 Yeah, right. What are you going to do? I'm sorry. I will not confess. I've been missing my lawyer. I'm sorry. I believe you have his mind. Good, not too bad. Not too bad though. I think you should have a bottle. I need wine. Yes. Go ahead. Since the IBC in Geneva, when I saw you, what is that? All over the world. Good morning, everyone. It doesn't stop. Oh, thank you. It's getting worse. Yeah, yeah. So thank you so much for joining us this morning. As you all know, this week provides us all with a unique opportunity to take stock of our progress on these 17 sustainable development goals and take stock in particular on the role of the private sector, which we all know will be critical in achieving these goals. I'm Catherine Cheney and in my role with DevX, which is a media platform focused on global development, I often focus on the role of the private sector and the kind of exponential thinking that we're going to need to achieve these goals by 2030. So we all know if that's going to happen. It's going to require going beyond business as usual. I know my panelists agree. And I'm thrilled to be joined by panelists that are examples of that. They're going beyond business as usual when it comes to answering the call for business leadership. I'll go ahead and introduce my panelists and the topic we're going to discuss about, and then we'll dive right in. And we hope you can all walk away from this panel with some actionable insights. We were talking about this year at the UN General Assembly and events on the sidelines. We need to be diving into how, not just talking about what needs to happen, but how it's being done and all act on that in order to reach these goals. So to my left is Jean-Christophe Flaten from Mars, Inc. Next to him is Kristalina Georgieva, CEO of the World Bank. Beside her is RF Nakfi, founder and CEO of the Abraage Group. And last but not least, we have Andre Hoffman, vice chairman of Roche. Again, I really feel that each of these speakers represent the kind of leadership we're going to need for business to lead the way as a force for good, which of course we all know needs to happen if we're going to reach these goals. And in a lot of these conversations, we talk about how we need to go beyond corporate social responsibility, beyond CSR. But we don't talk about how that's actually done. So all of my questions are really going to try and get at how are these leaders achieving operational and strategic alignment with the SDGs in hopes that you all, if you're not already doing it, can try and do the same. So I'd like to start with you, Jean-Christophe. You know, many of you may know Mars as the company behind your favorite candy bars. Mars developed some special SDG M&Ms that are on the scene here in New York. But I've been really drawn to Mars this week because of the recent announcement of your sustainable intergeneration plan, which is going to invest over a billion dollars over the next few years to tackle climate change. And I'd love for you to talk about Mars beyond this plan. Give us a sense of how, as a privately held and principles led company, you're able to launch initiatives like this one, but perhaps even more importantly across your value chain work on the kind of impact we need for the goals. Thank you. Thank you, Catherine. Good morning, everyone. To the concrete question about how are we approaching that, I would say Mars is approaching that both as a duty and as an opportunity. The first point is about the duty. Why do we need to do that? And the answer is simple. The world is being reset around us and the clock is ticking. Whatever stakeholder I talk to is requiring a different accelerated approach. I talk to my customers and they expect us to show accountability for the entire value chain. We listen to consumers and the time for value for money is over. People are expecting values for money and questioning and challenging us for that. I'm listening to our own associates and they expect us to take ownership for the how we do business much beyond the what or the how much and finally thinking of future talents. The subject of the how we do business and which impact and how do we measure it is forefront of all conversations. So there is a very timely a very sense of urgency duty to reset ourselves. But I talked about opportunity as well because I think this provides a unique opportunity to reinvent ourselves. Mars is a family owned privately owned company and we are, I'm not, but we are 106 years old. 106 years old is not a chance. It does not happen by coincidence. It's not a fancy product or a lucky economic cycle that drives you 106 years old. It's a series of permanently invention that brings you to be a trader decade after decade Iran after Iran and therefore what's at stake in this opportunity is to reset ourselves. What do we have for that? We are privately owned and we are a principle led business. So the concept of mutuality is not new to Mars. It was actually codified in a very nice typed memo in 1947 by Forest Mars Senior and the title of the memo was very simple. The objective of our business is to create a mutual benefit for old stakeholders. 1947 and the rest of the memo were bullet points where Forest was listing all the stakeholders he had in mind and you could say he probably talked about associates customer, suppliers absolutely. I was already talking about customers competitors and communities. So it's not a new concept for us. It's not something we embraced 18 months ago because it was sexy or trendy. However, the demand is on us saying what does it mean mutuality in the 21st century. And I know you were very clear setting your expectation Catherine saying give me some tangible how to. So what does it mean concretely? The first how to, you mentioned it is the sustainable in a generation plan we just communicated two weeks ago which is a broader and accelerated commitment of what we want to achieve in terms of sustainability creating accelerating a business that will be fully sustainable in one generation contributing to a healthy planet striving people and nourishing well-being backed up because these are not words these are actions with measures and resources behind that this is business it is not a 4pm parallel agenda it is the business agenda we are I am measured on those indicators so we try to take the best of science because the knowledge is compelling data is out there it's robust we are probably the first generation of senior leader who won't be able to say we didn't know we know so the question is not if the question is how and how quickly so this is one how to and the last or the second how to is talking about how I talked about reinvention and resetting so it's a very humbling opportunity and duty as well to reinvent the way we do business and therefore we are also working on business model innovation leadership thinking innovation with what we call economics of mutuality we are very lucky to have an internal think tank called catalyst and 10 years ago this think tank was provoked strange question what is the right level of profit how much profit should we make and they wonderfully took that provocation and expanded the thinking by saying that only by looking at broader ecosystems only by broadening the measures beyond financial capital or financial capital return bringing on the table natural capital social capital human capital into our dashboard to be able to make progress and this sort of provocation whilst the foundation of a great book is brought to reality we have more than 50 case studies running in our business about that but we'll get to that on the floor thank you thank you I really appreciate it you know I want to actually hand it over to Andre at the end there since we were talking a little bit before we took the stage about what it means to be a family owned business and how that impacts short term versus long term thinking so for the sake of time I'm going to roll two questions into one for you Andre and the first is can you talk about as a family owned company what that means in terms of how you're able to operationalize on the SDGs and then secondly obviously Roche is doing very important work on the SDGs as it relates to health through medicines and diagnostics but you're also for the ninth year in a row the most sustainable healthcare company in the world so can you talk about your work on sustainability as well as health and how you actually see them as related well thank you very much it's a pleasure to be here two things I want to say immediately first of all I'm absolutely overjoyed to hear what Marsha just told us I mean this is so much a wonderful case of how a long term family thinking type of business can influence the process of value creation I'm delighted to hear that and I'll tell you more about what we do at home secondly I'd like to thank the technical staff of the forum thanks to you and I know what it feels like to be a rabbit in the headlights of a car I'm just about to be driven over by you it's a bit of a strange thing yes you are right we work with SDG3 we are providing people with health and well-being seems to be an important issue health for all is what is our business purpose that's what we do we try to bring new therapeutic solution to unmet medical need and I'll come back to that a little bit later most of this week has been focused on the sustainable development goal and they are a wonderful instrument and I'm delighted they exist because they allow us to sort of measure ourselves to a set of conditions but I would like to stress and you know 1947 is the date I just heard from Mars I would like to stress that family businesses have already applied these principles for a very long time when we take decisions we take decisions in an intergenerational way we want our next generation to succeed us and you know to do that there must be a healthy and competent business there healthy is perhaps not the right adjective in my case but I mean there needs to be a business there and we cannot do that if you do not take into consideration the financial part of the operation but also the societal and the environmental so we welcome the SDGs because since 2015 we report according to them and suddenly we can tell our story in a way that everybody can understand in a way that will make it common currency with other businesses and that I think is very useful so you mentioned the Dow drone sustainability index which exists in 15 years compiled by a small Swiss bank called sustainable asset management which has now been acquired by Dow drones and Robico and they publish once a year a sustainability index we have been for the nine consecutive years voted sustainability champion for the pharmaceutical industry now again if I can draw on what you were saying before this is not a fluke it just did not just happen because we answer the question right nine years out of how often the world that only exists in 14 years is quite a significant proportion now why is that sort of thing important for us as a company it's because we are a hybrid model we are family controlled principle led but we are sorry, principles led not when we go back to principle but we are quoted on the stock exchange in Switzerland two types of paper quoted one is the shares of which my family owns the majority and the other is a dividend certificate what we call non-equity security not a very nice word but there is no equivalent somewhere on the planet so that allows us to control the long-term destiny of the company but at the same time it forces us to a certain amount of transparency and to a certain amount of advocacy towards the non-voting equity security so we have this model where we can satisfy on one side the stakeholders number one which are the family stakeholders and then the second part would be the non-family stakeholders who are the shareholders of quoted on the stock exchange so we have to satisfy about 20,000 analysts at the same time satisfying this long-term vision of somebody who wants to be around in the future and that has not been easy and it's been over the years an exercise which has been greatly facilitated by the Dow Jones sustainability index and by the SDGs and that's really the point I wanted to make here now we were talking about the list of stakeholders maybe I can start with our own list first and foremost our employees we have an instrument where we measure satisfaction of employees in the room do the same thing where we send an opinion to our employees twice a year and we ask them to rate how they feel about our business and to the question are you proud of the company we have regularly over 85% to the question are you proud to be working for the company the same numbers to the question do you think your company is treating employees and the environment fairly we get again 86% last year I understand I'm quite convinced that this perception of a sustainable business has stuck our workforce our co-workers consider this as an important asset of the company and that's particularly visible in the young generation and I'm sure we have an opportunity to come back to that again there's a little footnote to this which I find interesting the conviction that long-term matters is better understood by long-time serving employees than by young employees young people young recruits to our company find it very important that we behave responsibly but the true understanding of what long-term means come only after a certain amount of years in the business and the way we try to develop this attitude is by talking about principles expressed by the principles and we I represent the family on the board of the company and I spend a lot of time making this sort of presentation talking about sustainable values and how we can harmonize them in the long term and I must say it is watched over not only by our investors but it's also watched over by our future employees we are we have skin in the game in that context so maybe you ask me a practical way of how you can convince employees to build into this I would quote three things I mean financial intensive always works well SDG 5 promoting women our bonus in the top in the top hundred salary is calculated on the amount of women promoted within the industry so within the company so thank you I see there is just one person clapping we also incentivize on the individual energy footprint of the members of the staff so I can give an example over the last ten years since we are in this systematic approach of sustainability we have constantly invested into producing energy and using energy more efficiently and we now have it represents a lowering of our costs of about $150 million a year and if you put that in a long time scale it's win-win it's not win-win instantly but it's win-win in the long term I can go on for a long time that's good for now I really appreciate your point about principles expressed by the principles not to confuse things further but I think it is critical that you set an example in this way and of course incentives matter too so it's helpful to get the step by step as to how you did it so RF I want to ask you one of the things you really push for is what you term partnership capital so I think it would be helpful for this audience both in the room and online to hear what do you mean so critical that we talk about and think about investment in these terms sure, thank you it's not just a concept plucked out of the air partnership capital is actually at the heart of how the world of finance can enter into a broader spectrum of stakeholder engagement and the way we look at partnership capital is from the perspective of the financial services industry we're not a family-owned firm but the reality is that when you manage 10 year, 12 year capital then the financial services industry calls that long term and that gives you an idea of the difference between the value that is created by being in the private sector, by being under family ownership and by being under the scrutiny of fiduciaries and external investors and so I think it's very important to put out there in perspective that when we evaluate our own thinking in relation to what role we play in the world of finance we came up with a very clear understanding that we as a firm live in what the world calls emerging markets we think that's a mistaken term it's actually probably better to use the term growth markets because using the term emerging markets is a little bit patronizing China as an example has already emerged and so deserves the right to be looked at in isolation just like the United States and other major economic blocks but when you look at our markets and you look at the fact that opportunity abounds in those markets and yet there isn't as much capital flowing to those markets and then we start to think of ourselves there's a lot of capital out there and there's a lot of opportunity out there and most of it can be cloaked in the context of what we are now beginning to call impact investing but the reality is that in that part of the world because development is such a key priority you need to be investing with purpose at the same time so we call all of that collectively partnership capital because different stakeholders are involved in this process and different formulations can be applied into how capital is deployed and returns are generated but you know the most interesting thing that I find when I look at economic opportunity in those markets is that we're not facing up to one reality we love talking about meeting the sustainable development goals we love talking about impact investing and yesterday there was an event that was co-sponsored by Bank America Merrill Lynch, Jin and us in which it was surprising that 450 people turned up and all of a sudden you realize that there's an inflection point a tipping point that is happening that seems to have been passed more and more people from the private sector more and more people from the world of finance are beginning to realize that this impact investing thing is not the ambit of governments it's not the ambit of NGOs and necessarily you do not have to compromise on investment returns to generate decent capital returns in order to do good as well so what we see is against the backdrop of all of that we're addressing all of those issues because that is the ambit of government but what is the ambit of the private sector is the way capital flows and we have to understand that the plumbing in the global financial system in my opinion is a little bit broken and why that plumbing is a little bit broken is if you think about it we have 9 trillion dollars of money sitting in negative yielding instruments debt instruments actually means that as fiduciaries we are willing to accept the guarantee of making losses the last time I checked that's not what we're all in business for when we're in the financial services industry we are not there to guarantee making losses and at the same time the world is facing another very interesting reality which is that since 2007 cross border capital flows have gone down 65% that's a massive number it's gone from 23% of global GDP down to 6% of global GDP so we're not collaborating either and a large component of that comes from our non holistic evaluation of risk we don't look at risk in anything other than mathematical formulaic terms and the reality is we look at it in a very erroneous fashion so when people look at investing in impact as an example they feel there's a trade off between making returns and doing social good I challenge that, I say there's no trade off there's actually a trade on because you can actually accomplish an enormous amount of positivity you can get the economic returns as well you don't have to compromise on the investment returns and then when you take that thinking a little bit further and you start focusing on the scale and breadth of that opportunity we're all focused on risk being so much greater in those markets well you know I'd like to point out something that we were talking about before we started which is that the default rate on projects in North America is 8.7% the default rate on projects in Africa is 1.1% and that's not accidental that is because and that's a reality because projects happen to be better constructed and happen to have a greater focus on execution in parts of the world where we would not think that it existed so when we look at the sustainable development goals and we think about the fact that we have a 2 to 3 trillion dollar need to meet the sustainable development goals the business and sustainable development commission put out a report where just to accomplish the meeting of four goals over the next decade and a half to two decades we have an economic investment need of 12 trillion dollars where is this money going to come from it can only come from the private sector it cannot come from government governments create the enabling environment and for the private sector to understand that the returns can be generated without the compromising the returns don't get compromised whilst achieving good outcomes this is critical and that is why businesses like us that for the last 16 years since I started the firm have always focused on investing with impact and the question is now more and more people are saying you need to invest for impact and I think that's a dichotomy that does not necessarily need to be drawn because at the end of the day I think impact is a partnership driven term thank you I want to get your take on this Kristalina you know I know one of your big goals is to remove the barriers for the private sector to invest and yet you do face challenges there because not everyone in the world thinks the way some of our fellow speakers on stage think right they're on board with the SDGs they're thinking every day how to make leadership decisions that advance the SDGs but not all business leaders do so can you talk about how do you remove those barriers and what are you learning along the way that could help this audience well thank you very much for having us all here I thought that I'm representing an old institution and then I learned no we are only two years young I am much older none of the less of course we live in a world that is changing very rapidly and we all have to adapt and anticipate and actually pre-empt the negative impacts of this change so what do we do I should tell you before we came in the room we were instructed by Catherine that we cannot talk about what we could do would do should do we can only talk about what we do do thank you so here is my here is my list what we do to remove barriers to investors to be the matchmaker between the money sleeping with low or even negative return and the opportunities in developing countries four things one we work very hard on policies in countries that are making it easier for domestic private investors and for capital coming from abroad to flow in we used to do this as our public sector engagement with very little awareness of what the private sector arm of the World Bank does no more we work together so our understanding of what is that is on the way of investment to happen is grounded in reality of possible or desirable investments so this opening up markets creating markets by building a policy environment for private investors absolutely essential and that we try to do in a way that creates competition among countries to do better many of you may have heard of the doing business report of the World Bank how many know what it is raise your hands well ok so I'll tell you this is something that basically measures investment conditions in countries in a very practical way and it shows countries that are improving and countries that are actually going down in my professional life I have enjoyed the bank being praised and I have you know heard the bank being criticized one of my best moments was sitting in St. Petersburg and listening to president Putin and president and prime minister Modi talking about where they are on doing business and how they're going to go up and I certainly hope they do go up but this is very important that we create pressure through peer competition for conditions to improve second there is there are some very clear obstacles to investments for example educated people lack of infrastructure so we work on identifying this bottlenecks and then we target our own investments to address those and I'm very proud to say that we recognize one of the huge lost opportunities is countries not advancing enough on gender equality so when we work on education it is boys and girls to be in school when we work on access to financing it is for men and women and I think that this even in difficult countries produces desired results so very important to recognize that the physical and human capital human environment in countries what makes it or breaks it for investments three we relentlessly innovate for you to make it possible for your investments to bring sustainable outcomes for example in 2007 I think it was we issued the first green bond today we have initiatives of 10 billion the IBRD but the green bond issuance globally is 100 plus billion and of course we don't stop there now we have issued a STG bond can you put your money knowing that it contributes in a measurable way to the SDGs we issued the first ever pandemics bond after Ebola we said this is horrible for investors you don't want to be in a situation when you invest and a pandemic wipes out what you have done so we put together a bond pandemics bond it guarantees that the poorest people in the poorest countries will have the risk of pandemics shared by the market and surprisingly we raised it is a 550 million surprisingly it was twice oversubscribed and I want to put a little put-not on this it shows that there is really appetite for investing in something that is bringing you income but it is also doing good in the world and that takes me to my last point and very important point we are now getting into institutional discipline we call it cascade we look at every single opportunity to invest in a developing country and we say can that be done by the private sector on its own yes no if yes don't touch there was time when the World Bank would pick up these kinds of investments why second question if it cannot be done why what is the barrier and then can we eliminate it with policy change or three is it necessary to put a guarantee and please remember that now much more than before we are there to pick up the first loss for you we have a private sector window for the most risky markets where there is a ground component to bring the risk for private investors down where investors can happen and of course if none of this can happen private sector cannot do it barriers cannot be removed and yet it is crucial investment then we would do it we would make sure it is being funded let me finish with a very important observation from I mean I am not as old as the World Bank but I am coming close I realize out of my own life in the 1970s I lived in Bulgaria my home country at that time it was on the other side of the Iron Curtain and we had for the first time in our lives foreigners from the west visiting my university they happen to be Japanese Bulgarians are incredibly hospitable people so we treated them with everything we had and of course a lot of red wine in the end of the evening becoming very sort of lightheaded and saying the following you are lucky you don't know how poor you are which was a big shock to me I didn't think we were that poor but the moral of my story is lucky no more we live in a world where everybody knows everything about any place on this planet and that means that aspirations are converging in countries across borders if opportunities don't follow we are going to have very very very very stable world and so we are the first generation to live in this world of converging aspirations we are the last that can match aspirations with opportunities and it would only happen if this nine billion you are talking about go and work hard where they are most needed it's so helpful to hear all these perspectives because I feel like a lot of terms are thrown around especially during a week like this one where we are all talking about some big ideas and how we get there and one of those terms is billions to trillions and the World Bank is working toward that but again we don't often talk about how and we were all hammering the how point home and I think this gets to how and some of your responses so I really appreciate it I know there are so many perspectives in this room that this conversation would benefit from and I want to go ahead and call on one person you heard earlier that Mars has taken a look at this question of what is the right level of profit which I think is really interesting and one of the leaders behind answering that question is actually Bruno sitting here in the front row so he's the chief economist at Mars and I'd just love to hear from you Bruno the aim of this summit is to move from 10% impact to 10 times impact and I know you've looked at how that works within Mars and I wonder if you can share some insights with our audience Thank you Catherine, thank you very much maybe I should stand up and just to say that my simple answer to this is scale and scale will come from the private sector and will come from the business sector but also the financial sector and it is probably the unique contribution that the private sector can bring to this challenge but not only that it's scale and also the power and discipline of management to manage certain things efficiency for those and management is diagnostic if you ask management to make profit they will make profit if you ask management to make other things they will make other things but if a business is is going to be a force for good for society and the planet it has to be true to the nature of that business and business is about managing mobilizing resources very often scared to resources but also to deliver performance and this has been the case all the time it existed before financial capitalism it will exist after financial capitalism however what has changed is that the focus on financial performance for shareholders is no longer a winning strategy it is no longer a sustainable strategy to ensure that business will remain sustainable so we must innovate we must innovate from a management perspective so our business model must be completed in a sense it doesn't have to be changed all the time but it has to be completed to deliver the superior performance that our business needs so how? well eventually management is very simple it's all about measurement so we need new metrics that go beyond financial performance and we need also to go beyond the traditional boundaries of the firm and to consider the performance of the business throughout the ecosystem in which we operate so Jean-Christophe shared that we started this economics of mutated journey 10 years ago with a very unusual question that what should be the right level of profit so it was a wonderful endeavor I mean both moral endeavor and also very practical endeavor so 10 years later where we are today well eventually we applied economics of mutated across different parts of Mars and we also learned from other businesses and actually the good news yes I agree with you Arif it is possible to deliver financial performance and to deliver positive impact in society but this is not an accident it is normal because when you bring new resources to your business and you manage them with a more intentional way you should expect additional performance it is normal but it's not only it's not only a business experience it's also an academic experience and actually Oxford joined us several years ago to provide the backing of this academic theory so the work on economics of mutated gives us great hope actually that what seemed impossible only a few years ago actually is now possible it is practical and it is happening and actually it is not limited to family-owned business maybe the family-owned business provided environment that made it possible to test but this has natural laws in business that we forgot and we have to rediscover this natural laws so what's next? that was your question well if you want to go fast go alone if you want to go far go together this is an African proverb so what we will do as a family-owned business we will continue to invest in economics of mutated we will continue to apply economics of mutated in parts of Mars we will continue to partner with Oxford to deliver and to improve the management theory because Mars and Oxford can't change the world so we look to partners and we look to be in a sense a catalyst this is the name actually of the organization that I lead but a catalyst to nurture a movement in business and academia and to facilitate this movement actually Mars has decided that if EOM, if economics of mutated is really about giving a chance to every business to deliver financial performance sometimes at a higher level than traditional business cases while addressing the most pressing the most difficult point in society it should certainly be an ethical and not mutual at all actually not share it with the others so we are looking to share what we have and also to claim no IP on what we have developed so it's a movement that we want to initiate here a movement of education and a movement of action people perish because of lack of knowledge and also no change happen without implementation so it's a movement that we called an education and action but a movement actually to complete capitalism and as a way to heal business to heal the world I will finish with another quote actually which was one of my favorite singers said actually there is a time for everything under the sun a time to plant a time to uproot a plan to keep and a camp to throw away a time to stay silent and a time to speak so now is a time now is a time so scale to go back to my initial question scale is what we need and the private sector both the business and the financial sector it has to be coupled with a more complete business model that addresses not only the financial capital aspect of the economy the social capital aspect the human capital aspect the natural capital aspect and we did partners to create this Varding Shift thank you so I wonder we started a bit late and don't have as much time as I would like for audience Q&A here but is there anyone with a burning question that we have not gotten to in this discussion when it comes to answering the call and how you might go back to your businesses and act on some of these suggestions if not I always have a question no one so I suppose I'd like to hear final thoughts from each of you do we have someone over there oh yeah we do have someone I was going to say give them a chance first question second question sorry I'm so sorry to come in late I used to work for the United Nations until a couple of months ago on the SDGs and I just think one remark has been said this morning that ought to resonate really hard in everybody certainly I am really bowled over by it and that's Kristalina Georgieva's point she just said aspirations are converging what are we doing about the opportunities now this impact summit is a new thing but it's a really powerful thing because it's bringing together business leaders and leaders in the international system in front of and together with world leaders in a slightly different way from what happens in other parts of the world economic forum and this surely is the best place in the world for there to be a sense by the end of today that everybody who leaves this conference centre ought to have burning in their head what am I going to do in the next few months personally to make sure that opportunities and aspirations start to converge because I think every one of us who works in the UN knows that that dichotomy is actually the most dangerous phenomenon in our world and so although I think it's okay for us to be hearing individual experiences from individual companies which are heart warming there's a bigger problem at the moment a real systems problem that we really got to all focus on and wouldn't it be great if by the end of tonight there can be a sense that this is our take home project and we're not going to rest until we've found ways in which we can get all our institutions businesses banks international organisations to work just for that one thing the convergence the big convergence without which our world is going to not be able to survive thank you it's fascinating what you're saying and I think convergence is happening despite ourselves so I think we always look at the negativity and what isn't happening right and so on what we should also focus on is what is going well and the reality is that it's actually convergence is being forced on us by the generation behind us ladies and gentlemen the millennial population on this planet which is the most exciting element of what makes the achievement of the sustainable development goals possible is they've got it instilled into their moral fibre and it hasn't happened accidentally it's happened because thanks to the advent of new technology thanks to the advent of social media they believe in a sense of community significantly more than the generation that largely is represented in this room we grew up thinking about hierarchy and systems and United Nations and development goals and so on they grew up thinking how do we help each other that social media community which has really grown and you know what they don't interview we don't interview them when they come for jobs they interview us they actually focus on what our companies are doing to meet those sustainable development goals and they focus on why they should be working there and I'll go so far as to postulate the following that in a few years time every company is going to have to and is going to be forced to reflect the sustainable development goals for one simple reason people will walk into supermarkets see three bottles of water on the shelf and they'll pick the bottle of water from the company that they know is doing stakeholder engagement doing good and is meeting the sustainable development goals that's going to get the dinosaurs out of business anyway so the good news is and again it's what Klaus Schwab keeps talking about in terms of the fourth industrial revolution the world is reinventing itself people should be reinventing themselves also thinking about what's behind us and you know very famous 18th century poets at procrastination is the thief of time so the longer we hang around thinking about how to structure it's already been done it's being forced upon us Christina I very much agree that there is a change that is happening because of this connectivity and because of this ability to see what is going on everywhere and understand a little bit your role in this one of my colleagues here we were talking about impact investing and we were saying well impact investing is still small and then he said look it's going to be big very quickly because my kids are not going to invest in anything that is not having positive impact but here is the challenge to us and we at the bank embrace it and I hope this is a partnership it cannot be done by one organisation alone we have to be able to record impact we have to be able to measure it to present it in a way that can marry money money and impact and I think we are a little behind on getting that done we are thinking at the bank that our whole energy if we want to be the matchmaker between money and needs our whole energy has to go on presenting the needs and the impact in a way that can be factored in decision makers making and it is possible but I don't want to trivialise it it is extremely difficult to do and there is a huge risk we fall for investing what we can measure not because not what is really important we fall for investing where we can measure not where the needs are more dramatic so with that caveat I agree but can I do my last closing two sentences I will tell you I am actually more optimistic that I have ever been in my life because what I see is this convergence this synergy of policy makers business community citizens engagement is actually happening when I started working on sustainable development there was a very popular story how can we move to sustainable development there are two options one is realistic the other one is fantastic realistic extraterrestrials come from space take over our affairs it's done fantastic we people do it ourselves actually we are getting on doing it and I think we are getting on doing it because frankly we have no choice I rest my case powerful I hesitate to continue from there but we must I'd love to hear from our other three speakers I love the point about take home projects so I'll often ask for calls to action but I think that's even better a take home project for people in this room and better yet if that take home project can start to get at the system because of course change is not going to happen just with individual actions by companies though that's an important part of the bigger system but Jean-Christophe you want to start us off with a take home project the take home project would be based on this is our time and because this is our time embrace the discomfort of measuring beyond the walls of your organizations it brings challenges measures do not exist everywhere as you said it's uncomfortable at the beginning it's uncomfortable as leaders new questions, new challenges, new provocations are being put on the table new business vocabulary or book needs to be brought to life we are used to acquire perhaps we should learn to share we are used to build we are used to start leveraging we are used at recruiting perhaps partnering should be a stronger place in our agenda so my take home project is embrace the journey of mapping your value chains mapping your ecosystem beyond the walls of your company accept the discomfort of the truth that will come back and accept embrace the discomfort of bringing to life a different way of doing business because our kids are watching us and we won't be able to tell them we didn't know so let's stand up and do it in a way that shaped their future thank you me a couple of years ago the Oxford Martin School came out with a report in which the headline was this is the best time in history to be alive and I looked at it and I was a bit bemused because I didn't have any other choice in history to be alive this was the time of my life and as I've gone through my life I figured out that I'm becoming more and more optimistic and I'm beginning to become more and more aware of the fact that more and more people are thinking the same way and I have to say that the United Nations came up with the Sustainable Development Goals and it's actually quite remarkable because it is the first time they actually started speaking the language that the rest of us speak to and those 17 Sustainable Development Goals and the 169 subsets and whatever are actually clear action points and if you think about, I come from the financial services industry so I'll talk about that if you think about the takeaway that comes from that every single one of them are convertible into investment opportunity and the financial services industry is now waking up to that for too long the word impact investing, the term impact investing was taken up too much in debate of defining what impact is how do you measure it, what do you do and my takeaway from this point is wake up go out there and do things in a nice sensible proper way you can never build a great company unless you start with a good company and a good company stands for what society determines to be the right things out there and the last point I wanted to make is that up until now I've been to many UNGA weeks in my life and Gillian Tett from the Financial Times said yesterday that it was like two tribes going to war right, this week it was the political community which comes and talks about politics and war and conflict and so on and you have the NGO community which is saying forget about all of that nonsense there's a better thing to do out here well this time it's three tribes coming to work and talk actually whereas the business world is actually stepping up pretty actively for the first time as well and I think that's very positive as a takeaway thank you for that and Andre I'd be curious to hear your take home project I don't know that we'll have time to get to this but we're talking a little bit backstage about how you mentioned the three tribes and how business when business is on board with doing good can do so more efficiently than the NGOs that's something we were discussing so Andre any take home project for us or perhaps just a comment on that point which I know you've strongly in careful you're going to get into trouble with that response okay I'll watch it an enormous amount of things has been said and we have even more things that we could be saying about this this is a very complex so I would try to keep it very simple very straightforward and I would like to say two things when you take investment decisions in your businesses when you're embarking into new projects when you're calculating in that present value just think long term it's an easy thing to say it's a very difficult thing to do personally trying to bring back the payback date earlier is probably at the root of the problem which we are we were talking about the broken plumbing of finance it's much more than that it's a broken model of development the system needs resetting and the best way to resetting that system would be to think in a long term way is that simple enough to take home we've got our homework cut out the other one is making the world a better place trying to have business as a force for good all these mantras are certainly correct and we must push them as much as we can but I think it is very important and that's where the point of why businesses are more efficient at doing good it's not how you spend money which is important it's how you make it because lots of people believe that because they are contributing to a philanthropy and launching new projects which do not have a payback they are doing the right thing I contest that I think the best way of making a difference of making the world a better place is to invest in projects which have positive cash flows and which will go on having positive cash flows all the rest is a failure in my view is that simple as well? I want to close with this just because we are out of time and I know we could keep talking but yesterday at the private sector forum the UN Secretary General Antonio Gutierrez said this to the audience gathered and for those of you who didn't hear this message I wanted to repeat it for you without your leadership our project will simply fail so I think if nothing else that just indicates how high the stakes are when it comes to answering the call and I hope that you all agree we've walked away from this panel with some actionable insights thank you