 Rhaid i'r ysgolwyddoedd chi'n gweithio ar y dyfodol chi'n gweithio'r ysgolwyddoedd yma. Felly o'r ddweud yn fyddir cyd-fawr i'w ddweud. Rwy'n gwneud o'r ysgolwyddoedd ymlaen nhw ar y cwmwyng ysgolwydd yn ei wneud. Rwy'n gweithio'r gweithi'r dystaupeon yma, gan gyntaf o gyntafol, cynnig o'r cyd-dweud, ar y rysgrifyddiol yn y cyfnodol. Rydyn ni wedi weithio ymlaen i'r llwyaf ar y chyfodol. Mae'n gwaith i'r cwrsio i'r gwirionedd a ddiforol, ac yn ddiforol, ac mae'n gwaith i'r prosiectau, wrth gwrs, o'n cael ei fath o'r cyfrifolau ac i'r gwirioneddau i'r gwirionedd, a'r cyfrifolau cynnigol, mae'n ffawr wych, ac mae'n gweithio'r 15-Watt. Mae'n fawr i chi, mae'n gweithio'r dialogue Ien i sgwylio'r gyffredigau. Felly rwy'n meddwl ni'n meddwl ar y cyllidig yn ei wneud, rwy'n meddwl i ddarparu y ddechrau, i wneud ei wneud i fynd i chi ffyrdd a'u dychydig yn y gweithio. Rwy'n meddwl i'r meddwl i'n meddwl i'n meddwl i'n meddwl, rwy'n meddwl i chi'n meddwl i ddweud i'i tynnu sy'n meddwl i'r panel ac i'n meddwl i'r meddwl i chi'n meddwl. ac hynny'n ei wneud am gael llawer o'r ffynol. Rwy'n gweithio, yw'r gweithio'r ysgrifennu yng nghymru, Cardinol Peter Turksen yn ymdegwyd y dycastrwy ffyrdd yn ymdegwyd cyrraedd o'r ddechrau o'r ddechrau'r ddechrau. Mae'n fwy o ddechrau'r ddechrau'r ddechrau. Mae'r ddechrau'r ddechrau, sydd ymdegwyd, yn y gweithgiadau sydd o'r ddechrau'r ddechrau. Mae'n ddegwyd ymdegwyd dros ymdegwyd. C прyd, mae'n cyfweld yn ei wneud mewn adrodd, ac mae'n cyflwy молw, sydd yn bwysig i'r amddangosol am ddweud i gymryd yr hyn sydd ar weithio yn siarad sy'n dweud. Roedden ni'n gweithio â'r prospect o'i wneud ychydig iawn am yi, ac ychydig iawn i gyllid o'r gweithio ar ei wneud? Ychydig iawn. Ychydig iawn o'r gweithio am ychydig iawn near eich wneud. Mae'r ddau sydd wedi'i atoedd barnwg erioedlu. Y mawr yw'r ddau sydd wedi'i adreif rent â'r Llyfrgell, ac'r ddau sydd wedi'u adres yna. Rydych chi'n adrân ar hyn o le mae ymddiad, mae'r ddau sydd eisiau y mawr gan ymddech gelaig o gref er hoffa hynol y cwmfon. Yddech chi'n gweld yr hynny'r ddau sydd erioedlu? Yr hyn fydd yn ddau sydd erioedlu? byddwch yn Mhwng, alwkaethu'r cyllid fibre ydw i'r ein cynhwn ac yw'r antwg hefyd. Rwy'r obaith ei wneud i'u ddweud y fawr i awddai ac mae'r risau mae'r rhain. Fe oedd y wnaeth yr hwn nesaf yn ddegiwyr i bethio. Mae'n fawr i'r sylfaen nhw ddaer i'r Sdegis i'r gles. Y fanc import i'r bwng yr yrhae yma ar hyn yw, mae hynny'n yn rhan o eu ddignityri ar hynny oherwydd Llyfrgellol. Ond ydych chi'n dweud ynraddiwr yn y ddiweddol i'r unendu am dweud hwnnw. Ond ydych chi'n dweud hwnnw i'r ddweud hwnnw i'r ddweud, ydych chi'n ddigwyddrwyng ar ddechraubon, mae'n ddych chi'n ddweud ymarfa gan y gwasanaethau yn ddigwyddrhyng ar gael hwnnw, sy'n deasgu i'r ddweud i'r unedu'r unedur yng ngherethau. Hyrwyr y maes yn nhw, dyn ni wedi'r llen o ddim yn Lostodwyr yn y gweithio sy'n rhanegu yr hynny. Mae'n meddwl yn er� supposed o siwyddo ond mae'n pechau ddweud i'n meddwl ganddoach wedi gwneud. Mae ydych chi'n mynd i'w ddweud o mewn ddeunydd? Roedd yna yn gallu mynd i ddweud o mynd i'n meddwl. Mae'n mynd i gyd yn gallu am steel yma sydd os yma? Yn owa, yng nghydfyrdd y gwaith, am y dataen mwy o'r ysgol, mae'r angen yna un o'r bwysnes. Felly mae'r meddwl yn amlwguro'r busnes oherwydd y nodi ar bobl. i ddim yn siŵr i gynnwg ychydig i eich cyfnod, i ddiffwistio i gynnwg y mhwyntau fydd yn iawn i gynnwg y gynnwg y mhwyntaeth i gynnwg y prgynghwyl i'w meddillio'r rai'r cyfrifod fa' gynnwg arall. Felly bod y gallai'n meddillio i'ch gynnwg, a gynnyddio y sgwpeth i ddifwistio'r sydd bwysig ddifwistio, i gynnwg hoffa i'w meddillio i gynnwg ymhyntlaeth a phobel, nad oedd ei ddweud y bwysigol. I want to be your conversation to be like this week. Now, we've engaged in several conversations, several people, and talking from all kinds of interest points of view. The last one last night was religious, asking us to talk about peanut peas and how the system and everything that we're celebrating over here helps people to build inner peace. But essentially I think participating always in this because Professor Strab is very much convinced that there is something that ethics and virtue can contribute to the business of Davos. And it's something that probably needs to be taken on more seriously, virtue in business that's paid. And our presence over here is to help people to recognize that. It's not one that business doesn't lose when it tries to get virtuous. Business has all to gain when it tries to get virtuous and to respond to some of these ethical demands. It's not to make the business disadvantage in any way, but it's to help it properly gain and gain on its response to society. When years ago, the Catholic Church for the first time wrote a document and recognized people's right to capital, it did that because it said people have right to capital because with capital then they decide freely to exercise responsibility towards the many others in society who need to be held. So the right to capital and the right to exercise any of this is an invitation to freely exercise responsibility towards the others. And that basically is how we fashion inclusiveness on inclusion in this regard. Amos, thank you. You have a hook for the time being. We'll come back to these issues. I'm sure. Let's move on to John McDonnell. The right honourable John McDonnell. Shadow Chancellor of the Exchequer of the United Kingdom. Honoured to have you here for your first visit, I believe, to our annual meeting. And it's a very timely one. Let's acknowledge members of the media from the UK here as well. Interesting debate at a time when the global economy is humming along and there's synchronized growth across most regions. And yet you have institutions like the World Economic Forum and the IMF on Monday just saying that growth isn't enough and you have to have good quality growth that supports inclusivity. But how do you balance the financial benefits with those needs to protect and build, protect people and build strong societies? It's interesting. I've only been here for 24 hours. And there's been this discussion about global growth returning. It isn't in the UK where our growth has been term graded by the IMF. But there's almost a sense of euphoria. It is extraordinary. And I think there's a sense of complacency. So one of the most important speeches in recent years is by the Pope at the European Parliament. There was a sense of frustration in that speech. That message has been given, but they haven't been listened to. And out there, I think beyond the Davos compound, I think many people, while we saw it in the Oxfam report, feel the markets have been rigged against them, not for them. And it's interesting. I just come with a message really, just a warning. When people in the depths of a recession, they focus on survival. When they're told we're coming out of that recession, growth is returning and they don't feel they're participating in the benefits of that growth. That's when people become really alienated and angry. I just warned the Davos establishment. There's an anger building out there that you need to recognise and deal with it. People have had 10 years of austerity since the banking crash, 2007, 2008. Wages have been frozen or been cut back. Many people have worked their way out of the slump, working hard, long hours for less pay, but paid their taxes and then they look and they get evidence from the Paradise Papers, the Panama Papers, that the super-riching corporations are avoiding their taxes on an industrial scale. That breeds alienation. No wonder people no longer trust the system. They see it as a contract and it is rigged. What we're saying and what many of us are saying now, that just has to be a radical new agenda where, it's exactly as the Cardinal said, where people share in the growth, share in the wealth, share in the benefits as the economic cycle turns, and it's simple. I'll run through it very, very quickly. One, it means basically pay a decent wage, a real living wage. It means allowing people to share in the profits when a company makes those profits. It means also giving people a stake in their company, an ownership of their company, and promoting concepts like cooperation as well. Secondly, I think it is about saying, people want their voice heard. They want to be able to have trade unions properly recognised and represented them, but they also want, I think, reform of governance, workers on boards, workers who involve themselves in determining the remuneration and also, I think, the final bit is really is the fair taxation system. I just say to the corporations and the super rich, pay your taxes. At the moment, there's a lack of confidence in the tax system being fair because of the exposures that have gone on. So I think there's a moral duty on those who earn more and the corporations who profit is actually say, we're going to reject tax avoidance. We're going to reject it as a concept. I think that their auditors and accountants maximise our tax rather than minimise it. And for the accountancy firms now, I think we almost need like a new Hippocratic O for them, where they sign up to being committed to tackling tax avoidance themselves rather than coming up with all these bizarre schemes to enable that to happen and then laundering money into tax havens. There needs to be transparency. We should publish our income tax returns. I do it. Jeremy Corbyn does. There's anyone in government who's involved in decisions around taxation, publisher income tax returns. I think wealthy people should do it as well. I think the corporations should. Just one final point as well. It's one that's been raised at Davos in the past and it's never really gone further. There's a view that, you know, for some time now a number of us have been campaigning for a Robin Hood tax whereby there's an extension of the taxation and almost like stamp duty on trading which would bring in funds that could then help us meet our development goals. Every time there's been an attempt at that on a global basis, it's floundered in some form. So it needs organisations to lobby their governments and governments to come forward with examples of them doing it. And that's what we've said in terms of Labour Party. We will introduce a Robin Hood tax and we'll use it to fund public services and also maintain our commitment to our development goals as well. I think in that way there might be a potential for changing the attitude of those millions and billions of people that we saw in the OpsFam report who are becoming increasingly angry that they're not being treated fairly by the system and that the system is rigged against them. John, we're going to have questions afterwards. I first want to bring in Catherine Garrett Cox. Catherine, you're a young global leader of the Forum's community. You're also the chief executive officer of Golf International Bank. You're a successful CEO and you've been at this meeting before and you were a co-chair in 2015, I believe, speaking about the same kinds of issues and the need for responsible business. This is a message which you're fairly quite clear on. We find ourselves in January 2018 listening to the folk like Larry Fink of Black Rock calling for a business with a purpose and a business needing to change and develop a social conscience that goes beyond CSR and has some real purpose and generates social value. Is that consistent? Are we going to be able to see a business play a positive role? Possibly to see some of the goals that Cardinal and John have outlined, just some of the wrongs that society face. Unsurprisingly, I'm going to argue yes. And actually to the Cardinal's kind invitation for business leaders, I think, to step up and take ownership of this, I think that probably the single biggest message I will return home with is that business leaders on the whole are stepping up, particularly the younger generation. And I think we recognise that we are a part of society and reflecting on the major global challenges today. Retric is fine, but I think finance will help address some of these solutions. My great passion is that I do believe finance has a very strong role to play as a force for good in both addressing and solving some of the world's major challenges. When you reflect on some of the conversations here this week, let's be very clear on the sustainable development goals that a number of people are hooking their business strategy to, are hooking their purpose to. On average, we reckon that they're going to cost between 50 and 70 trillion to actually address those challenges. And when you layer on the Paris Agreement, another 15 trillion, these are big fingers. So I think that there is absolutely a role to play. I think parts of the world is catching up on this. And I suppose, you know, I'm deeply happy that we have seen such significant growth in sustainably responsibly managed assets. In fact, they've grown by about 33% in aggregate since 2014. And what's interesting about that is that about 96% of the sustainably responsible managed assets are predominantly in North America and Europe. So there is a huge opportunity in the rest of the world to play catch up. Now, I find myself working for a Gulf Bank and this is a really interesting conversation in terms of how can we play a role in creating a sense of leadership and direction, hopefully to try to address some of these big global issues. But the reality is that it's very easy to paint business leaders into a corner as bad people. I look at, you know, this is a vocation as well and my great concern, if I'm honest, is that a bit like politics, you know, if we vilify business people for not doing the right thing when we truly are trying, we just won't end up with good people in business either. And I can't tell you how many conversations I have with the younger generation who just say to me, why would I want to do this? And my own view is that, yes, there are certain times and days when I question that myself, if we don't step up and take an element of leadership in this, then who will follow? So I think that we have an absolute duty to take responsibility, particularly those of us within the business community, and really hammer home the message that finance can be a force for good and we absolutely are committed to addressing some of the global challenges. Catherine, thanks. We're already halfway through, which appalls me in certain respects and a quick share of hands please. My boss got his hand up first. He's also my boss, so I'm going to let him ask the first question. Then we'll get the microphone over to the gentleman of the back row and the gentleman of the front row. Because of time, can we keep his questions focused on this session and the purpose of this session, please? Yes, very quick question. This meeting is co-shared by a Labour leader, Sharon Burroughs. Just a question for the panel. How important is it to get the voice of Labour up there into the international governance system and into international policy discussions? Voice of Labour. Can we whizz along the back row to... Jim, why don't you just shout as we can hear you? You've got a good voice. Oh, there you go. Microphone's coming. Last valuable second. My question is to the whole panel, but particularly to John. We've been doing pilots on basic income around the world, and it's been shown, and all the pilots that we've done, that it's a very good way of reducing poverty, increasing economic security and helping in particular women and people with disabilities. What are your views on the possibility of moving in that direction as a way of helping to deal with these issues? Basic income, great. Gentleman, front row. Can you remind us where you're from and who you work for or represent? James Burton from The Mail. I have a question for John. Obviously, you are here to point out that with global capitalism, you've previously been a sort of fierce advocate for other countries with other systems like Venezuela. Now, in Venezuela, we've obviously seen inflation at 13,000%, child mortality soaring, countries running out of... people running out of medicine and food. Surely, doesn't that not show that capitalism is the best solution to the world's problems and that you were wrong about in Venezuela? OK. So, John, is there any alternative models to capitalism? Let's start with international governance and the importance of having Labour represented on it. John, would you like to start that one? The last 30 years it's been interesting that there's been lots of structural changes in individual government arrangements for how they engage with people and also on international bodies as well. And it's in a number of areas where we've found that the structural changes has actually then closed the door to Labour being engaged in policy discussions. As a young man, of university, I worked for Trade Union and for the TUC. And it was interesting whether the Conservatives or Labour were in power at that point in time. The TUC General Secretary would have open access to number 10, there'd be dialogue, there'd be structural arrangements, discussions about development skills, etc. For a period of time, that ended. I think as a result of that, first of all, I think policy making wasn't informed by what's happening on the shop floor. It impacted upon policies around social mobility in particular. And in addition to that, I have to say I think we've all raised it, haven't we, this week as well. The proportion of wealth and reward going to shareholders greater now than it is going to Labour, the wealth creators I think is a worrying trend and there will be a backlash against it if we're not. That's why I think this reinforcement of trade union rights is absolutely critical, but also an openness by government now to allow the participation in the development of policy and decision making around policy to Labour representative organisations is key and that structurally built into international bodies as well is critical. You just learned the lessons of what's happening on the shop floor and your policies are so much better. What would your eminence's view of Labour unions be? I think probably it requires a suggestion just maybe in Labour to overcome the contrast and the opposition between Labour and investors and not simply talk about shareholders but begin to talk no more about stakeholders. If we include the stakeholders in the conversation then those who are interested in any industry become more than those who have put money into it so the shareholders and as the stakeholders would allow us to consider Labour force, the work that they put in and all of that. I would suggest that in introducing or considering the voice of Labour we understand or we accept to refer to them as stakeholders in every business not as opposed to shareholders feeling a job but they really are stakeholders in the business, they have stakes in everything that happens. Moving on to the basic income question Catherine, as well as being a banker you're an economist, do you have any views on this before we move over to John? No, I'm going to defer to John. Okay, where we're at guys standing ask the question and guys the leading expert on basic income. Where we're at in terms of the Labour party and that will bring forward reports of consultation. We're encouraging wherever possible experiments as well as pilots we'll be learning from the pilots that have already taken place in Europe. I know in Scotland there's a big interest in launching pilots there. There is a big debate around basic income or basic services and again we'll encourage that debate. For me and again I just refer back to Guy. Guy's work is around the precariat. We have a precariat that has grown as a result of to be frank, real exploitation. You know those cleaners on two or three jobs privatisation taken place in our public services forcing them onto contracts where they have low wages and insecure work and some of them now as a result of the fourth industrial revolution beginning to happen displacement of people from jobs. Having a basic income would give people security even in transitional phases in their life would give them security as well. So I think it is worth examining. We'll bring forward our proposals. Hopefully there'll be more pilots on that. But I'm deeply interested in the concept. Lastly, alternative models to capitalism then hopefully we'll have another round of questions. I can see somebody Mark, you got a microphone over here? John. I always get thrown this question about Venezuela. To be frank it's not that the issue is socialism versus capitalism in terms of what happened in Venezuela they took a wrong turn. They took a wrong turn because all the objectives of Chávez in terms of tackling inequality investing in education developing people's skills I think would have been successful if they had actually mobilised the oil resources to actually invest in the long term and yes working with private sector to take the wrong turn. And it's interesting they should have learnt the lessons of the UK as well because we squandered our oil resources as well we allowed private profit to take the benefits of that rather than as in Norway where they set up a sovereign wealth fund so I think in Venezuela they took a wrong turn and not a particularly effective path and not a socialist path but I say the comparison with what happened to the oil revenues of Britain and looking back now about what we could have done with those oil revenues building up a sovereign wealth fund as Norway did and that we could invest in our public services. So I think there's lessons to be learnt on the mistakes that have been made all round. All right okay so see some more questions sir and then lady in the back row and anybody else and gentlemen in the middle row that might be enough might be all of it please. Chris Giles from the Financial Times a question for John that you'd sensed in 24 hours a sense of euphoria and even complacency here the programme has deliberately tried to show to paint the opposite picture to the rest of the world. Do you therefore think that the business people speaking at the World Economic Forum are just doing it for show and giving a sort of show of responsibility to the world or actually their complacency having parties in the background? We just do a couple more questions to just be Donald here so please encourage my colleagues to jump in as well if they have any opinions. Lady in the back row not that we don't love hearing from you John. Jenny Gordon, Australia Productivity Commission I'm just interested in the policy in the policy options for dealing with the low productivity workers because we know jobs are better than not having a job at all even given the basic income idea and so should do wage subsidies work and the income tax credit. Do you think those are a good way of trying to tackle getting those people into the market? Policy options for wages and gentlemen here in the middle row Paola Cymru from Nairobi two very quick questions to Garrett and maybe to John for the last 45 years one of the things that people have been struggling with is how to move the devil's man from the mindset of being driven by the shareholder theory and no matter how much we talk about how businesses want to be good the bottom line of every conversation has always been the shareholder the shareholder very rarely as it shifted to the larger stakeholder and I don't know what is your shift there but I have a question to you to you John I know we are talking about free markets here but just two days ago we were talking about three markets and that is every business begins whatever wanting a free market but eventually every business wants to become the leading market and once they become the leading market they no longer care about free markets if anything they actually then use their power to now control the rest of the other actors and so do you think that probably you are a preacher who maybe needs to fold and go and preach elsewhere? Just on that last note our organisation is based on Professor Clyde Schwab multi-stakeholder theory so the whole essence our very being is not about shareholder value but it is about stakeholder value so I want to make that quite clear I think that is an important point to make so we have Mr Giles here talk is cheap why does the programme reflect the alternative to the euphoria that we are talking to? I think people are well intentioned I don't deny that I think sometimes they get swept up in almost a collective thought and the collective thought now is global growth has returned but they need the solitary lesson about global growth has returned statistically but where is that growth and where are the benefits of that growth growing and I think that is why there needs to be a much thorough understanding by politicians and business leaders about just what our people have gone through over the last ten years and also how they react to that experience look at Brexit as a reaction to that look at some of the populist politics as well that has taken place across the world and I think there is an avalanche out there of discontent and resentment in alienation if we don't address these issues I would like to bring you in Catherine to cover as much as possible let's come back to that conversation is it a normal year when you have the head of a $6 trillion fund talking about the need for purpose driven capitalism or is this genuinely shifting mindset which maybe hasn't filtered through to all the conversation in the congress centre but you've been coming for several years now are we seeing any kind of change at all? I actually think we are seeing change I think what's been interesting about this year is a lot of conversations are happening around the congress centre perhaps not necessarily in I've certainly been involved in a number of conversations about purposeful leadership and I don't think it's just talk I think though there are certain people who probably do hide behind the purpose box and maybe it is a bit of a marketing gimmick I think from a very personal perspective I think you need to be clear about your purpose overall but from a finance and business perspective it needs to come with pace and when you reflect back on the global growth question perhaps sort of tying it into that global growth is actually it's doing okay but I think there is a divergence as we've seen so if growth this year is going to come in at around 3.94% the fastest growth is going to be in the developing markets and I think that is clearly going to be an important trend that is where we've got some substantive global issues whether you look at gender equality, whether you look at water scarcity and I think business leaders need to be very focused on what they're doing to address some of these issues as we move forward but unsurprisingly I really do think that there is progress perhaps you don't see it on every single panel but I think in quiet conversations there is real resolve particularly from the younger generation that frankly we are deeply bothered about the world that our children will face and it is our responsibility to do something about it it is no longer good enough to blame it on our fathers and grandfathers we now have that moment and we want to use it well Do you think that emerging markets will leap frog some of the evolution of the business over here or do you think I'll take the same trajectory and go through that phase and take a while to come to this juncture where they understand the need for purpose driven capitalism I think that it's an evolution if I'm honest but I think let's not beat around the bush the session is about free markets trade and investment have driven that global growth in certain parts of the world the US particularly 2017 was a lost year for trade policy every country needs to play a role in this and I think 2018 is fraught with challenges whether you look at financial stress whether you look at geopolitical tensions but I think each of us sitting on the panel has a resolve to actually do something about it and I am very confident that we will address some of these issues together it's a cross society it's not one one segregation one group can fix everything John can we do you think very quick answers to the final two questions we're talking policy options and we're talking market power and concentration of market power in too few companies okay very quickly the issue around wage subsidies sometimes we've introduced wage subsidies just to tackle the problem of people falling into poverty as a result of low wages the solution is actually have real wages a real living wage but that means a minimum wage which is a real living wage but also to restore trade union rights so that we can restore effective free collective bargaining but also corporate governments reform so there's proper representation of workers and the decisions around remuneration and that way we can overcome some of the issues that we're now having to address about low wages with regards to the shareholder I go with you and what we want what we've been advocating for a long period of time is that the shareholders are moving into a stakeholder so that everyone has a stake in the company and therefore can share in the profits and share in the benefits of developing that and I think that's a debate that's inevitably going to come back onto the table in some ways that's some of the arguments that have been put forth by the Cardinal and the Pope themselves part of the issues around free markets as well just going to it is that we in many areas the free markets don't exist they've actually what we've seen is some areas monopolies and cartels being developed some time ago about entry trust laws etc much of that legislation has been eroded over time and we need to address that as well we have to respect schedules and it's a great standard that I call this session to a close I hope it's built a picture of how markets are and need to further adjust to meet the realities that growth alone cannot address so thank you all for joining us here today thank you for joining us in the room and thank you for watching this online