 This, as I've said, in many ways is a remarkable year. But it's worth going back for a second and remembering that 70 years ago, when Professor Schwab first founded the World Economic Forum, he talked a lot about stakeholder capitalism. And that concept was briefly fashionable and then went completely out of fashion for about four decades when the ideas of Milton Friedman and shareholder capitalism came in. But now, post the 2008 crisis, in the current pandemic, the concept of stakeholder capitalism has come back with an absolute vengeance. So what we're going to be talking about today is not just what it means for groups like the World Economic Forum. And congratulations, Quels Schwab, because I understand you have another book which is published just today. Do you want to quickly tell us what it's called for a second? Yes, it's stakeholder capitalism, a global economy that works for progress, people, and the planet. Right, well, now there's a iteration there and it sounds terrific, but we're going to be talking in this panel about what this actually means in practice. What can we actually do in 2021 as we hopefully emerge from the pandemic into better economic conditions and turn these noble ideas into tangible actual actions? So we have a terrific panel of people to talk about this. We've got Mark Benioff from Salesforce who's talking to us from Hawaii, Larry Blink of BlackRock who's talking to us from Manhattan, Christy Freeland from the Deputy Prime Minister of Canada who's talking us from far north and where I am sitting right now myself in New York, Kristalina Georgieva who's talking to us from Washington from the IMF and Brian Moynihan from Bank of America who's from Boston. So we're not quite global, but we certainly are connected by a video link in a way we couldn't have imagined before. So I wanted to ask each of you what you think 2021 is going to mean in terms of stakeholder capitalism, what it implies for sustainability and what in particular you suggest doing about it this year. But I'd like to start with you, Kristalina Georgieva and ask you from the point of view of the IMF, you came out this morning with economic forecasts which were moderately optimistic upbeat, certainly less completely depressing than the ones last autumn. How does stakeholder capitalism sustainability fit into that picture as far as the International Monetary Fund is concerned? Well, let me say that indeed the picture is brighter, we are projecting 5.5% growth for 2021 higher than we projected before. And for 2020, it is still a shrinking economy but shrinking a bit less, 3.5% than we thought before. So what we are looking for in 2021, what we are going to be watching in 2021 are basically three things, three R's. First, the race, the race between a mutating virus and the vaccines. And there what we want to see is more collaboration globally so we can win it everywhere. We do so, we gain $9 trillion over five years. Second, the result, and this is probably most important, the result of policy makers to continue to support, especially the most vulnerable parts of the economy, young people, women, low-skilled workers, so they can get through this crisis but most importantly, the result of businesses to take on a big transformation that Klaus is describing in his book, Capitalism that Works for Everyone. And for us at the time, it is critical that we see a future that is green and that is fair and inclusive, a job for everybody. And my third R for the year is to revitalize global cooperation. It was not up to par to what the world needs last year. So we want to see big issues like climate and wrestle together to overtake the big crisis hanging over our heads. And we also take the world to be much more concentrated on one of the threatening trends we see and it is the trend of divergence between rich countries and poor countries. And unless we work together, so unless they call the capitalism also works for globally bringing the world closer together, we won't be winners on the other side of this crisis. Right. I mean, can I ask you that, as you are trying to find a hopefully post pandemic path, how do you see sustainability issues actually playing into that? Because one of the great surprises was that in 2020, people who thought that the COVID shock would derail discussions about sustainability because no one had the luxury of time or money to think about it, those people who said that, including myself, by the way, we're wrong. COVID-19 actually accelerated that. But do you think that post pandemic, people are gonna be enjoying such a boom that they're not going to worry about thinking about sustainability or alternatively, the countries that do not have resources and there are so many of them right now simply won't have the money to fund green recovery or anything like that? It is one of the most positive surprises of 2020 and now the beginning of 2021. The pandemic made us more sober, I think. So we reevaluate what matters in life. In the very first round of fiscal stimulus, we did not see much attention to green and probably writing so. Then the issue was not to allow the economy to collapse. But now this is changing. We see in fiscal measures much more attention to integrating climate risks and more importantly, opportunities of the transition to the new climate economy. And the EU made it so very obvious with the new generation in you, but we are seeing these measures coming around the world and we want to encourage more of those. Where I am particularly positive is when people like Larry that is on our panel come and say, that is the future, there is no way back. And of course we at the front are absolutely categorical on climate. It is a fundamental risk to macroeconomic and financial stability and investing in the new climate economy is the best way we can boost growth and generate more jobs. So hopefully this is a term that we are all taking that is no way to go back. And of course, having US back in the Paris Agreement tells us that a big systemically significant economy is on the same path as we want, as Europeans are. Right. Well, I'm gonna turn to Brian and Larry and Mark in just a moment to ask them what they think about this from the private sector perspective. And I should say by the way that I am in spirit of this new egalitarian democratic age where we're all equal on Zoom using first names. So apologies. I see that we are a bit more informal this year. Even Professor Schwab is not wearing a tie. So that's something of a burst. So in that spirit of informality, I'm gonna turn now to Christia and ask you, Canada has indicated that you want to push for a green recovery and work with private sector in light of stakeholder capitalism to advance the sustainability agenda. In many ways, you could say that America is now following where Canada has gone first. But I'm curious, are you concerned as you try and do that and implement the kind of goals that Christina has laid out, that you're gonna be grappling with a potential social backlash because memories of the Gilles Jaune protests in Paris indicate the challenge of trying to both look at environmental issues and social issues at the same time. I mean, how are you going to balance off the questions of income inclusion, income inequality and these bigger issues of sustainability? That is a great question, Jillian, and you're absolutely right that the green element of our recovery is something we're building very energetically and it is key to how we see our recovery in 2021. But just quickly before I talk about that for a minute, I do wanna start where Christina started. And it's so important, maybe particularly in a virtual gathering like this one, to remember that COVID is still with us. And for me as a politician, a political leader, the thing I wake up thinking about, the thing I go to bed thinking about, the thing I wake up in the middle of the night thinking about is COVID and how we can crush COVID in Canada and around the world. Christina was very right to point to the variants as a new variable that certainly here in Canada has focused our minds even more intently on this fight against COVID. So that is the first priority and it's the 100th priority. And we see that battle as being of two parts. One is the health fight, getting vaccines, putting in place the measures we need to put in place to control the spread of COVID and bring the incidences down because we know that's a great way to prevent variants from spreading if you just have very little COVID spreading overall. But the second thing is, and here I like Christina's call for politicians to strengthen our resolve and stiffen our spines, we're definitely committed as a government to supporting Canadians and Canadian businesses for as much as it takes, as long as it takes in this fight against COVID. Because we know we can't ask people to keep on doing the really tough stuff they need to do to fight COVID if they don't have the economic support in place they need to do it. So we're holding our nerve and we also really believe that that's gonna pay off in the recovery stage because we're gonna have businesses that are still intact. We are going to prevent the kind of scarring that frankly we saw too much of in 2008 and 2009 and our economy is gonna be better positioned to come roaring back. So that's just a COVID moment, quickly on the green agenda. Look, our government has put a price on pollution across the country, a carbon price. We fought the 2019 election very significantly on that decision and we were reelected. So we really believe that we do have a national mandate to move forward. The Prime Minister and our environment minister in December put forward a really ambitious plan for Canada to meet and exceed our 2030 Paris targets and to meet net zero by 2050. So we are committed to that. And I'm gonna echo again, Kristalina here. I think what is so important in answering the essential question you asked Jillian about getting right the balance between green targets and social inclusion targets is to build a green agenda which is about jobs and people. And I'm gonna give you a few concrete examples because it's easy to say the words but how do you actually do it? So for us in my fall economic statement I put forward a few of the things we're gonna do to go green even as we create more jobs. We are going to have a program of home retrofits so more Canadians can have their homes be more energy efficient. That creates jobs, those retrofits. Canada is committed to planting two billion trees. One of the things that Canada can do, we have a lot of space is we can be a lung for the world. Planting those trees is jobs too. And I have to say it also gets Canadians really excited. It gives people a personal hands-on investment in what it means to be building a green future. And I've got to say I'm a constituency MP so I'm an MP for a neighborhood. The kids in the schools in my neighborhood their favorite thing to talk about is planting trees. A third example is we are committed to building electric vehicle charging stations across the country because people quite rightly say to us I'd love to buy an electric car but how can I do that if I'm not gonna be able to charge it on the way to getting to where I need to go. So those are a few concrete specific examples of how Canada intends to build a green agenda into a recovery and jobs agenda. Right, right. Well, thank you. I'm gonna turn to Mark Benioff actually because Mark has someone who's talked a lot about planting trees and other things in the last couple of years. And but I think last time we were in Davos together in person, you were talking a lot about the trillion tree initiative and aside from the fact that that's kind of a nice easy catchy thing for journalists to write about, it sort of indicates the fact that businesses are trying to reposition themselves to work with what people like Christina and Kristi are talking about as part of today called a capitalism. Can you tell us quickly, do you think there is a very significant change in the way that businesses have been viewing this in the last year with COVID that they feel that they have to provide solutions rather than just wait for governments to do that and is that going to stay in place in 2021, do you think? Will the pressure to act get even higher or do you look forward to the rest to go back and do your day job? Well, Gillian, it's great to see you and thank you so much for this panel and look, you have to look back. We have the master here, Klaus Schwab and you have to remember in the early 70s it was Klaus Schwab who defined stakeholder capitalism. I'm so excited that he has this new book because CEOs around the world need to realize that they must manage for all stakeholders, not just shareholders. And there has been a mantra for too long that the business of business is business, but today the business about business is improving the state of the world. And this is more important than ever, we realize that and so thank you Klaus for that. And we don't have to look any farther to that mantra than 2020 itself, the year of the pandemic. In the pandemic, it was CEOs in many, many cases all over the world who were the heroes. They are the ones who stepped forward with their financial resources, their corporate resources, their employees, their factories and pivoted rapidly, not for profit, but to save the world and just look at the many examples that we have whether it was the aggregation of PPE, building of contact tracing systems, the development of the vaccines themselves, the development of liquidity into the system to keep the financial systems floating, development of mental health systems to let people have mental health capabilities at critical times or even in your industry, Gillian, in the free press, they stepped forward to give us accurate timely information. This was critical that these CEOs delivered when we needed. Now there were bad actors as well, we know that. We saw in social media bad actors appear, CEOs who would not step forward to stop lies and misinformation and a lot of people lost their lives because of bad information that they read on those social media channels. And that was very, very much a dark part of 2020. But the highlight is the tremendous work that chief executive officers did all over the world. And I can tell you, this is not the first meeting that someone like Brian or Larry or myself are together. CEOs are gathering every week to figure out how can we improve the state of the world and get through this pandemic and look against the dysfunction, the dysfunction of governments and non-governmental organizations over the last year. They were not the ones who saved us. So the public is counting on CEOs to make the right calls on political and social issues way more than ever before. And according to the 2021 Edelman Trust Barometer, which was released just earlier this month, business replaced government, business replaced government and non-governmental organizations as the most trusted institution during the COVID-19 pandemic. I don't have to tell you all of these examples, you know them. I've read about them in AFT and many other places, but CEOs stepped up this year and it's a year that CEOs can be really pointed to as having a huge and positive impact on the world. Why is that important? Because the case for sustainability, the case that we are going to get a reduction in our emissions, the case that we're gonna be able to get to net zero in our organizations or as individuals, the case for us to get our plastic out of the oceans, the case to plant one trillion trees as Klaus so eloquently announced last year as a major goal of the World Economic Forum, whether it's the Friends of Ocean Action, a key part of the WEF community, whether it is the 1T.org program. And thank you, Canada, for two billion trees. Let me just say that, that's so exciting. But this is evidence that it can happen because CEOs are more committed to running businesses for all stakeholders, not just shareholders than ever before. This is a pivotal year to look at the evidence. We're not just in Davos giving the philosophy, we're actually looking at the facts. Right, I mean, I'm just curious. I mean, the Edelman survey, apart from revealing also by the way that trust in journalists has collapsed to the point where there's now higher trust in company newsletters than in the mainstream media, which some of you may regard as divine retribution, but it also indicates the challenge for us all. The Edelman survey showed that NGOs are regarded as ethical, but incompetent, governments as unethical and incompetent, and businesses as moderately ethical, but competent. Are you concerned that the growing involvement of companies under the stakeholder capitalism mantra is going to raise expectations for businesses so sky high that they can only disappoint in 2021, Mark? No, I think this is a breakout moment for CEOs. I think Klaus has predicted this for many years. I think we've talked about it in Davos for decades, but we would not be where we are in the world today without the outstanding leadership of many, many CEOs who did a heroic work all over the world to basically save their communities. They operate locally, they also operated globally. And it was a powerful moment for CEOs. It has not been written enough. It's hard to say that CEOs are doing a great job. This is not just about EPS. This is not just about shareholder return. This is about, did you make sure that your hospitals have the PPE they needed to protect their frontline workers? This is about, did your local community have the contact tracing systems? And now, by the way, you can see it. Great evidence to be able to do it with efficacy. By the way, that is not my only example. I have a lot of examples of great worth of Chief Executive Officers. And I really want to come back to Klaus. Klaus has always said, the power of the corporation is not just in the ability to generate money, but with the ability to contribute to society, to community, whether it's in volunteerism, whether it's taking care of your local public schools, your local public hospitals, taking care of the homeless. Now, I'll tell you, I didn't expect this, this is my first pandemic, so I don't really know. I didn't expect that there was gonna be when we are in Davos last year, that I'd be going home and two months later that my whole year would be obsessed with how can I use Salesforce to make the lives better for the world during this pandemic? But that's been my entire year, but it's not just me. It's many, many CEOs that I've spoken to and you too, Gilliam, I think we have to say it. CEOs are definitely the heroes of 2020. And just look, for example, at the Pharma CEOs, what they have done with the world's fastest development of these vaccines, which we badly need to get the pandemic under control and stop the spread before these mutations get any farther. Well, let's turn to a CEO who was all over CNBC this morning talking about both Brian and Larry were all over CNBC this morning. We're gonna start with Larry, talking about sustainability, climate change as part of stakeholder capitalism. I have never heard CNBC devote so much of the program to sustainability and climate change issues at all, I'd say they've gone from being quite skeptical to being really quite embracing. And Larry, can you tell us, how do you see stakeholder capitalism playing out this year from your perspective, running the world's biggest asset manager? Well, thanks, good to see everybody. It looks like everybody's healthy and safe. So we all should say healthy and safe. I think 2020 was a pivotal year and Mark framed it very correctly in talking about what businesses did to move forward. And in 2020, we saw an extraordinary shift in how investors invested across every industry. You see a widening gap between the best performing companies in industry and the worst performing companies in industry. So we are seeing investor preferences changing and much of it has to do with stakeholder capitalism and how a company and their leadership and board are navigating themselves. And I believe that the differentiation between company A and B in every industry is really changing how investors are beginning to think. And we're seeing now valuation shifts. And that is because of company's role on their stakeholders and how they are building a better community around their stakeholders. In 2020, you needed to spend a great deal of time on your employees. At the same time, we saw very big instances in the United States related to racial inequalities. And so, and Brian speaks about that quite extraordinarily well, but this is, that's thrusted upon us and what role we are playing as leaders. And that conforms to what Mark was trying to say, the role that CEOs had to play. And it wasn't just a role that CEOs had to play related to sustainability, but it was also on the S issue. And let's be clear because of the pandemic and the inequalities from the pandemic. It's hard to measure what you're doing on the S side of ESG versus what you're doing on the sustainability side because they intersect. And companies that are focusing on everything are the leading companies in each industry. I think the most important change that we are seeing and we saw that existential risk of health because of COVID that set the framework of the existential health of the world. And this is why we're seeing more and more in terms of investing. But as more and more companies report on TCFD and SASB and other forms that we have better transparency in every company, that transparency in itself is going to allow capitalism to flourish more, not better. So let's be clear. The transition that we are going to be undergoing related to sustainability is a huge economic opportunity. We're gonna be creating new technologies, new industries as other industries are gonna become less important. But let's be clear. Let's focus on a society's acceptance to create new jobs, to create new technologies to move forward. We're gonna need $50 trillion of investing to get to a net zero world. And so it's not a small price tag, but the opportunity's gonna be large. But let me just end it on the most significant change that I see for investors. And that is more companies report and we have better data at each corporate level. We're gonna be able to customize and personalize portfolios. And the era of just looking at a FTSE or a MSCI or a S&P index is evolving. More and more of our clients are saying, can you design a customized index that meets better sustainability efforts or maybe better S efforts or whatever lens that is important to you as an investor. And this is, and if you're not included in those new customized indexes as a CEO and a board, your company is gonna have less demand on your shares. And you're gonna see a further gap between the successful companies and the unsuccessful companies. And to me, and that was a big message in my letter, we all have to wake up to this idea that not only technology is changing how we live and how we work in the future, but technology and investing in data and analytics is changing how we invest. And that will transpire into a huge differentiation between companies who are moving forward and companies who decide to, and purposely decide not to do much. And we're gonna be seeing that in valuations. And so I talked about this teutonic shift, that's happening and it happened dramatically in 2020 and it's only gonna accelerate in 21. Right, well, the tectonic plates of the world are changing in many ways right now. But of course, none of this vision that Larry's laid out works unless you can actually measure it and report it. So I'd like to bring Brian at this point because I said right at the beginning, let's try and turn some of this into tangible action points rather than just words. And you've been working on an initiative to try and get the deeply unglamorous issue of accounting center stage in this debate. As somebody who covered credit derivatives in the early part of this century, I used to complain, I couldn't imagine a place with more acronyms than the world of credit derivatives. And I've now discovered one, it's called ESG accounting. We've got all these TCFDs, SASBs, GRIs, you name it. So Brian, can you give us any hope that out of this complete mess of standards to look at stakeholder capitalism, we're gonna see any more clarity this year? Good morning, and thank you for convening us today. Klaus, congratulations on your book. I think you need to step back a little bit and listen to what was embedded in a lot of Mark comments and Larry's comments and in a bit about corporations. We have a 50 year record of Klaus driving the concept of stakeholder capitalism. You've had a lot of discussion over the years about capitalism has to change or be aligned or do things differently. And then you have Larry, one of the largest and great investors in the world saying, hey, we see the difference between companies that do capitalism the right way and companies that don't. So the question really is, so how do we tell that difference and how do we think about that? So we started on an endeavor about two years ago now and it's been accelerating to really define what stakeholder capitalism was in a metrics to measure by that could be universal among industries that could be driven from companies who want to do the right thing, as Mark said, who wanna show they're doing the right thing and wanna be incented to do it and also how to countable to do it. And so we now have with the big four accounting firms and the World Economic Forum colleagues driving it, we've got a series of 21 metrics that go across all the SDGs, it's sustainable development goals cause simply put, if we have to have profits and deliver for society, society has totals what they want, which is the SDG goals and implemented. And those goals now are out there. And so we have 62 companies signed on as of this morning. Those are major companies with 7 trillion a market cap and millions of employees around the world who are saying, hey, I will hold myself accountable to live up to this stakeholder capitalism decision point that define capitalism as being a solution rather than anything else. And frankly, to provide the capital and the ingenuity that nothing but capitalism can supply to solve these problems. And so that measurement system, and there's many out there, the idea is to converge these together and get the standard in Larry's, Clarence led this morning that we got to get to one, maybe not literally one, but closer to one so that we can actually do the work as opposed to talking about measuring the work. And I think that's what we try to do. But remember the key thing about this all the way back to Mark's point, these are CEOs saying, I believe in my share, my investors believe, I believe my employees believe, my customers believe in stakeholder capitalism. Here's how you can measure me and I'll lay it bare every year in the disclosure. Right, so, I mean, will we get one or two systems, do you think, in the next year or two? I think you're seeing converges already, you're seeing some mergers of the enterprises that do this. You're seeing colleagues like Larry and Ronald Hanley and others who have big stakeholders with capitalism. Remember, we're a big investor, we have $3 trillion, we're pushing forward, our research shows. So I think you're getting that convergence. But let's not get so focused on that aspect and back up to why. We're doing this because we need $6 trillion a year for the SDGs to be implemented. The only way you'll do that is private companies are driving it because we have the money and we have the innovation and we have the customers and we have the product innovation and the change that we can drive the gesture transition that Christian talks about or as Christian talks about, we have to drive it, this private industry. If we don't, okay, we're not doing the right thing, but B, you won't just have the money, you need to actually get there. So I'd be less worried, we got to drive convergence but I'd be more focused on the efforts of the companies to actually make it happen. Right, right. I'm curious, I mean, we've got some questions I'm going to turn to in just a second. Before we do, Professor Charles, do you want to jump in, Christian or Christian? I just very quickly, I would love to hear from Charles, but I just quickly wanted to jump in with a couple of thoughts responding to some of the things we've heard. And the first one, which you may say sounds surprising in the mouth of a politician. But I think as we talk about all of this stuff, as we talk about the challenges of 2020 and the challenges of 2021, political leaders, leaders of great international organizations, CEOs, international journalists, we need to approach this with real humility. And for me, part of that humility comes in really kind of deeply appreciating that from my perspective, the true heroes of last year and the heroes today are the frontline workers, frontline healthcare workers and low wage essential workers. There are people in my country, in all of our countries, right now who are on COVID wards, risking their lives to treat other people, going through like, if you talk to healthcare workers, going through just real emotional and moral pain as they have to be with someone who's dying alone because of COVID. Some of the lowest paid workers in all of our economies are the people doing essential jobs who have to be out there and have contact with other people. And so I just wanted to be sure, even as we talk about the important jobs, all of us are doing, that we really center the conversation in the work those people are doing. Well, Christia, thank you. Because in fact, one of the questions before I come to class is actually very well put from Christy Reed Wiersuria, who's, her question is this to all of you, while we all agree on power of corporations, we cannot ignore the fact it's yet to be an inclusive growth. The products and services are still exclusive. And although we're in the same storm, we're not in the same boat because some of us are drowning. How do we break this vicious cycle? I think it's not the question you normally get at Davos because we normally don't open it up to wider non Davos members, but who would like to jump in? I'll start just by saying that the question is, how do you run your company and how do you have it? So we crossed the $20 an hour in 2020 when there was great pressure on us to produce profits and our rivers are down. So we have all teammates started $20,000 in the US context, it's 42,000 plus full benefits. That was 15 to 20 across the last three or four years. Then to the point in COVID itself, extra bonuses, extra money, extra care taken to Christy's point for the people working in branches that are out there supporting the economy every day, people think the healthcare workers are critically important, but also you just have that. So the idea is as large employers and as employers, we have to take care of our teammates. And we took a teammate-centered, customer-centered view of this. And that was really about protecting them and paying them well, and I think that's how we do it. So where we get our teammates from go into Larry's earlier point about racial and social justice. Many CEOs are now doubling down on our efforts to skill colleagues that need skills to get their career jobs in communities all over the United States in particular. We're driving that. Many of our colleagues are starting internships and other types of programs they never started before. Those are critical things that large employers can do and that pulls people into opportunity. And then our core diversity, again, which is disclosed in the metrics, which then says in a company like ours that, in an industry like ours that pays well, the more blacks, Hispanics, women that get to the top, you're going to have higher pay and opportunity opened up for people. So it's how we run our companies and it's how we run our businesses. And I think that's the only to close it down is just to put the standards. But if we disclose our diversity at all levels in our company, you will get that diversity done. That's what the metrics become important. Prostylina, I see you jump in because of the course, it's not just in rich countries that poor parts of the population are suffering. What's happening in the developing world right now is frankly horrific looking at the statistics. So we know from past experience that a pandemic leads to increase in inequality. And this one is particularly damning because it is so overwhelming within countries. We clearly see part of the economy doing very well. Those employed in it are flourishing and another part really collapsing. How we can build transmission lines between those parts of the economy that are doing well and opportunities for where they are currently lacking. We need governments to have that redistribution role and it would be even more important for companies to do the right thing for governments to do the right thing. How we create access to opportunities through digitalization. So young people, women can borrow money and start their businesses be part of a vibrant capitalism that we are talking here about. This would be so pressing. And then we have the low income countries we need to clearly step up action to support these countries. Just to give you the numbers they're really staggering in advanced economies in rich countries. We port 20% to GDP in support during this crisis in poor countries it is 2% of GDP. And that GDP is highly. So I see for all of us a role I actually would argue that we need all hands on deck. We need business to do its part, do it right. We need governments to do their part. And by the way, talking about heroes Christina is not going to say that but central bankers, finance authorities they also played an incredible role to sweetly pour support so we don't see massive bankers is an employment. And we need that sense of we are in this together in this world to build it. And then we would have capitalism that flourishes for all. Right. Well, I see that Professor Klaus has had his hand up patiently with like in primary school these days or we all have to put our hands up to speak to say something. And since we're almost out of time I think Klaus you should have the last word. Chilean, I think we should also make a differentiation between stakeholder capitalism directly applied to your corporate actions. But so is another level which we haven't touched really upon which means corporations working together whole corporations, consortia of corporations usually working together with international organizations or with governments to address the big social issues which we have in the world or environmental issues. I think Mark is a good example. For example, with our ocean initiative with one trillion tree initiatives and so on. So we will have to move also how to measure those commitments which are maybe more difficult to measure but what I have seen in the last months during the crisis. So for me it's about 50 different projects or initiatives. We never have seen such an engagement of large companies as we do now in the crisis, which is a very good sign. And now they are doing the companies are doing it not for a white washing or green washing or whatever. They are doing it really out of a motivation which comes from the heart and from the conviction that a company is not just an economic organism but a social entity. Right, well, thank you very much indeed. Apologies to the people who sent questions because they were great questions asking about all kinds of things about whether in fact being green creates more jobs, not less. We had a question about the media and about misinformation that's on a lot of people's minds. We had other questions to do with CEOs and apologies I couldn't get to them but thank you to everyone who did watch. Thank you to everyone who's taken part. It's been a very interesting discussion. Best of luck in turning these words into tangible action that helps not just people watching but wider society. As Christie said, we are indeed in, we might be in the same storm but we're not all in the same boat and we need to be mindful of that indeed. And in the meantime, I just hope that by this time next year, some of Christina's more upbeat projections will have actually played out. The economy will be recovering in a way that benefits us all and we may even be able to get to the mountains and the snow and see each other face to face. So thank you all very much indeed.