 Let me just introduce my fellow panelists here. Candelio Brasher, the CEO of Banco Itaú here in Sao Paulo. Paul Bulk, who is the CEO of, chairman of the board actually of Nestle, big international company. Maria Cristina Farias, journalist, member of the board and columnist of Folia Sao Paulo. Very influential newspaper here in the region. In Brazil and in Latin America. Alejandro Ramirez, very prominent Mexican business person. Very big in the movie business. Founder and CEO of Sinopolis, and finally Luisa Trajano and Nayri Woods. Luisa runs a magazine called Luisa, also here in Brazil and Nayri Woods is the Dean of the Blavatnik School of Government at Oxford. The business at hand is leadership. And let me begin with a quick anecdote. I'm from Chile and a reputable think tank a couple of years ago in my country ran a survey with the following question. What is the profession or role or job you admire most? In Chile by far the most admired people with 42% are soap opera actors and actresses. Number two football players. And this is before we beat Argentina twice in a row. Sorry, couldn't help that. Journalists are somewhere in the middle of the pack. That's good news. Academics, economists also in the middle of the pack at the very bottom. Union leaders, 11% approved. Indicates. Business leaders, 10% approved. Church leaders, 7% approved. Members of parliament, dead last with 4% approval. I read this poll precisely as I was planning a run for the Chilean parliament. It was not happy news. I did my best to keep this from my family, especially from my mother who was not keen on the idea. So clearly leadership in all spheres of life, public, private and politics in academia and the media in business is very challenging today. The French poet Paul Valérie used to say the future is not what it used to be. Well, clearly leadership is not what it used to be. And the challenges are many. We live at a time in which first of all, in the world at large, but particularly here in Latin America, trust in institutions, in politicians is way down. Trust in democracy is also way down. There are many polls that suggest this and this of course should worry us. There are new dimensions of leadership that finally are being taken into account. I suspect this very same panel 10 years ago at the World Economic Forum would have been all men. Today it is not and what a good thing that is, but clearly let us not kid ourselves in many dimensions of life. We are very, very far from having leadership in business and politics that represents the wonderful diversity of our societies. There are the challenges, of course, the news media has changed tremendously. We're all being watched 24 hours a day and whatever we do, the news cycle is very short. That also brings forward many, many challenges. And in Latin America, there's a time of elections. There's a time of population that seems to be waning in some countries, but rising in others. It is a time in which we're trying to regain sustained economic growth and these of course are all tremendous challenges for leaders. So let me begin with Alejandro. Alejandro, you come from a country, Mexico, in which all of these problems are present, probably on steroids. The business community has an important role to play, but it faces all these credibility problems. What is business doing and more importantly, what should business be doing in this regard? Thank you, Andres. As you say, all of these things are present in Mexico because a lecture in Mexican history this year over 3,000 positions countless may have been. Context is precisely one of low trust, low credibility of public institutions. A recent poll that was just published a few weeks ago, one of the major Mexican newspapers, that all institutions have eroded its credibility. The ones that have the highest credibility are the universities, the church and the army. Medium credibility are the Human Rights Commission, the printed media and business organizations. Low credibility, banks, television, the Supreme Court, the Senate, the president, the police, House of Representatives, the union leaders and the political parties are at the very, very bottom. The presidential approval rate is only 21%, so it's a very, very low rate. And these low credibility also goes hand in hand with a perception that things have gotten worse. In fact, I don't know if any of you saw a study that was published by the Pew Research Center at the end of last year. And it asked people in 50 countries if things were better or worse than 50 years ago. The countries at the top of the list were Vietnam, India and South Korea were about 88% of the population believes they're better off than 50 years ago. But in the bottom of the list is Latin America. Brazil, for instance, only 35% of Brazilian thinks that they're better off than 50 years ago. In Peru and Colombia, only about 27 and 29%. And at the very bottom of the list, Mexico, only 13% of Mexicans believe things are better off than 50 years ago. And Venezuela is the very last one, where only 10% of the population believes that they're better off. Why is this when, in many respects, Latin America has made tremendous improvements in many indicators. I mean, if you look at my country in Mexico, the GDP per capita of 50 years ago was a third of what it is today. Life expectancy is 14 years higher today than 50 years ago. Infant mortality has increased by 85%. Illiteracy, even extreme poverty as measured by the World Bank, $190 a day has decreased by 78%. So there's sort of a cognitive dissonance between the perception and the reality. And I think this cognitive dissonance has to do with the lack of rule of law. The problem in Latin America is that with only 8% of the world population, we have 40% of the homicides in the world. And of the 50 most violent cities in the world, 42 are in Latin America. 12 in Mexico, 17 in Brazil, three in Colombia, five in Venezuela, four in Central America, and two in the Caribbean. So this has to do, obviously, also with the failed drug policy. We've been sort of peddling in a static bicycle. For 50 years, we've been combating drugs in the same way and it's evident that it's not working. So in Mexico, for instance, even though there's been important reforms during this administration, the President Peña approved education reform, telecommunications, labor, competition, and energy reforms. The perception is that his approval rating is dismal. It's very low because of the perception of corruption, but also because of the violence in the country. So anyway, in this context, people are willing to vote for the unknown. And that's what we're facing right now. You know that people are willing to vote for anti-systemic candidate, people that will promise that they will solve everything, even if they don't have sound political strategies or public policies, and even with some frightening strategies, because for instance, the leading candidate right now in the polls in Mexico, he's already announced that he wants to undo the educational reform that was critical, that introduces teacher evaluation, and also that he wants to undo the part of the energy reform. So also it's sort of like going back to an economic nationalism. So what can the business community do? Well, I think we can work on two fronts. One is strengthening the rule of law. I think that's the key element. And two, working for inclusive growth. I think for many years, we devoted most of our attention to getting the macroeconomic right, to lowering inflation, to getting the right public policies in place. But we probably didn't do enough to strengthen the rule of law, and also to do complementary policies that would include those left behind. Wonderful, Alejandro, many thanks. I'm going to ask my fellow panelists to keep answers short, so that everybody has a chance and then we can move on to questions from the floor. Luisa, Maria Cristina, for either one of you who wants to take it. A free media, of course, is key to democracy. And in Latin America, we have a much more vigorous media than we did a couple decades ago. That's something to celebrate. But the media is also being challenged at a time of short news cycles, fake news, post-truth, and all of that. In Brazil, in Latin America, how do we have, at the same time, a free inquisitive media, but one that contributes not just to the very short fight, but to a longer view, a more serene view of our nation's problems. Can we reconcile these two things, or is that impossible? Can we reconcile? Reconcile. Reconcile. Let's speak in Portuguese, the Brazilians, here. I think it's a challenge, I think for the media and for all of us, I think we have to differentiate fake news from distorted information. Fake news is those information created in a way to harm someone, to obtain an easy financial gain, to have a non-clear political use. But I think at the same time that they affect, they represent a risk for democracy, it's also a risk for us to try to tutelage, and now, in a electoral period, we hope that electoral justice is very protective. There is a tendency in Brazil, and perhaps in some Latin American countries, of excess protection, as if the electors were innocent, they were defenseless, vulnerable. I think the electorate must be exposed. The electorate should be exposed to all types of reflection. This is a maturing process regarding this distortion of news. This has always existed way before the Internet appeared. Of course, this now has gained speed, but it has always existed. So this is part of a learning curve from voters. It is also dangerous to hope that a duopoly, like we have with Google and Facebook, that they make this control of information. Society should not delegate to those who are not committed to democracy, and they do not have the expertise to see what is well-investigated news with the method with precise criteria and credibility. This is a task that is up to professional journalists. I'm hoping we will all interact with each other as much as possible. Alejandro was saying that the business community should be contributing to the rule of law. Brazil is a country where some companies, by no means all, have contributed to the breakdown of the rule of law. And that, of course, creates a credibility crisis. You're a woman who runs a magazine. You're also a business woman. What to do about this? Good afternoon to all. Good afternoon to all about the press. I am in favor of the free press, but it has a price to pay. I am able to attend three events. I try to explain what I do. I try to speak well about what I'm doing, but they just published the shoes I was wearing in all three events, instead of speaking of what I told. So press in Brazil is a free press, and we still need to fight for, that it continues this way. So businesses, companies were born with the sacrifices, and the founders had to dedicate themselves a lot to a fund and have their companies to grow. And they have to forget the social side of the company. And now I'm fighting for my company so that my companies as well as social and earn money is profitable. And I confess, this is not easy to achieve. It's much more difficult, but I'm really satisfied to see this world coming for me with such interest and subjects about social issues, diversity, in which I took part with a more equitative economy will have more social results. And it's coming of age, and since taxes in Brazil are very high and everything is very expensive, it's been a serious issue. And the quick wash fight of the justice system result against corruption, I think it is given as bone fruit. And Magazine Luisa has been audited for 15 years, and we pay the price to be an international company. I said to my auditors, I pay you so expensive, and you speak, you say bad things about my company because auditing, but it was worth it. But not everybody, since I am a woman, I come from a family background where the share price is not as interesting, but I was benefited on. Shares wasn't worth a thing, and my family didn't give much about the value of our share, the criteria of my family, the importance of family. I did my homework before time, and it helped us a lot in our business. And leadership nowadays, I am speaking for all company CEOs. We need to stop believing that we're banned. President of companies and CEOs need to embrace diversity in the social side of the company, not to take the place of the government, but 60% of our population earn less than 2,000 reais. The Chinese ladies working in our companies, they have four hours of public transportation. They spend four hours in the transportation. Women need to be, companies need to be aware of the people working in their companies. So there is an awareness growing in Brazil. It is changing this mentality because the company who doesn't take care of the social side won't have the consumers anymore because young consumers nowadays are much more demanding. So it's changing, and I believe in the free press and in my shoes. Thank you very much. Well, while we are on Brazil, we have a leading Brazilian banker here sitting directly to my left. I'll cover you with two questions. Yes, a lot of Brazilians live with a wage of under 2,000 reais a month. That's in dollar terms, not a lot. Brazil is in the middle of economic recovery, but it is new. It is starting many years of very slow growth, even contraction, the biggest question in a long time. What can the financial sector do to help this recovery? And beyond that, we're a person running one of the biggest banks in Brazil. I want to take you back to the question that I have to do with them. Clearly faith in business, faith in the business community for obvious reasons in Latin America and Brazil has plummeted. Banks tend to be institutions that do an important job but are not necessarily loved. Can bankers be loved in Brazil? And how? Ha, ha, ha, ha! Ha, ha, ha, ha, ha! Ha, ha, ha! Ha, ha, ha! Ha, ha! Ha, ha, ha! Ha, ha! Ha, ha, ha! It is changing, the idea of bankers in Brazil is changing, it's evolving. You didn't need to love that match, Luizah. I just wanted before answering the first question to refer myself to. We are discussing new leadership, the coming of new leadership and the meaning of leadership. We opened the newspapers today and we saw the homicide of a young woman who writes Amarie de Faire. It was assassinated. I would like to show my condolences, like this crime to be explained and judged as soon as possible. She was fighting for the woman's right in the real slum. Now to your question. Actually, we are starting our economic recovery after the largest crisis we've experienced. In two years we lost 8% of the GDP. This had never occurred before. It was a crisis of the biggest proportion. We grew 1% last year, and for this year we are forcing growth of 3%. I think the banking sector has some really basic functions. It needs to be remained healthy. A healthy banking sector is pivotal for any economy that wants to grow. You don't have a growing economy without a healthy banking sector. A healthy banking sector worries about the sustainability of its activity. Sustainability of its activity means not only looking to the bottom line or the bottom line next year, but trying to develop its activities concerned with its clients. I have the feeling that we are progressively doing this in this modern world. We speak of client's synchronicity under Clay and Sturney. He said it in English, and we're following the activities of people that we are serving. Clients are trying to listen to them, to understand them, and to see each one of them in every aspect of their journey, opening a current account, making a loan for a vehicle or an apartment to try to identify the pain points he said in English, also trying to solve their problems. I was thinking that this is a great gap between political leaders today in Brazil, and within the business world it's become standard. They should be the good leaders that our country needs, should be able to listen to their constituents and to be concerned by the pain points of the journey of their clients. All voters, money in its housing, health, public transportation, I think that this exercise, new technologies worsen the current scenario because they increase the gap inequalities, the imbalance of income, but on the other side new technologies enable us to listen to much more people. So we have the tools today to listen to people. I think leaders should take advantage of this, to try to identify which are the real needs and to commit themselves to resolve those needs. And now coming back to banks, I think you, to solve those problems you have two groups of ways. First group is how you solve what you can do on the short term. In the economy you have this, in the banks, that's what we do immediate measures. And the second group are the structural reforms that you need to prepare the country on the long run. So I could draw a parallel between the managing activity of the company, I think which is the learning, the takeaway that you can take for the political leaders and how you manage a country as you could manage a company. If, yes, banks can be loved and that's the way they can do it. It's difficult to love someone from which you need so much as the banking services. The contact points are immense and we have a very broad contact surface. You have failures and those failures try to impress us more than what works and the services are well served, well supplied. So I have the feeling that we will all be subject to the people's frustration, our clients in some way at some point of the time. So our work consists of remaining humble to acknowledge that continuous improvement effort is needed and to make our best efforts to try to solve those problems, our clients' problems. And I also have a vision for a country, a broader vision and an unrestricted to the banking sector. Knowing that through our activity we are leveraging the activity we are enabling, that's when people and their basic needs supplied, you can enable that large companies can finance their projects which will as side effects create jobs. Thank you, Candido. You're absolutely right. You uttered one important word, humility. A generation ago that would have not been a component of leadership today very much it is. Let me move to my friend Nairi at the other end here. Nairi, you run one of the world's leading public policy schools. You train technocrats. But technocrats today are also a bit out of fashion. During the Brexit campaign a British minister said Britain is tired of experts. We don't need experts anymore and you and I are in the business of training experts. So what can we do to make sure that our technocrats are not just technocrats, that they're also leaders with a sense of mission? How do you instill that into your students at Oxford? Thank you, Andrés. So certainly we're not just a school for technocrats because my colleagues and I profoundly believe that we need a new kind of politician around the world. The fact that in pretty much every democratic election of the last two years a majority of people have voted against the establishment parties and against the establishment whether it's France or Italy or in your own country Chile you were telling us that it was the outside candidate that came within 2% of voting. In France the two major parties just collapsing in support in the British Brexit vote etc. So these are very difficult times. This is a huge warning signal to every democracy about what's going wrong. And so I think what we're trying to do in the school is first learn as quickly as we can what are the lessons that we should learn from the radical populist movements? Why are they succeeding? It is not because people and voters are stupid. And so the three lessons I would draw from that is first they're listening. It's what Candidobracha just said. It's that they are listening and so in in Brazil Luisa told us yesterday 60% of Brazilian households are living on less than 2,000 reais a month. So when a candidate like Bolsonaro says I'm going to give each of you a gun I think a lot of people say well that's just crazy. Forgetting that what a lot of people here is finally there's a politician that understands that my problem is security. I might not agree that we should give every Brazilian a gun but at least he understands that my problem is security or what my problem is. So the first thing is teaching people to listen and that's hard because for the last 30 years politicians have used PR companies, focus groups, online surveys, and that is not listening. A great example of how to listen was Marcon's campaign where he sent human beings out on foot to 300,000 households in France to find out what did people really care about before he began his campaign. So that's that's lesson number one. Lesson number two is about communication. Everybody says the populists have simplistic messages make America great whatever it is take back control but simple messages do not have to be simplistic and what I think we need to teach politicians and technocrats is that it takes a lot of time to take something which is quite complicated and turn it into something which is simple and intuitive for people to understand but if you're not investing that time you're not permitting democratic citizens to hold you to account. So that's the second thing is really learning to take the time to communicate clearly but the third I think is by far the most important and that involves everybody in this room which is to think about what is the transformative vision that politics in the center is offering to the population. I'm going to confess that even in this country having heard about the 60 percent of Brazilians who are only just making ends meet I find it dismaying to hear politicians focus almost exclusively on the need to balance the budget and control inflation. That's not a vision that mobilizes people. It's of course sensible but I think what we can do in this room private sector leaders public sector leaders is come together to help our politicians have a much bolder transformative vision. I always think of Britain in 1945 the end of the war a country whose debt was 250 percent of GDP so completely bankrupt and what did Clement Attlee do? He created a huge bold vision of decent housing of a national health service and of decent schools for the nation's children. So what's our equivalent today? I'm not saying we should wait for governments to come up with a huge government vision I'm saying everybody in this room could help start thinking about what that bold vision is that will speak to the 60 percent of people who are not in this room and are using the one weapon that they have which is their vote to tell this room and other rooms around the room that they cannot live with the status quo. So I think leaders have a big task in front of them in the school we're doing our best to equip leaders from about 80 different countries with those skills to listen to have much better clear principles and an ability to communicate them and to have a transformative vision and an ability to mobilize people from all sectors to actually achieve that vision. Thank you Nairi I think that's right on I think that things like the budget deficit or the national debt are instruments and we often fail as leaders when we speak in lofty terms about the instruments and not about the goals. Those are instruments that make the society more stable to make the economy grow to have better jobs and more dignity but way too often certainly we economists are guilty of that but I think business leaders politicians are also guilty of that we stop at the instruments and what really matters is the goals and often we're not very good at communicating about that. Paul you run a very large multinational you operate in many countries maybe a generation ago in Latin America multinationals were viewed with some suspicion today in one dimension I think things have changed precisely now that we think about sound hiring and firing practices gender equality transparency people in Latin America often look at multinationals European multinationals Canadian multinationals American multinationals sometimes as institutions that can bring these better practices but at the same time others say oh you're importing foreign values I imagine in Asia you get some of that how can these multinational in fact be purveyors of better leadership and better practices particularly when it comes to the labor market which is a corner of our life in Latin America that works very poorly. I'm going to answer that but I'm going to first refer to your ranking there they just say the actors of soap opera are liked and actually sometimes I believe that I am in a suit of a suit but they had to be very low there and that is linked to the societal perception big is bad there's a reaction society which is in the line it's not against multinational for the multinational it's about the establishment and quite a few comments the topic is about a new era of leadership and that goes back to leadership also in companies and they're going to refer to a a nation the Chinese philosopher out say who said you're not only responsible for what we do we actually even more responsible for what we do not do and and and somewhere and the title of the of the formula is a turning point and so if if we all also politics and don't take the right term and engage in the right journey in a continent that has a permanent future because that's for now for so many years that we speak about Latin America and it has all in front and it's just to make it happen and we still talk in the same language so somewhere we are on a turning point and for what we do not do we're going to be taking responsible for what we do is one thing and not taking the right decisions and not seeing the long-term perspective of things is something that would be bad that would be proof of no leadership leadership is not about your time leadership is not about your tenure it's about what you give over to the next leader and leadership is not about your survival or your success what you lead leadership is not about short term and today it's about long term and somewhere that's the call upon leadership really comes in and and we are on a turning point you see Latin America we have these elections coming up six this year six next year these are all like good chances of re-inspiration of going and making the right turn and and and it is linked with really making stronger institutions reform structure reform everybody in me knows what needs to be done and yet it's not done short term takes over next election etc populism comes in and actually populism as a way of formulating simply what the others didn't do that's populism talking about certain parts that you didn't touch that are sensitive to the population and and and then this whole inclusiveness and that's where also business leaders but political leaders you're always going to have tension you're always going to get to square one if you don't care for the biggest part of your population and we didn't do that and specifically in Latin America where the differentiation between different classes is getting bigger and bigger and it is already on a low level you spoke about the two thousand reais that people live with so and we have a unique opportunity in this continent in the world in child but in this continent specifically global growth environment and Latin America has always been positively influenced by global growth because we have raw materials that's the end sport it's a unique opportunity to embrace we have a young population and we have a democratic dividend that can be played for the next 25 years before it turns into liability of an older population embrace this so somewhere there's a call towards leadership you know politics leadership which is linked with having a contextual view see the broader thing not think about yourself next election and shaping this society is here and another call upon leadership is to integrate the continent and it's good to see mekosu it's good to see the pacific islands and actually it's very strange to see the mekosu looking east and the pacific looking west hey start looking at each other first and integrate trade open markets has always been driving growth and inclusive growth so somewhere that's called upon no companies i think leadership in companies has to embrace also this you're going to be judged on what you do not and look we are not about shareholders alone we are both stakeholders in general companies economical activity in general is part of society it's not an isolated dimension and and and we as companies we are linked to society and we should take care of shareholders we should take care also of society and we should see where we intersect with society all right we call that initially creating shared value that means we have to take care of shareholders but at the same time through everything we do we should intersect with society in a positive way creating shared value and that is something that you see more and more leaderships in companies being explicit and saying formulating expression this is an awareness a company cannot be successful over time when it doesn't take care of society and the environment the communities that's working in we have been nestly almost 100 years in this continent and we stayed in good and bad times and we had bad times and we ours is still in many countries where basically there's no justification to be there in the short term but we engaged we committed to our consumers to our supplies the many of them farmers that is leadership and that's why I feel my role is to to keep that very very high in my company and being explicit we're going to be criticized we are a quite a sizable company we are a high tree catch more wind well then don't hide away from the discussion engage in dialogue and engage in explaining and and be explicitly part of societies like we're trying to do thank you very much we have time for one more question to the panel then we're going to open it up to the floor i'm going to throw this one wide open we're all worried about populism and I think we all agree that populism arises from a lack of connection between leadership and the governed everybody's concerned around the room that 60 percent of Brazilians live on less than 2000 reais about 600 a month but we can't leave it there we can simply throw out the problem we need to suggest some solutions so let me solicit from one of you you could look back we're all leaders here one thing you would do differently from what you did in the past or maybe something that you're planning to do now that will change that perception that will make this disconnect with your clients with the voters with your readers less sharp and that they are by you know diffuse the threat of populism I need one answer from one person one of the leaders in in the panel and then we'll open it up to the floor nothing you do differently Alejandro I think something that the business community can do better in my country in Mexico but I think throughout Latin America is to be more engaged I think sometimes we're not engaged enough I think we have to do more in terms of not only doing corporate social responsibility programs within our companies I think we have to be real corporate citizens and behave like such and and you know get involved in also you know trying to shape the vision that was mentioned you know the bold and transformative vision but also you know signaling when public policy is failing or you know trying to just be be more constructive and more involved as corporate citizens I think that's something that would you know lessen social tension and that would reduce you know the threat of populism absolutely Maria Cristina as for past experiences you I think that in Brazil and I mentioned in other countries of Latin America the same there is no more room for what we call electoral fraud a candidate defending a stance and once elected communicate that the economy contract is very serious and it will switch to a very different program and so lies and pledges our country is vaccinated against those lies and those electoral frauds and Gary Wood said very properly that it is it is really necessary to listen to the population to what they had to say you need to inspire to be inspirational and the politicians are able to adjust and that through reforms only that you can that the country can grow it can raise the income along the years but that you also need to inspire people to give hope to people but carefully because we've got formal governments here in brazil uh political programs called housing for the poor we had the fias credit for students css and fronteras students brazilian students with tuition to study abroad free without but they were unmanageable they were not viable and they helped they complicated our budget our public budget so the future candidates be careful right uh i would add that uh candidates that run on one platform and then do something else when in office we're not invented in brazil gentlemen called men in argentina once upon a time did the same thing guy called fukimori and peru also tried it um it's a pretty common habit we're going to open up the discussion to the floor you're going to ask a question please identify yourself and be brief because we have a very little time left and i'd like to get a couple questions out here in the floor is yours do we have a microphone there we go hi garyl alfonso from caracas out venezuela i love to listen to vision that you're you're bringing specifically miss woods with a transformation vision what can be an advice for leaders to reconnect with humanity understanding that all the answers are within our soul if we really connect with people but not erasing populism because it is a fine line specific advice i will appreciate thank you nairi you've been asked to comment on the soul can you do that briefly so it what i would have said to what we can do i think a bit answers this because i and i and i again i call on this room to help here because we actually need a new economic social model and i don't think we can escape that we've all lived in 30 years where we can solve these problems by growing and so we've said how do we get growth and we've we've we've believed that growth will trickle down and and lift up lives beneath us that's not happening anymore the labor share of income is declining so people have very good reason to feel anxious they've got robots on one side taking their jobs they've got outsourcing on another they feel anxious and nervous and frankly the economic data says to them you should feel anxious so what's our model and i i like your question about the soul because this is not just about economic policy and redistribution this is about dignity a lot of the populism is appealing to people's self-worth and their dignity their esteem their identity so i think the new economic model or the new compact between in each society has to be one that doesn't just redistribute i don't like the idea of just a universal basic income or something it has to be something that ensures that people have dignity and that's why i use the 1945 model because that was one that said to be a dignified participating citizen in this country you need a decent house you need to know that if someone gets sick you won't be plunged into poverty and you need your chance your kids to have a fair chance at getting an education and i think we have to come back to some of those basics thank you nairi there was a uh yes a hand over here please good afternoon my name is marcella i'm from the milieus food safety i take part in a group of startups invited to this forum to debate interconnected matters concerning startups i'd like to hear from you leaders how you deal with the search of those innovating companies bringing uh many technologies to us how do you deal with this in the sense of how to approach these no leaders which are those young founders of those tech companies those startup tech companies the cube from itaú companies sample as an example so how other large companies are dealing with these new leaders coming from the startups take that up leaders are not only to be found in large organizations they're also to be found in startups innovators young people glorious yours ladies and gentlemen would like to take a thank you for the question perspective regarding the startups and the cube which is which is a incubating company that we've launched within itaú supporting 200 the companies 200 startups our posture is of curiosity and learning we've learned a lot with those startups we are financing starting with the way they organize work within their company the majority of startups that we learn to know we watch a very cooperative way of management this is what we're looking for and we'll try to reproduce within our launch bank when i see the organograms the child flows uh management 30 years ago the general theory of management they showed us they they showed us organograms and i have the feeling that although they still teach organograms in management business schools i think that you won't see any more in a few years that kind of organization they've they've known interaction within those startups is a much more cooperative much more collaborative this requires requires from us large companies a change in mindsets in human resources the majority of the incentive tools or management tools are turned to the assessment of individual performance and we are led to watch much more the collective performance so i think this comes in large part how much innovative companies can be when they work in a more cooperative way it's a very very very important question and the society actually is it's going to be shaped by these new entrepreneurs actually the web is very strong in this and with the new shapers and really embrace this young entrepreneurial spirit and and and make it flourish over time and so and it doesn't go against hey established companies and the smaller ones are competing actually we as a company we embrace youth dramatically youth and employment especially also here is a ticking time bomb societal time bomb and so embracing youth and and installing this mindset of don't claim the future work for one go for it and embrace them allow open your doors for them so that they can see how it goes and establish companies so that they can take that knowledge out embrace them allow them to have a decent job or at least have some some some anxiety of newness out because they can experience we are doing quite a few projects also with governments and specifically in Argentina also here in Brazil we do quite a lot of these youth engagement initiatives that are really driving quite a lot of I would say motivation for the younger generations this is a young continent and the young population in this continent is definitely part of the solution for the future we should embrace it exactly as you said we have time for one more question yes sir in the back there out here you are from Chile there's been a sort of a mixed conversation here about leadership sometimes mission mixing leadership and management so if you have to pick something for our policy makers will they be leaders with a bold vision we've got Chavez and Castro in the region but variable visions in the past the wrong vision if you ask me so what do we need but you cannot have a hybrid model here so would you pick a policy maker as someone who is a leader or someone who is a manager a problem solver great question I'll jump in on that I because we think about this a lot and in the school and I'm sure everyone in this room so leaders have to be able to do two things and they've got to be able to do both things outstandingly one is to help is to forge the vision within the group and the second is to mobilize people to achieve it there is no point being a leader with a vision that nobody is mobilizing towards and people mobilize best towards a vision when they've been part of creating it so to me those two things I don't think there is a difference between leadership and management the leader that says I'm leading but nobody's following me is not leading at all right or the leader that says I have a great vision but nobody's implementing it is failing to lead so I think the two things are bound together it's about vision and mobilization I would like to add I would like to add something at our company we say well leaders take people further than they imagine they could do and they take you further than you thought you could do and we say at our company that if you want to have people aligned you must have a mind heart and pockets so in the minds that's when they participate from the strategy of the company they give their opinions regardless of the level of their jobs from our hearts that's when we are really true to our principles when they feel that the company is true and in their pockets that's when we share profit we have to share profit with them so all participants are part of profit sharing program so I would add the pocket to that I mentioned the pocket is really important for leaders leaders have to feel that the leadership is sharing profits they're having and I fully agree with what you said before thank you so much I think that's a wonderful note on which to begin to bring this panel to a conclusion I think one common concern is that populism is not a good thing but populist our leaders as Mr. Yoh I was mentioning and to that kind of populistic demagoguery we need to counterpose a different kind of leadership and that different kind of leadership must touch on the head touch on the pocket but perhaps most importantly it must touch on the heart let me with that thought give everybody on the panel and now I'm going to ask the my fellow panelists to remain seated for a second and we're going to pass it on to Olivier Schwab who's going to have the final say. Andres thank you for summarizing this wonderful and lively panel and I would like to thank our co-chairs in particular not just for these this hour of wisdom that we shared with you but also for helping us prepare this meeting. I trust dear partners that you were inspired by the knowledge shared along the program and that innovative ideas and new partnerships have been forged here in Sao Paolo. We hope also that you will leave with a clear assessment of the region's electoral context and the opportunities and challenges lying ahead to advance Latin America's development agenda. Among the areas that have particularly resonated is the need to continue with structural reform agenda to better position the region to meet some of its remaining challenges. The need to strengthen and modernize institution the rule of law and promote productivity and competitiveness. Now most of all we've perceived a clear consensus on the importance to embrace technology to accelerate necessary changes in the economic, political and also social transformations. So with this in mind we're very proud to announce the prospect of opening in Sao Paolo an affiliate center of the Fourth Industrial Revolution of the World Economic Forum as a catalyzer to assist in the adoption of new technologies with a vast potential for societal impact. We're also very excited to have here 50 startups from the region whose program will continue this afternoon and I hope that many of you will able to join. We also have our other community sessions which continue this afternoon and promise to be as exciting as the public program which we've had over the past one and a half days. Thank you very much for joining us. I wish you bon appetit.