know, they want to know what we're talking about. And last point, we've actually started using something we call TESG, which is technology, environmental, social and governance. In Spanish, it's called social tech. It's putting technology at the heart of sustainability. It's appealing to the younger generations and technology can actually accelerate us becoming more sustainable. So it's a fundamental part of how we run our business. The interplay with the technology and digitization is obviously very key here. Judy, I want to turn to you because I believe you have some good expertise in this space. You are chair of the Global Sustainability Standards Board. That is an independent body created by the GRI with responsibility for setting globally accepted sustainability reporting standards. So you're very well placed to talk about this topic. How would you say we've progressed in terms of developing standardization in this space? Yeah. So especially with respect to the social dimensions, there is historically, it has been a tougher challenge to come up with standardized measurements for social impact. And this is really, this is what the GRI is focused on is on the environmental, social, economic impacts that enterprises have, which may have financial materiality attached to them or not, but the concern is really about impact on people. And in that respect, it is quite difficult to come up with standardized measures, but we have made quite a lot of progress in many respects. Some of the challenges have to do with the fact that especially in the social category, the idea that you could just report some metrics, some measurements without context, they just will not mean anything. They have to be put in context of the overall nature of the issue, where it arises, how does it attach to the organization's activities, and what's the organization doing to manage those impacts? These are the things that have to be comprehended more broadly in order to give substance to those measurements without that context. It just won't work. The other thing that I would say that is sort of challenging about it is that very often in the social sphere, what you end up measuring and what you end up actually working on internally through management has the result of avoiding impacts. So it's very hard to actually report on how many accidents were avoided because of something that you did, how many human rights violations didn't take place because your business had the right kind of approach to it. Unfortunately, it's not the sort of thing that that an individual enterprise can really take credit for, but those processes are really part and parcel of the response to the issues. The way that this has evolved over the years, I will take the example of occupational health and safety, which is one of the most important social impacts for all organizations. It has evolved very sophisticated measures in recent years that really help companies to talk about the cultural aspects of safety awareness and of situational awareness, which are required to prevent the outcome, the negative outcome of accidents and injuries and so forth. It's really about expanding that kind of lens on some of these that I think is the next frontier for all of these. I will just say briefly that there is significant consensus among a lot of the organizations that are involved in the development of sustainability reporting standards and protocols, including WEF, including GOI and SASB and others, around the general categories. There are regional differences in the way that certain things may be calculated, but globally, there is a great deal of consensus on some of the most important issues and impacts ranging from diversity to occupational health and safety to labor conditions and so forth and product responsibility and many other issues like that. We are seeing a narrowing of scope, but an expansion of the depth of reporting that companies are providing in response to this. In some respects, it may look like more information is being provided and for that matter requested than has been in the past, but I would argue that it's a question of depth rather than breadth that we're seeing the breadth in. Well, oftentimes we talk about ESG that also entails a lot of investments and so companies are faced with almost like a trade-off between the short term, the medium term, the long term. Judith, a question to you on what investment in ESG does to overall portfolio returns and to just general economic returns on the broader community, broader society. Have you conducted research showing that it will pay off for your company to do well in society? Yeah, I mean, it's always hard to quantify these things with exact science, but we have developed since 2015 an approach which we call business to society by which we're trying to do exactly that. We're trying to measure the impact our portfolio has had on society. So we know, for instance, that through the use of our portfolio, our customers last year saved about 150 million metric tons of CO2. We know that we contributed to around about 280 billion GDP growth around the world. We know that we impact around about 5 million jobs around the world on top of the 290,000s that are Siemens employees. So we have got methodology, accredited methodology by which we're trying to do exactly that. And we think, and therefore I like Philip's point about adding technology into the equation very much. I think in our case, it's the technology that really can make a huge difference going forward. So therefore doing something that helps the planet and will ultimately also have impact on people for us is actually really good business. We're not one, luckily, we're not one of the industries that have a huge carbon footprint themselves. So therefore it's really about how do we apply technology, digitalization in particular to make sure that we help with some of the world's biggest challenges and make an impact. And if you allow me, I'll give a last short example. We recently signed a contract with Egypt to implement their very first electrified rail system that connects the Mediterranean Sea and the Red Sea. And we will have decarbonized transport for 34 million Egyptians, but we will also be creating another 15,000 jobs to which we will deliver some of the upskilling and re-skilling. And we know with infrastructure comes also GDP growth. So those are examples of where for us it's actually a lovely equation of how we can see good business for us, but really business with impact. Philippe, I'd like to put the question to you as well, because I know that Eco Patrol have recently taken some controlling stakes in more sustainable companies. Clearly ESG is a big priority of your firm. You've mentioned that over the last half an hour or so. But how do your investors feel about this? How do the holders of the company feel about an oil and energy company, the largest one in Colombia undergoing this transition? Obviously that's going to entail a complete overhaul of your financials over the short term. So I think the first thing, and I'll share something with you, we only have 270,000 shareholders. So it's not a very large number, but some of them are the pension funds in country. So through them, we're actually touching 17 million Colombians every day. So we actually touch lots of people. And I was mentioning that we bought the largest energy transmission company in Latin America as well. So we've just expanded and have a broader sort of footprint right now. The first thing, I think we need to be very clear that we need to protect our core business. So how through processes, safety, ethical performance, and efficient performance, we keep on generating the revenues, the taxes, the royalties, the dividends that can support some of the programs that are required to close the gaps. And that's, I think the first thing, at the end of the day, how do we avoid stranded assets? Pandemic has thrown us backwards five or 10 years in terms of development. We're part of the backbone of that development going forward. So the second thing is we need to diversify our business. So we're working with, for example, Siemens, you know, in things like assessing hydrogen potential and how do we look at the next 10, 15 years becoming a gasier company and the electrification side of things that I mentioned through the ESA acquisition. How do we decarbonize? And I think that the fourth pillar on that transition is TESG, Technology, Environmental, Social and Government. So I think it's very, being very upfront with our investors and showing what we're doing. At the end of the day, we need to run a business that's profitable, but that's sustainable as well. So people need to understand that the transition needs to be orderly. It will take some time. We can just not flip the switch. It won't happen like that. But I think the clock has accelerated on us and in general on industry and the leaders. We need to step up to the plate and we need to be more out there, listen to people, back to your introduction on this section. So I think shareholders like it, but they also are expecting the returns from us. Yeah. I mean, at the end of the day, it's not all just about punishing the worst offenders. You've got to reward the people who are trying to find solutions. So I'm going to leave the panel part of the discussion there. We are getting a lot of questions. One of them is about technology. And I think both Felipe and Judith address this. How is technology helping to drive the delivery of the company's ability to drive positive impacts of the S? We talked about TESG. So I think we kind of hit on that one. But I have a question for Ruth that I think would be very relevant to manpower. What has employee and workforce response been to companies implementing ESG efforts? And how much have they been a driving force? That's a great question because we haven't talked a great deal. We've done a mention of our stakeholders and we've talked about investors. I think more importantly, especially through the pandemic, the, you know, the realization of how organizations also need to be concerned about the well-being and the views of all of their stakeholders, especially their employees, has risen right to the top of the agenda. And, you know, a short story from our perspective, we've talked about and we've acted on three key sustainability pillars as part of our sustainability plan over the last decade or so, getting people ready for work, upskilling people once they're in the workforce, and a focus on integration and inclusion. And just in the last couple of years, we added climate action to our sustainability pillars. As a professional services firm, we haven't seen ourselves as a huge contributor to, again, to Judith's point, you know, to the carbon footprint. But we realize how important that is to our employees as much as it is to our wider stakeholders and the kind of ricochet of excitement, if you like, when we added that to our priorities, aligned to our business priorities, was even quite surprising to us as well. So I think that kind of listening to your employees and reflecting that your business strategy needs to be so clearly connected with your ESG strategy to be sustainable and to be credible is as important to internally as it is to the external audience too. Well, you raised a really very valid point, which is that you need buy-in from your employees. So that gives me a nice segue to the next question, which I'd like to give to Judy, based on the companies that you spoke into, what are some examples for educating and motivating employees to be connected to their organization's purpose and ESG strategy, and what role does leadership play in this internal engagement? In other words, how do you mobilize the employees of the firm to believe in the company's overall ESG strategy? Yeah. Well, great question. In our experience, I would say most of the time employees need little help being motivated in this direction. There's already so much employee keenness and enthusiasm for a strong social purpose, for a business that is genuine and authentic in its sustainability strategy and in its contribution to the world. Everybody wants to work for a business like that, and if that's what you've got, then I'm sure you will already find employees extremely keen to be involved in it. I think one of the keys to unlocking this is to ensure that your strategy is actually recognizable to the work for the business, that it reflects the day-to-day reality. It reflects what they know from the inside of the business, the way that you actually work, the way that they know that they are pressed or incentivized on a day-to-day basis to prioritize things, to make their voices heard, to add their ideas into the strategy development. If you can make that authentic for today's employees, then they will be real ambassadors for your sustainability strategy, for your ESG reputation, for your relationships with your stakeholders. I simply think that it's a matter of finding the opportunities to engage those employees in the places that are relevant to their jobs and letting them see the impact of that engagement reflected in your externally facing ESG strategies and your messages to the market going forward as a result of that. Another question that I don't want to put anyone in particular on this spot, but since Philippe actually touched on this earlier, I'm going to start with you. How are companies thinking about linking ESG performance to compensation? I believe you briefly touched on that earlier. I'll be brief. A couple years ago, 25% of our variable compensation was linked to ESG metrics. Today, it's 55%. This is actually taking the board, the senior management, and 14,000 direct employees and saying, look, this is what we want to do. Again, it's things like, how do we use less water in our businesses? It impacts communities. It impacts agricultural activity. How do we actually go about our eco-reserve program? How do we reduce emissions? How do we put more renewable energy into our own consumption and operation? It's something that it can be measured with hard data and it touches everybody. It's a direct link. When you touch people's pockets, they actually feel it. There's alignment between compensation, direction, and at the end of a day, and I like Judy saying, there's very little things that you need to do to motivate people. People want to do the right thing, but this is just ensuring that there's consistency from the board to each and every operator in the field. All right. I've got time for one last question that I'm going to squeeze in and pose to Judith. I would be interested in hearing how the corporates have partnered with their supply chain and other partners to drive change. Very interesting to hear the Siemens perspective. Yeah. I mean, we have a very broad supplier base and today we work already with probably around 65,000 suppliers on things like business code of conduct, supplier code of conduct, human rights, but increasingly also on topics like carbon web assessment. Suppliers are an important part for us from an ecological perspective. Our footprint into the supplier base is probably a tenfold to what our own is, so therefore it's really important for us that we are reliant in terms of objectives with our suppliers and we've probably started that journey, particularly on carbon web assessment two or three years ago. Excellent. Well, with that, I think we're going to round up the discussion. I've got to thank all four of you. This was really interesting and I feel we could have talked for hours. There's so many more elements we could have discussed, but thank you, Felipe, Judy, Judith, and Ruth. Thank you for your time today. And for anyone who is watching, feel free to comment on social media or on top link about some of your impressions from this panel. It is a topic that is, of course, not going away anytime soon. It is only going to get more relevant in terms of how we think about markets and how companies think about their footprints on the environment and on communities. So with that, I'd like to wrap things up. Thank you very much for the World Economic Forum for hosting this panel. Thanks, everyone.