BUSINESS LEADERSHIP TO BUILD TRUSTReport from the IBLF Trust SeriesSeptember 2012

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• Foreword

• The IBLF Trust Series

o The Time to Act is Now

o The Trust Landscape

o Smart, Inclusive, Responsible Growth Builds Trust

• Themes from the Trust Series: My Business, My Industry, My Society, My Leadership

• Moving Forward

• Conclusion

• Appendices

o IBLF 10 Point Leadership Agenda

o Acknowledgements

Contents

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“The International Business Leaders Forum (IBLF) believes that business has a critical role to play as the primary driver of economic progress in the world, through delivery of products and services, economic activity, jobs, wealth creation, enterprise, growth and societal transformation. In order for business to become more and more trusted to play this role, it is imperative that the growth that they drive is smart, inclusive and responsible and that business leaders recognise and respond to the needs of the wider society within which they operate. From this trust, greater opportunities for positive impact will arise.

In a time of uncertainty and volatility more and more business leaders are prepared to stand up and be counted and play a greater leadership role. They do this primarily in the context of their own organisations and the drive to make them successful. They see a direct overlap between core business activities and the potential for societal good. They are also increasingly seeking to collaborate with each other to make a greater difference. Ultimately they wish to work more effectively with government and civil society to optimise the positive impact that they can have. These business leaders play a key role in the development of the global economy and the lives of millions of its people. ”

Mark Foster, Chairman, IBLF & Clare Melford, CEO, IBLF

“Collectively, the private sector has genuine and significant power to influence the path of human development. Yet, in the aftermath of the global financial crisis, we know that public trust in business has never been so low. Research carried out by Deloitte and the EIU in late 2011 nevertheless reflected a belief from survey respondents that business has the greatest potential of any sector in society to effect positive societal change. Business leaders who genuinely commit to promoting wellbeing in society have enormous potential to make an impact on the biggest challenges facing the world today. In today’s global economy, it is up to us as leaders to envision and deliver outcomes that enable more people in more places to flourish and prosper as a result of our core business activities – day in, day out.”

Steve Almond, Global Chairman, Deloitte Touche Tohmatsu Limited, 2012.

Foreword

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In response to widespread concerns about declining trust in international business, IBLF initiated a series of roundtables for business leaders, entitled the Trust Series. This topic is of particular concern as it comes at a time when the potential for business to contribute to addressing major global environmental and social problems has never been greater. Business cannot fulfil this wider leadership role without public trust in its motives and actions. At the same time adopting a leadership role in wider society will start to build public trust in the positive potential impact of responsible business as a progressive agent for change.

The objective of the conversations was to explore the opportunities that business leaders, in their various markets and industries, have to communicate the positive activity already underway and to tackle some of the key challenges impacting trust in business and its ability to thrive and benefit wider society.

Representatives from over 30 companies across a range of industries, drawn from IBLF’s Leaders Council, partner companies and wider network, shared their experiences and insights. The purpose of this report is to highlight the key themes that arose from these conversations and to outline IBLF’s proposal for a 10-point Leadership Agenda. This highlights key areas where business can focus its efforts to build trust and thereby enhance the contribution that business makes to society.

The Time to Act is NowIn a world where there remain real issues of inequality, poverty, unemployment, scarcity of skills and unrest, and where climate change and dwindling fossil fuels, clean water and other natural resources all threaten our future security, how can business leaders help to chart a course towards growth that is sustainable in the longer term?

It seems apparent that our current structures and partnerships (across business, government and civil society) are not adequate to guarantee a flourishing society in the future. There is enormous potential for business to contribute to finding solutions to the many issues that need tackling, alongside and in collaboration with other sectors. To achieve this business leaders need to have the courage and capability to step up and take a more proactive leadership position, bringing the private sector’s unique skills, and experience to bear.

It is also clear that business needs to earn public confidence and respect, not just to conduct its normal business operations, but also to lead in this space. Trust in big business is at a crossroads.

From IBLF’s conversations with business leaders there is an overall sense that, in many parts of the western world at least, the combination of the extended global downturn, the lack of evidence of growth and rising unemployment, the blame game with the financial services sector and the high profile cases of shareholder disagreement with CEO remuneration has created a particularly toxic mix. Public scepticism about the motivations and trustworthiness of big business is growing in many parts of the world.

In the wake of the global financial crisis there have been calls from many quarters for business to rethink current business practice and do more to address the crisis. The FT’s series, ‘Capitalism in Crisis’1 , put the spotlight on plummeting public support for the banking and finance industry. Other business commentators have called for reform of management and governance practise to counter short-termism (Dominic Barton, Global Managing Director of McKinsey2), for business to do more to create jobs and address the employability crisis (HJI3), for acceleration of the current incremental pace of change and for action to combat short-termism in business thinking and practise (Al Gore and David Blood4) and for business to rethink how it interacts with society (WEF5).

1 Financial Times, Capitalism in Crisis, January 2012,

http://www.ft.com/intl/indepth/capitalism-in-crisis

2 Dominic Barton, Capitalism for the Long Term, Harvard

Business Review, March 2011

3 The Henry Jackson Initiative,

http://henryjacksoninitiative.org/

4 Al Gore and David Blood, Sustainable Capitalism, February

2012, http://www.generationim.com/sustainability/report

5 WEF Global Agenda Council on the Role of Business,

‘Defining the New Business Covenant’, January 2012.

THE IBLF TRUST SERIES

Introduction

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The Trust LandscapeThe 2012 Edelman Trust Barometer6 gives a mixed picture of the level of trust in business, particularly in developed markets. In most places around the world trust in business is falling and less than 50% of the population trusts business to do the right thing. The picture is worsening year on year.

Interestingly, the Barometer indicates that what confers trust is changing. Innovative products and services, delivery of consistent financial returns and admired leadership are the factors upon which people base their current level of trust. What is significant is that business scores fairly well on delivering against product and profit expectations, but there is a much bigger gap between expectations and performance in areas which are seen as important for building future trust including: social responsibility, ethical practices, transparency, treating employees well, putting customers ahead of profits, addressing societies needs and protecting the environment.

It is also clear that there are some fundamental shifts that also have implications for how large businesses need to think about building and maintaining trust. These include: increased transparency through social media and internet connectivity, unprecedented declines in trust in governments and CEOs, and a shift towards trust in peers.

The reasons for the decline in society’s trust in business are well documented. In Western Europe, a financial then economic crisis and its fiscal burden on governments have limited governments’ ability to deliver services while saddling future generations with debt. Youth unemployment is at an all time high and becoming a chronic problem. This is combined with examples of corporate misbehaviour and growing disparity of pay levels.

It is easy to dismiss this concern with declining trust as a western issue, but according to Edelman more than 50% of the global economy is experiencing declines in trust. In India endemic corruption and employment are the key concerns, both issues where business activities have a major impact. While trust in business is less of an immediate issue, there is public anger at widening inequality and corruption, mostly directed at government but business is also implicated. The picture around the world is by no means even however, with some emerging markets

6 Edelman 2012 Trust Barometer, http://trust.edelman.com/

experiencing continued positive perspectives on business as a force for good. This creates an interesting dichotomy between the different markets.

For global businesses these issues are compounded because they are operating in their home markets as well as in markets where trust issues are tightly interwoven with unfamiliar business cultures, political systems and societies. Western multi-nationals operating in markets where corruption is

Significant Findings for Business from the 2012 Edelman Trust Barometer findings:

Trust in Governments declined: In 17 of 25 countries surveyed government is now trusted by less than half the population to do the right thing. This is the biggest decline in trust in government in the Barometer’s history.

Credibility of CEOs dropped: The biggest drop in CEOs as a ‘source of trusted information’ in the Barometer’s history, from 50% - 38%. This drop has been greatest in mature markets.

The picture varies greatly by region: When asked: “How much do you trust business to do what is right?”, India scored above 50%, US below 50%, China increased from 61% to 71%.

The results vary by industry: Technology remains the most trusted sector, with Banking and Financial Services the least trusted.

Support for more government regulation of business: 49% of respondents believe governments do not regulate business enough. Almost 30% want government to protect them from irresponsible business practice and 25% want regulation to ensure responsible corporate practice.

NGOs remain most trusted institution globally: Trust in NGOs has surged in India and China.

Trust in social media surges: Trust in new media rose by 75%, combined with an increase in trust in ‘someone like me’ rather than political or business leaders.

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rife or where it is harder to trace the source of raw materials, lay themselves open to potential exposure in their home markets. In addition, emerging market multi-nationals, which have ambitions to become truly global players, will be faced with drivers of trust in new markets that may be very different from those they are accustomed to. They may find themselves open to increased scrutiny from NGOs or faced with protectionist responses from governments.

Nevertheless, despite declines in trust across business as a whole, research shows that many companies are probably deluded about how trusted they individually are with 73% of companies believing that they are more trusted than others in their industry. While many of the industries reported levels of trust at 70 and even 80%, the conclusion from the research is that this does not seem to tally with the reality of stakeholder surveys.7

Smart, Inclusive and Responsible Growth Builds TrustIBLF’s premise going into the Trust Series was our view that there is a pressing need for business to take an approach to building trust that starts from an examination of the core purpose of the business and that trust follows from a focus on business models that deliver smart, inclusive and responsible growth.

The day-to-day ups-and-downs of trust, related both to one-off events and to individuals’ experiences interacting with a company, can be set against a ‘background trust level’. This is strongly related to the perception of the balance between the money the company, its executives and its shareholders are making and the benefits to society of its activities (through the taxes it pays, the people it employs and the impact of the products and services it provides), less any negative effects such as worker exploitation and environmental degradation. In short, companies can prosper as long as the societies of which they are an integral part also prosper.

7 Accenture Podcast Series, “Managing the Scarcest

Commodity of all: Driving Value from Trust”, 2010 -

http://www.accenture.com/gb-en/Pages/driving-value-from-

trust-podcast.aspx

SMART, INCLUSIVE AND RESPONSIBLE GROWTH

If innovation, technology and behavioural change can be channelled to reduce resource use and system inefficiency, and we can shape effective regulatory environments and root out corruption, we can drive more growth with less – This is Smart Growth.

If we can invent more inclusive business models which consciously include the world’s “have-nots” as employees, suppliers and customers and put enterprise at the heart of our social investments, we can engage more of the world in the growth that results and make it self-sustaining – This is Inclusive Growth.

If we can target our growth in products and services so that it adds real value, utilises resources wisely and builds social cohesion, and by doing so shifts unsustainable patterns of consumption and production, we can drive a higher quality of growth for the long term – This is Responsible Growth.

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There are rising expectations that business leaders should be prepared to make a contribution to solving society’s big challenges. This is supported by an EIU survey of executives across Europe, USA and Asia-Pacific where 71% of respondents said that the value of a company should be measured by more than just profit8. A poll by Deloitte also supported the view that the “Millennials” generation of employees often reject profit as the sole measure of business success and place emphasis on the potential of business to solve society’s most challenging problems9. These combined findings suggest that business leaders have an opportunity to put societal purpose at the forefront of their thinking.

8 Information included in this document from the EIU Societal

Purpose Survey are © 2012 The Economist Intelligence Unit

Ltd. All rights reserved. Whilst efforts have been taken to

verify the accuracy of this information, neither The Economist

Intelligence Unit Limited nor its affiliates can accept any

responsibility or liability for reliance by any person on this

information.

9 Source: Deloitte Touche Tohmatsu Limited, The Millennial

Survey 2011, January 2012.

Action to build trust can be taken as an individual company, through collaboration among companies in a particular industry sector or cross-industry, often involving civil society organisations. Business leaders must consider the industry in which they operate and indeed the state of ‘brand business’ in total when they seek to improve the trust the public has in their company. However great a company, it may be tarnished by the image of its industry sector as a whole. Hence many companies engage in industry-wide initiatives to boost standards. Nevertheless, industry-wide responses alone can raise suspicions of self-interest, a problem often faced by industry associations. Hence sector-specific initiatives are complemented by coordinated approaches from businesses across different industries. A cohesive business voice clearly articulating the wider benefits that businesses are bringing to society by virtue of and outside of their core products and services, especially when brokered by neutral parties, can go a long way to rebuilding trust in business overall.

Building a trustedcompany

Building trust in the industry

Building trust in business as a whole

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Trust - A Universal Concern?• From IBLF’s discussions there was complete

agreement that trust in business is an issue in the UK and Europe, but that one must be specific about which market and trust from which part of society. A company needs to be trusted to “do” differing things by different stakeholders, and this will also vary by sector and region.

• In the UK and Europe, the scale of the economic problems and declining prospects of employment and prosperity, combined with negative press about individual businesses, has led to a popular feeling of lack of fairness and distrust in business in general.

• Declining trust in business was seen to be closely tied to growth prospects. Building trust in a low growth economy is harder than when the economy is growing. In other markets where global business is increasingly focusing and where there is high growth, the deficit of trust is not perceived to be as much of a problem as it is in Western Europe.

• There was a strong view that international companies with choice will tend to focus their operations in high growth markets. This will bring other challenges, for example in the technology sector ‘trust’ issues such as data usage and digital confidence are very much global, and countries such as China need to be part of the conversation.

• Trust also varies by industry. For example, at the moment trust in the technology sector is relatively high compared to a lot of other industries and business sectors. However, it is unclear how long this will continue, and the stance leaders take will play a big part in determining how the sector is perceived longer term.

My Business - building a trusted company• It was widely agreed that it is important to

define business as a socially responsible organisation and to move away from Corporate Social Responsibility as an add-on. A corporation has no choice but to take trust-building seriously and that this requires honouring the social contract at multiple levels.

• At a time when in the UK at least, CEO pay is seen to be out of hand and the compact between leaders, workers, suppliers, customers and the general public is breaking down, there is a need to renew the compact between business and society.

• There was a sense that some factors such as financial performance and delivery of products and services are essential conditions for trust to exist, while others really build trust and differentiate a business from its competitors.

• Growing transparency and the influence of social media, along with the increased tendency for the public to trust the messages they hear via these channels, is undermining the attempts of business to deal with trust issues in the way many would have in the past – through sophisticated communications, PR and reputation management strategies. Instead, increased transparency puts the focus on building trust through the consistent actions of a company, actions that are shown to benefit society. Over time, such actions will lead to the building of trust.

• Unprecedented transparency also means that companies cannot avoid sharing their ethical dilemmas. There was a view that often the best policy is “to be public about the struggle to improve” rather than to engage in ‘trust wash’, namely treating trust building as a PR exercise.

• Improved communications is only the appropriate approach to trust building if a company’s core business is in order. If there are problems in the core of the business operations and culture, what a company does to communicate social investment or other such programmes at the periphery is irrelevant.

My business, my industry, my society, my leadership

THEMES FROM THE TRUST SERIES ROUNDTABLES

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• Collaboration, defined as the ability and willingness to partner with others, was felt to be critical in many industries - the technology and the extractives industries were both mentioned. It was felt that this was perhaps the most overlooked driver of trust for business. The importance of a strong relationship with the NGO community, in whom the public for the most part still retain high levels of trust, was emphasised.

• Employees are becoming more and more important as ambassadors to build trust, therefore doing business in a way that truly builds their confidence in the positive impact of the business can go a long way to building a trusted company.

• While clearly the best way to build trust is to prevent crises, there was nevertheless recognition that sometimes crises happen and how a company responds is critical. Trust levels can shift very quickly in a crisis and a massive effort has to be made to restore trust by taking action on three fronts – financial, ethical and reputational. It is important to balance the operational versus reputational responses and to communicate in a proportionate way. It is essential to be clear about commitments to the public and to stick to long term commitments. Rather than a time to forget, crises should be something a company never forgets.

My Industry - building trust in the industry • However trusted a company is, it may be

tarnished by the image of its industry sector as a whole. Levels of trust will vary from company to company but if some businesses in the industry step outside the boundaries of what is deemed acceptable, they can damage the reputation of the sector as a whole. Trust in a sector is undermined through a gradual corrosive effect (driven by behaviours over time) rather than through any single action on the part of one company.

• Hence, many companies engage in industry-wide initiatives to boost standards. To be most effective these collaborations may require the presence of organisations outside the industry who are committed to working together with business to improve business practice and to communicate these improvements.

• It is crucial for businesses to engage with governments proactively, to ensure that appropriate regulation is put in place at the right time. Therefore it is important to educate governments about the economic and societal benefits of the particular industry sector, and where appropriate for industry to pre-empt government intervention by adopting positive codes of conduct.

• There is some evidence of increasing interaction between government and business, although there are still very few examples of meaningful collaborations between the two parties. The way these interactions are managed is also essential to building trust, and companies need to avoid being perceived as self-serving. Therefore a collaborative, multi-stakeholder approach will often be the most effective route.

• There is a clear need to develop thinking and collective codes in areas of business where there are moral and ethical tensions. One particular example is the digital economy where it was agreed that a more informed, mature conversation between consumer and business is needed. The digital economy needs to be more open and transparent across all sectors and across all geographies.

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My Society - building business-wide trust • Global business is under the spotlight and

business leaders need to be actively involved in shaping a new way forward.

• Progressive businesses are tackling many issues individually, but there is an urgent need to coordinate approaches and to accelerate public/private collaboration to make more rapid progress.

• There was considerable agreement that employability, job creation and employment are the societal concerns where business should be looking to have a significant impact at the present time. The point was made that these can only be tackled in the context of innovation and competitiveness. Different industries will have impact on this issue in different ways e.g. for banks the financing of SMEs can make the biggest contribution.

My leadership – taking initiative and making a difference• A few contributors were of the view that

business cannot do much to change things where there is weak leadership from governments, but this pessimistic view was challenged by many others who agreed that lobbying government to change or passing the buck to them is not a powerful position for business.

• While there is often a temptation just to get on with day-to-day business activity, the predominant view was that a more proactive stance from business leaders, either individually or collectively, is required. For trust to exist it is critical that they are seen to be ‘choosing to do the right thing’ rather than ‘being made to do the right thing’. They need to be seen to be accountable and to ensure than they take the right stance on emerging issues. They cannot afford to be seen to be acting in self-interest alone.

• There was a strong encouragement not to duplicate effort or invent new initiatives or create unwanted extra noise. Working with existing organisations was the recommended path for IBLF.

• There is a significant opportunity both to recognise the positive activity already underway and to communicate clearly with the wider world about the positive intent and impact of business, while at the same time to inspire business leaders to tackle some of the key concerns and challenges head on.

• Despite a view that trust may be a western-centric preoccupation, the importance of bringing the BRIC business leaders into the discussion as equal participants was stressed.

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As part of the Trust Series, IBLF crafted a 10-Point agenda for its work with business leaders, which was tested during the dialogues (see Appendix). This constitutes a statement of intention of the priority areas for business leaders to tackle if they are to deliver smart, inclusive and responsible growth and thereby build trust. The 10 points highlight potential areas for coordinated action by individual companies, industry sectors or within a particular region.

While recognising that this agenda is not straightforward, and that businesses do not have all the answers, IBLF supports and encourages business leaders globally to make progress in the 10 areas outlined in its agenda.

Moving Forward: IBLF’s 10 Point Leadership Agenda for Smart, Inclusive and Responsible Growth

1. In

nova

tion and Entrepreneurship

2. R

esponsible and sustainable products & service

s

3. Jo

bs & employability

4. L

ong term sustainable w

ealth creation

5. Enlightened leadership

6. E

thics and integrity

8. C

olla

bo

ration with business, governm

ent and civil soc

iety

9. P

ropo

rtionate executive com

pensation

10. T

ransparency and accountability

Sm

art,

In

clusive & Responsible Grow

th

License to Operate through Tru

st

7. R

easo

nable and explicable levels of tax

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This is a crisis that affects not just the costs of doing business for individual businesses, but also the standing of business as a whole. Indeed many contributors suggested that the issue of trust in business and indeed business’s very licence to operate was the defining issue of this generation of business leaders. One contributor described it thus: ‘This is our crisis’.

Given the global financial crisis and the ongoing uncertainty in many parts of the world it is no surprise that governments have lost trust or that trust in business and CEOs has declined, the question is ‘what should business do about it?’ There is clearly a huge opportunity for business to take a proactive and leading role, creating self-enforced rules, engaging with peers and developing better ways of doing business. One particular action resulting from this series is a possible Digital Confidence initiative, which IBLF is progressing with a group of leading technology companies.

If one theme stands out most clearly from the different Trust Series discussions, it is the importance of committed leadership from progressive businesses and of courage and individual initiative on the part of business leaders. There was a high degree of consensus that leaders in the private sector can make a difference, both through their actions and through better communication of the positive impact of their businesses on society, and in so doing can improve trust in their businesses.

We believe that business can contribute as a trusted partner in developing innovative solutions to the problems which beset the world, while at the same time ensuring its own long-term growth and prosperity. Business leaders will need to establish a strand of strategic activities in their organisations, and to embed the principles of smart, inclusive and responsible growth into their business strategies.

At the same time, the rapid pace of change needed and the scale of the challenges mean that business cannot possibly solve all society’s problems alone. Whilst there is a clear need for business to step up and take a more proactive leadership role, deep and enduring progress towards addressing the issues and perceptions underlying the breakdown in trust on all sides – such as job security, environmental sustainability and the viable longer term flourishing of society as a whole – require a cross sector, integrated approach.

Conclusion

“Those who will make a difference and help to redefine the relationship between business and society will be those who are prepared to take a stand and act in a way that is in the mutual interest of their company, industry and society. They will be guided by the values of fairness, ethics, collaboration, transparency and accountability.”

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Wherever they operate, IBLF will encourage and support business leaders to:

1. Redouble entrepreneurial and innovation activities to find opportunities for growth that can sustain markets and employment and bring long term benefits to the communities within which their businesses operate. Strive to shape competitive practices that deliver inclusive and equitable outcomes and raise the bar for the industry as a whole.

2. Create, develop and distribute responsible and sustainable products and services that respond to and meet the needs of the customers, communities and ecosystems they serve and are reliable, fit-for-purpose and priced to reflect healthy market competition. Take advantage of technological and scientific advances, utilise the earth’s resources wisely and encourage smart usage and appropriate consumption.

3. Create jobs and employability in the markets within which their businesses operate, both directly, and indirectly through the supply chain and wider geographies. Encourage the wider societal value of a work ethic, skills building and development, wealth creation and enterprise. Look to do this in a manner that is inclusive of the disadvantaged and minority groups and sustainable through economic cycles, while respecting labour legislation and employees needs for training and ‘work-life balance’.

4. Deliver long term sustainable wealth creation. Create economic returns that are proportionate and balance the needs of all stakeholders. Encourage quality of performance, long-term returns and creation of shared value, as well as responsible incentives and transparent metrics for success. Work to achieve fully integrated reporting and incentivise long-term investment.

5. Display enlightened leadership that understands the wider global environment and its societal challenges and sees the opportunity for core business activities to contribute solutions. Embed this mindset throughout the organisation’s governance

structure, operations and partners. Select and develop diverse, engaged board members, senior executives and managers who can meet society’s expectations of ethical and responsible behaviour and decision-making and respond to the generational needs of employees.

6. Operate with ethics and integrity. Develop a clear code of ethics and work to embed integrity as a core value that is integrated into the organisation’s culture and throughout all areas of business so that there is no corrupt practice, mistreatment of employees or harm to the societies within which the business operates.

7. Commit to the payment of reasonable and explicable levels of tax by their businesses that comply with the legal obligations of the local, regional and global markets they operate within. Engage in consistent policy engagement with government.

8. Collaborate proactively with business, government and civil society to accelerate progress and leverage business’s impact. Ensure that all stakeholder perspectives are fully engaged in the respective growth agendas. Commit to building understanding and skills for staff to work effectively with other sectors.

9. Promote proportionate executive compensation and rewards for performance that reflect the success of the factors outlined above. Ensure that the scale of remuneration is proportionate to the direct contribution made by the individuals concerned and meets the test of being fair and explicable to the workforce, shareholders, the organisation’s peers and partners and the communities within which the business operates.

10. Be transparent and accountable with regard to all of the aspects outlined above and accept the consequences of this openness. Seek to engage with wider society in framing the expectations in each area and acknowledge the role that information availability, media visibility and global interactivity have upon those expectations.

APPENDICES

IBLF 10-Point Leadership Agenda

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IBLF would like to thank the following people who contributed to the discussions and shared their thoughts and opinions with us. The conclusions in the report and IBLF’s proposed 10-Point Leadership Agenda are the work of IBLF and are not necessarily the view of any single individual or organisation represented.

• Steve Almond, Global Chairman, Deloitte

• Eric Anderson, Senior Sustainability Manager, Chief Sustainability Office, BT

• Jyoti Banerjee, Partner, Fronesys

• Jolyon Barker, Managing Director, Global Technology, Media and Telecommunications, Deloitte

• Olly Benzecry, Managing Director, Accenture UK and Ireland

• John Brock, CEO, Coca-Cola Enterprises

• Andy Brown, Director of Upstream International, Royal Dutch Shell

• Anand Burman, Chairman, Dabur India Ltd

• Sonjoy Chatterjee, Chairman, Goldman Sachs India

• John Connolly, Chairman, AMEC

• Miranda Curtis, Chair of Waterstones & Board Member M&S

• Hans Daems, Group Public Affairs Officer, Hitachi Europe

• Jan Dauman, CEO, Intermatrix and IBLF Trustee

• Catherine Devlin, Chief Credit Risk Officer, Citi Transaction Services

• Ronan Dunne, CEO, Telefonica UK

• Wim Elfrink, EVP, Emerging Solutions and Chief Globalisation Officer, Cisco Systems

• Lawrence Evans, President International, Strategy One (Edelman)

• Ed Fuller, Former President & MD, International Lodging, Marriott International

• Sir John Grant, EVP Policy & Corporate Affairs, BG Group

• Heather Hancock, Partner, Deloitte

• Lord Michael Hastings, Global Head of Citizenship and Diversity, KPMG

• Neville Isdell, Former Chairman & CEO, The Coca-Cola Company

• Ravi Kant, Vice Chairman, Tata Motors

• Peter Lever, Partner, Heidrick & Struggles

• Sandra McLeod, CEO, Echo Research

• Mark Moody-Stuart, Chairman, UN Global Compact Foundation and former Chairman, Royal Dutch Shell and Anglo American

• Pierre Nanterme, CEO, Accenture

• Jane Nelson, Senior Fellow & Director, CSR Initiative, Harvard Kennedy School

• Robert Phillips, President & CEO, EMEA, Edelman

• Andrew Rashbass, CEO, The Economist

• Dev Sanyal, Executive Vice President and Group Chief of Staff, BP

• Claude Sassoulas, Managing Director Europe and Americas – Global Enterprise Solutions, Tata Communications

• SD Shibulal, Co-founder, CEO & Managing Director, Infosys

• Sir Martin Sorrell, Group CEO, WPP Group

• Clive Strowger, IBLF Trustee

• Roeland Vos, President EMEA, Starwood Hotels & Resorts Worldwide

• Paul Walsh, CEO, Diageo

• Kevan Watts, Senior Advisor, Global Banking & Markets, HSBC

Acknowledgements

About IBLFThe International Business Leaders Forum (IBLF) is an independent, not-for-profit organisation working with leading multinational companies on the responsible business and ‘redefining growth’ agenda. With a two-decade strong track record of engaging business in core sustainability issues such as business standards, environment, cross-sectoral partnering and inclusive business, IBLF helps position the private sector as a lead partner in development.

They convene CEO dialogues, develop programmes for action and define issues that might not yet be in the public eye. IBLF is supported by a network of over 85 companies and more than 200 affiliated organisations worldwide.

Headquartered in London, the organisation has regional offices in Moscow, Mumbai and Beijing.

To explore what they do, visit www.iblf.org

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Regent’s Park

London, NW1 4QP, United Kingdom

T: +44(0)20 7467 3660

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http://www.iblf.org

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The IBLF Trust Series is kindly sponsored by Deloitte.As used in this report, Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

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