 Good afternoon everyone and welcome to this session My name is Jim snubber and I am what I call a concerned optimist I'm an optimist because I fundamentally believe that through many of the technological advancements We have an opportunity to Reinvent society the way we do business in ways that are significantly more sustainable And I am concerned because I do see that we live in a crisis of confidence in many ways Where some of the fundamental systems even maybe? Capitalism is being challenged and this session is about exactly that. How do we regain trust in business? How do we regain a compact between business and society in Many ways the theme today is a core to the whole theme of Davos this year the responsible Responsive and responsible leadership and we'll talk about what business leaders can do We won't blame it on the politicians will talk about what business leaders can do in restoring that compact We will talk about one of the key challenges in business how to balance the short and the long term and Of course, we'll talk about the role of business not just in business, but in society Most of all we'll talk about the role of leadership and for that I have a very Strong panel of strong leaders who all have demonstrated not just a commitment to the leadership around the long term But also are acting that way in the way they run their businesses We have in our panel miss Lubna from Olyan financing company We have mr. Naka Nishisan from Itachi, Japan We have France from Houghton from Phillips and we have Dominic Barton from Mackinsey And of course we have the many leaders in this room I hope that this session can inspire us all to take on a Significant longer term and responsible leadership even if we feel that's already what we are doing to frame the problem Winston Churchill once said that the price of greatness is responsibility and In many ways business has improved conditions in society over many many years We've doubled the life expectancy over 200 years We have lifted millions of people out of poverty and yet we have this crisis of confidence right now We have a climate change Phenoma that is to some extent caused by business and we saw a breakdown on the business side on the financial systems in 2008 We came to this Davos with an intent to revitalize the Relationship between business leadership and society and we did that by Suggesting participants to sign a compact a compact for responsive and responsible Leadership and one of the driving forces behind this initiative Was actually France from Houghton from Phillips and I'd love to maybe start with a brief conversation about what led to that And and why was that such an important topic in your mind as a global leader today? Thanks, Jim Indeed the International Business Council of the World Economic Forum had a deep discussion back in August around Responsive and responsible leadership, and if you take a wider context Society at large is still grappling with a lot of challenges I on the one hand has made tremendous progress hundreds of millions of people have come out of poverty over the last years But you know climate change. There's still disease issues we have this fast changing age of the internet and People feel that maybe they may lose their job because of all the changes that are going on So they are worried so it's a bit of a conundrum where you can say the world is Actually richer than before you could even argue that on many measures better off than before at the same time You see a lot of anxiety in the world because there are unresolved problems where answers may not be available yet and where People also then lose trust in their leaders. We see the populism coming up short-term ism about That is not just applying to companies. You could say it applies to politicians as well but in the end the Discussion we had in August said that's not going to solve the problems I mean to hatch an egg it needs to incubate all right to have real breakthrough solutions We need to have a consistent north star that we pursue and that we work on and in order to get to real innovations innovations in technology, but also innovations in society and So we said we we really need to rally around A multi-stakeholder approach in how to do business We as leaders need to take our accountability of what we can do to contribute to a better place and in that context We realize that we have a lot to offer Many companies can actually contribute to some of the challenges and we recognize the challenges are Fantastically worded in the sustainable development goals as formulated by the United Nations the 17 we don't need to reinvent what the challenges of the world are and companies are Important and influential actors in society and we can all contribute to that But it is sometimes at odds with what we call short-term ism where we feel pressured to deliver Shareholder return in the short term as opposed to Creating sustainable value in the longer term and value that is perceived to be value in the eyes of all stakeholders so we we said we need to Rally around a compact for responsive and responsible leadership anchored around the sustainable development goals anchored around the notion that we as companies Can play our part and contribute and that is what we we wrote up and and that became a simple statement That by now a lot of companies have have signed up to and I sense a lot of enthusiasm around it And I hope that this conversation We can deepen that and also I would like Society to hold companies accountable to that statement I mean if we declare that we will contribute to long-term Progress in the world and that we take a multi-stakeholder approach Then we also need to become more transparent and how we do that and We should be held accountable and maybe that can all be part of restoring trust In leaders pitch because we know that that is an issue, but let me pause there Well, thank you very much. I think I would love to spend maybe the first half of this to explore it Why are we in this situation in spite of all the progress and you talked about the fears and so on well? I read the newspaper. It seems like you know the big big bad guy is globalization Dominique, what do you think yeah, so I'm shaking my head because I think I don't think it's globalization I think globalization did have an effect when China was rising. I think extra China joined the WTO and There were jobs that were certainly taken up by China, but overall as Fran said we've had the hundreds of millions taken out of poverty But in what I where I think the biggest issue is actually with technology and You know having fruit, you know stopping trade is actually going to be worse than doing anything else It's technology that we is the big issue. We need to think about I'm optimistic about Technology, but if you think now about what automation can actually do today, you know in 60% of jobs 30% of the activities could be automated today And what that means is that there these changes are happening at a much more rapid rate than we've ever experienced before and so the notion is how do we re-skill people and And and we can't be luddites But we this is where I think business can play a big role because I actually don't think we can rely on government to do it It's it's business that will have to play the key role in retraining people and Andrew Livris was talking this morning about You know when the Model T came out there wasn't a University on how to build cars in Ford Motor Company had to figure out how we're going to train people to do that So I think that I think one of the biggest Issues we're gonna have to deal with is how do we deal? with rapid technology change and and job re-skilling and and ensuring that people do Have jobs that are not not not left behind So if we can't blame the politicians because we're gonna take responsibility. We can't blame blame Globalization some would argue and I've been a CEO that you're driven by these Quarterly results the the average holding time of an investment in the US for example went down from seven years to now 20 days and some of the Machine trading is you know seconds. Is it a pressure from the investors? We have a great Long-term investor on stage look at what is your perspective on this and why do we need a company do we need a compact? Well, I would argue we don't need a compact if we have responsible leadership I We were discussing it before I think what we what we do need I was saying we really don't need a compact if we have responsible leadership What we do need is a compass and I think every leader If he is responsible for his company and if he cares and takes care Of his company and puts the interest of his company before his personal interest I think the leadership will be in a good place and If he is not performing the way He should be then it is the responsibility of the board to take action against that so I'm not Too much in the camp of that we need a compact But if it helps the society at large by all means to go to your question of Long-term yes, we are a family business and the nature of a family business as you are a long-term investor You mentioned it used to be seven years and now it's 20 days We we tend to be quite a long-term investor that some of our investments is 20 years And we stick with the with the company and the management as long as there is transparency as long as dialogue as long as Everything is is open and and you believe in what the company is is doing so the issue I think of short-term as is really an issue here that is diverting and taking away from the leadership to focus on The long-term strategy and growth of the company Dominique yesterday was in a session and he was heading it Fclt focusing capital on long-term growth And I think Dominique will speak well about it, but it was it was quite an eye-opener to see that Actually, there are statistics done and maybe if you can go ahead and say some of the yeah We're trying to it's very difficult, you know to estimate we found that what's the impact of short-term is in the point You made and we did some work McKinsey with with Fclt global And we we looked at the United States over the last 15 years and basically If you if you then sort of sum it up in terms of what's the impact on jobs? What's the impact on growth and asset value? It's considerable that it short-term is in the United States over the last decade has cost us five million jobs at least It has cost us a trillion dollars in asset value And it's cost us a percentage point of GDP growth and where we don't so it's a it has a The consequences of being short-term has a very significant impact on all of us in that sample of 600 and it's 15 companies there were about 20 percent that are long-term and you do see them creating You know 12,000 more jobs on average in their peer group than others They're invest 50 percent more in R&D Than than others so there is a serious cost to short-termism as you see and I think we do need to have Investors like Lubna and others who think long-term to ensure that leaders can and can do the R&D and build But let's let's let's look at that problem around the Unemployment seems to me like every time we get technological advancements The first thing we think of is how do we replace labor with this new technology and the consequence of that is rapid Destruction of jobs now more than creation of jobs potentially Japan has always had a tradition of lifelong employment and you're also facing. I think a unique challenge around an aging population What's the perspective from from from Japan on the issues and the reason for this? Crisis of confidence we have Thank you that team that I'm responsible for the other Hitachi That is a manufacturing industry and also that the Japan's major Businesses industry the manufacturing industry there, but now there used to be the Manufacturing of the some products of technology Simply contribute to that of the how to make it that high quality high performance of those kinds things but already that Friends and Dominic you pointed out that all of the are you know that the issues to be so more complicated and how to make it a more product not the product base is a more Solution-oriented approach that require the Japan you already mentioned James is a very complicated Social issues we have so the other from the viewpoint of the business itself We have to change of the mindset not the technology of product driven to more solution oriented How to make it possible to do that? That's a very big challenge Also globalization affected of the other complexity is more So those kind of they are new type of the other manufacturing industry That's our target and so the other we in the case of the Hitachi We give up the give up the some part of the commodity type of business How to train of the people's to making the mindset from the technology driven to more The the social issues to be sold how to do that? That's a big challenge, but still the that's the way the bank can be Recovered from the at the long term of the research Thank you. Jim may I Contribute So so far we talk about long-term for the short term ism I would like to broaden the challenge a little bit if companies are perceived to take advantage of other stakeholders you get you know people to be upset and If you look at pollution for example and the air pollution in China where companies let's say from a short-term perspective Optimize their results without regard for the impact on the planet All right, that is also an example of where With the compact we would like to say there is a responsibility as an entrepreneur in how you do business So taking employees along taking your suppliers along Doing business in a sustainable way so that actually for the generations to come The environment is still good. All right, so yes, it is about short-term versus long-term But it is also about doing business in a sustainable manner, which you could say equates to being long-term But I think the value system around how you do business is what we are discussing here and I like what you said, you know, it's about a compass it is about Being able to say this is how we do business and you can hold me accountable for being a responsible place And by the way that also means that towards my shareholders I can be clear about how I do business where I may prioritize a longer-term objective versus a you know short-term Opportunistic Advantage, I think it's a great point But I would you know just to try and and challenge ourselves is that have we been good enough at that? You look at the climate situation that we have look at the inequality in the world that we have it seems like the Opportunity that business is driving is is creating Value for few not for many and accepting externalities which are negative Have we been good enough is our business leaders part of the problem or the solution? Maybe I would all ask you all Dominic. What do you think? I I think it's a matter of we just have to be better I mean, I think there's a lot of factors that are there, but you know you look at the Edelman numbers We were talking about it before I mean everyone has dropped Everyone every category and CEOs have dropped but But I I think it's more about we have a responsibility to do better because it's the world's moving so fast week I think what's happened is we've assumed other people will deal with it the government or the educational system or But it's moving so quickly. It's not being dealt with and and that's where I think I actually think business not only You know needs to because it's a good thing to do It's the only way we're gonna be able to do it and by the way you can do it and make money at the same time This is not a just it isn't a social thing. This is about the system working So I think it's about us having to step up because of the of the speed and And other institutions not being able to to keep up or maybe be ready to deal with it So look now you you said we don't need a compact compact. Do we need one anyway? Are we good enough? No, I Think we as Dominic said we can always do better and we should do better It is our duty. It is our responsibility and we have in our organizing We have responsibility to all our stakeholders our employees their families and you owe it to them each country has its own challenges and and things to deal with but within the DNA of the company within the core values of the company is is what comes with you know from that you get to the mission statement of the company and I think if you take up from that and your Contribution or obligation to society I think in our parts my part of the world We used to realize so much on the government that the government will provide and all of that And it is now the private sector is realizing they are on an equal footing with the government and that they have to Contribute so we have to contribute on education on employment where we have all these Challenges and I think the private sector is getting together and Similar to this compass or compact and seeing what more can we do? We should learn from each other where others have been successful So I think such dialogue is really important for all of us to see how we can improve very good very good any other The basic you know that the issue for the top management is also that most make it the organization The principles simple. That's a very important point. And so at that point Digitization is a really that the very powerful to to make it visible and also that How to analyze it that those kind of things is a digitization sometimes a negative positive or both view May exist but the from the viewpoint of the other you know top leaders How can make it the simple how can make it visible those kind of things is a very important approach Not simply of the accompany management, but also that the how to analyze of the social issues are more complicated The issue to be solved in more simple way But that's a kind of the you know that the new era of the management view and so those kind of the how to Use of the utilize of such technology potential the more the beneficial way So you're saying we get more transparency and more opportunities actually But I think it's a good conclusion of the first round here that you know obviously there are some issues it's clear that businesses operate in society and they are responsible for more than their shareholders and That we can do much more I'd like to reverse then to the second part of this because you know we can do more is is rather abstract and Maybe use the opportunity because I know you've all been arguing for more responsive and responsible leadership for a long time to extract some of your experiences, you know, what have you done and What as make it as concrete as possible? What have you done? Why was that significant and and I would suggest we do a full circle on what have you done? That changed the way you run your business and and why was that important Dominic? Would you start sure? I think one as Lubna said I think it's part of what you should believe and do in the work You do in the communities you live in you're playing a role So there's a mindset of people contributing that way But to be get more specific to your point one and topic that particularly Concerned us as youth unemployment and there's been a lot of talk about how to deal with it And we and we are part of that talk too. So we said let's get into action So we basically made a commitment Philanthropic commitment to basically invest 75 million dollars to help develop an approach to get Unemployed youth into jobs and we started this a year ago We now and we're doing it in five countries. We're doing it in the United States reading in Pittsburgh We're doing it in Mexico City. We're doing it in Nairobi in Kenya. We're doing it in India and we're doing it in Spain and what we're doing is taking heist these people are typically have a high school Education and we're giving them training from three weeks to 14 weeks to get jobs and in the first phase of this 10,000 of those people now have jobs now That's a drop not even a drop in a drop of the bucket of the 75 million and we're going to expand it But the point is we now have a methodology that works very quickly very cheaply and effectively and now Corporations are partnering with us to do it to be able to drive it forward and our aim is to take that to a million Over the next three years and we're moving it and that's not a it's not going to change the world But I think it what it is going to do I hope is develop a methodology that we can then scale to other people in in doing it and it's become an important part of Leadership development at McKinsey if you want to learn how to be a leader over time Most people leave McKinsey you better experience that because when you do it's quite a Mindset change because you're not talking about it. You're working a working with thank you Are you promoting the program to get more sponsors as well? Is that an opportunity? It's called generation And it's and it's again not we want to make it very much not to do with us But it's called generation It's a website for it. We hired a CEO of care to come in and help us Run it and drive it properly. But yeah, if anyone's interested in getting involved, please So that's very concrete France Yeah, I think we should not confuse philanthropy with what we are talking about here This is for me about how you do business on a day-to-day basis, right? Phillips is an innovation company a technology company and we have repurposed our company to focus on health technology Basically trying to help meet unmet needs Innovation company we need to have a longer-term horizon to really innovate and get to breakthroughs And we have set a portion of our innovation money. We will also use to develop Messages and solutions for developing markets not just for the developed market So we take a balanced view that we said we need to reach a lot of people to improve their lives In fact, one of our long-term goals is to improve the lives of three billion people by the year 2025 I said to take a long enough horizon to say how can our technology improve that Another point that I like to make is coming back on how you do business, right? So not only what what do you deliver? We have embraced Sustainability and the circular economy Thinking within the way we do business. So we actively pursue Having the return path of our products back to Phillips. We actively pursue Experimenting with business model where we sell a product as a service and where we retain The ownership of the the assets so that we can optimize the life and also take back the materials As a company we have signed the COP 21 Paris agreement to become carbon neutral by 2020 and we encourage all our employees to be part of society and In initiatives to to complete contribute. Let's say the knowledge that we have I believe that Because of this we attract better talent. So it's good for us. All right our customers recognize us for This attitude and stance And I believe that if you explain as well to shareholders, they're perfectly all right with it. All right, so We actually say, you know, if you want to invest in Phillips, then we are a company that takes a long-term perspective That is also what we expect from our shareholders and we resist. Let's say short-termism in trying to optimize the near-term Thank you. Noob now. Will you give a few examples of what you've done? Sure. Well, our company our founder has always Raised the company to be a company that's privately owned but very very transparent We are extremely transparent for all our employees. And so they're always engaged and they're encouraged to think outside the box Because that is the only way for us to make our investments. So we encourage dialogue financial information is always Available and that is precisely what was said earlier is what helps us to become to stay sustainable and to have people come in with Ideas and and intriguing ideas. The other thing is given where we are I think one of the packs and with the great shareholder support We felt that what is good is to explore and give the opportunity for Female population in Saudi Arabia to become engaged. We did it because we felt we're responsible This is the right thing to do And so we were one of the first private sector company the first privately owned companies that employed females in In Saudi Arabia 15 years ago. This has really paid back big times for us We are very proud of our females, but it really had added Productivity to our company and all this. So I think if you think long-term and If you if your compass is a long-term and you have the direction where you want to go The leader will only work towards that and that's the only way for you to grow is to stay sustainable And think of the wider society the other part of it is I'm gonna touch a little bit on the philanthropic But education for us given also our part of the world is one of our main pillars and Education is so we have to focus on this philanthropic activity because it will pay back to society And and that is sort of so for me is Social responsibility and philanthropy is totally part an integral part of the business and they are all together Because that's what makes your business sustainable Thank you, and Naga Nishishan, I know what Hitachi has done a lot as well in society in general Well, what is your best example of taking a long-term societal? Yeah, that I already talk about the sub of the mindset change entirely But simultaneously you mentioned about the the digitization requires some openness transparent So the other this to you know that the target is sometimes not so simple way How can get the other very much in a collaborative work? Collaborative creations among the stakeholders not simply of the others the stockholders Employees or customer, but also that all of the social issues is a fully related to the society And so the others kind of the other new approach the really the necessary to make it happen so such kind of the solution-based Business especially that targeted for the the very deep social issues like Climate change the environmental issues energy or health care you other friends already mentioned Those kind of the other more complicated this task how to make it a more such a Collaborations is to be a possible. That's a big challenge on also some part We did it so that right now that we are getting the some of the Very deep trust from the customer side Thank you I'd like to prepare the audience maybe for for a few comments either challenging the panel here I'll just take one question. So you prepare yourself France you mentioned the SDGs and I think for the first time in history We have a common language of what are the issues and and how do you potentially measure? Whether we are progressing or not many countries have made plans are they well enough integrated in strategy in Corporate world where where are we and and could we do much more and Then please prepare yourself for some questions. There are 17 SDGs I'm wearing the SDG badge here 17 colors representing those goals I don't think any individual company can contribute to all of them I mean in fact Phillips contributes to three, but you know it's three I know it's really studied it and we said, how do we take this into our way of doing business? And it you know it it helps us also to focus and to get to breakthroughs To be purposeful, and I think we we should also be held accountable. Maybe on that word accountable Let's say as we promote and advocate for this compact for for many of us to sign and I hope you will There should also come a mechanism to make it transparent. I mean have you signed are you committed to this? but also what are you doing right and So transparency in progress and for example Phillips, we will Put this on our website also an assessment as to do we live up to this compact, and I've already heard from Reuters Thompson that they they they plan to develop a measurement mechanism to kind of you measure you up to say okay You say you say that you want to live up to this compact, but are you doing it? And I think then we are building Really something that that again is sustainable, so I'm very excited about that We're good. I'd love to get some thoughts and reflections from the audience. You may challenge us I see one in the first row here actually to so if we could get the microphones, please Identify yourself and then ask your question or comment. Thank you. Yes, my name is I'm Chairman of time recruit from Saudi Arabia. I couldn't agree with the panel a lot Lugna, I just wanted to mention that we need to I believe we need to reinforce more Purpose versus reward in doing business and going through our transformation today Using digitization in order to optimize and be efficient. We're losing our values And I believe reinstating values and engaging employees Genuinely it's key to having sustained the business on the comment of long-term versus short-term I don't believe in a dichotomy. I think you need to achieve Your daily short-term goals to achieve your long-term goals And if your short-term goals contradict with your long-term goals, then they are not sustainable So I couldn't agree more with you. My question is we need in this compact to reinforce more and more values So basically you bring us back to the importance of purpose the values in the companies to be the driver of the compact and reflections from the panel Please anyone in particular or people don't work for What you pay them they work for the purpose and the belief in the company's purpose So I really couldn't agree more about reason so we are violent agreement I mean we had a deep soul searching a few years ago, you know, what is Phillips here for now 125 year-old company Why would we be here again in the years in the future? How will you sustain in fact the average lifespan of a company on the standard and poor's index has has Diminished now to less than 18 years. So it is not obvious to stay relevant in society All right, and short-termism will certainly not keep you relevant So we had this soul searching to say okay in our genes We are an innovation company and what should innovation companies do they should solve problems All right, so we said what is our purpose? Well, our purpose is to make the world healthier. So as a technology company we will you know focus on improving patient lives and people's lives and You know it it attracts people because the millennials of this time in age They want to work for companies that have purpose And I think if we want to restore trust between leaders and the people in the society we need to talk about Purpose more over our deeds our actions should demonstrate that we do that because the Edelman Trust barometer that was presented yesterday actually say words don't count right Communication will become upside down. It is going to be people judging you on what you do, right? So our actions need to speak volumes, but thank you for endorsing the compact, and I hope you will sign it So second question from the front, and then we have one just behind there on the third row. Yes mark for noi partner and think school of creative leadership my question for the panel is as Leaders and as responsive and responsible leaders what skills and mindsets and capabilities Do you try and install in the leaders inside your organizations to build them as those responsive and responsible leaders for the future? Great question without that is hot right anyone with that experience how many yeah first of all I think it's this notion at the outset it comes back to the purpose point that we're You know we're here for a purpose every organization is different, and I actually go back. I've said this many times So forgive me if I'm boring at Adam Smith's The statement in the his first book the theory of moral sentiments It's the duty of the entrepreneur to take care of the society in which they operate and he talks about purpose Right and so there's a first notion of we're here to try and work on some of the most important problems in the world That's kind of a note so there's an isn't right when you come in there's a mission of what we're trying to do And you can pick any which way you want the second element is that you actually see the world because it's very Easy for us to be in an ivory tower to be removed to be doing analysis and seeing it And that's why I think it's absolutely critical that people get Exposure to working where the different the conditions are are different and not talking amongst ourselves But talking with factory workers or people that are Unemployed or and so forth so giving people those experiences to be able to do it working in different countries in different environments So it very much has to be part of the a broader sense of what leadership is and that broader senses is a is again thinking about your role in society Not just about yourself Thank you a question there Frank Hi, my name is Otto lump. I used to be in charge of coordinating the German global compact network Which was founded in 99 and also subscribes and one of its principles to the principle of corporate responsibility So I would just like to know since it wasn't mentioned to which extent are there synergies to which extent do you Intend to cooperate with the global compact network. Thank you. Thank you very much Was that a common or a question I could not completely hear the question, but I if I try to understand it you said how do we Collaborate with other organizations that have may have similar about the compact with the global compact That was on it by Kofi nine in nineteen nine here devils. Yeah. Yeah, no actually last time a Klaus Schwab asked People to sign a compact was exactly that compact. It was a compact around workers conditions climate change And and human rights as far as I remember and we're basically building on top of that What we'll do as a forum is we'll bring a website where we can not just debate this and discuss this but also bring Best practices and try to integrate other compacts that out there So we don't have this mess of compacts party a an acceleration We become a catalyst for the change that we have in mind So that's what we'll do and as as the forum is is not trying to define But be a platform for will be very open in that process and and France will continue his lead with us We'll discuss the compact today with the roughly a hundred CEOs as well and hopefully get their full support as well I think this Leads to warts and then time is ticking. I am confident that in the world of scarce resources time is probably the most scarce that we have I Don't want us to leave just with a great conversation It would be great if we all could do two things consider signing the compact But also get maybe one advice from each of the panelists on what could you do differently? That could maybe inspire you as you leave this room and take on the the lead for a more sustainable future Dominique would you start sure? I'd say this because everyone has their own business I think what Lubna said and Fran said is you have to do something that's in I think context of your Business or location rather than a broad thing. So I'm coming at it from that angle and I think that there I would look at the education system skilling system, what could you do to fundamentally? Change that improve it to enable more people to participate in a rapidly changing place education and re-skilling Thank you, France. Well, first of all, I'd like to call on everybody to To download the compact read it and hopefully sign it But I think behind such a signatory Would be a process where you engage with your stakeholders with with your own board with your management teams with your employees and actually Have a reflection on The role of the company of your organization In this fast changing world because that is what we need Responsive and responsible leadership means that we all take our share So my wish for for that for today is that we we all commit to that Thank you very much. I think if I am this session made me as I said earlier reflect on the definition of responsible leader and For me a responsible leader is the one who puts The entity he's serving with a head of his own personal interest and in the long term. I Think everyone will become a winner in that including that individual And now and I think a responsible leader is one that leads by example So that's what I'd like to leave. That's a good advice. Can you see some? Yes the all of today's discussions Sustainability is the the total goal for us, but now they are it diversified the issues included But now the I would like to recommend of the all our leaders even in internal leaders The sustainability is one of the focusing on the very important to go Well, thank you very much. Thank you The Chinese leader yesterday said that the right thing is to see every opportunity and face Every challenge. I think it starts with the commitment We are urging everyone to look at the compact as France said and sign it We have copies in at in Davos and if you don't want to send it You can go to the chairman's office and hand it in I'm pure class will be excited about that That is to create visibility around the Commitment from business leaders to take responsibility and not leave all of the issues to policy or point fingers I think that is a very important thing. Of course visibility is not not enough. It's about the the action is about the leadership and Even if we are arguing that the long-term this is what we have in mind I believe we need to act swiftly With short-term actions and the one thing that stuck out if I should summarize from today is that the urgency around upskilling and Reskilling for a digital future is probably the one most urgent that we all should care about It takes probably 10 to 20 years to redirect an education system. So I think actions on all levels Policy as well as business to solve that we made a report in the world economic form that we have five years To solve the skill gap problem. Otherwise, we'll have less opportunities. So with that in mind a wise Man actually a one of my mentors said when you make decisions Always think of Your children and your grandchildren with that in mind. Thank you very much for joining us and for your commitment Ladies and gentlemen, please remain seated for the upcoming session