Webinar Recording and Archived Discussion
Session
Apr 2 '20 12:50pm–Apr 2 '20, 2:40pm GMT
Summary of Discussion
Q6. Thinking of the broader agenda, what is the one hope you have for 2021?
- Leaders should learn that we will need to partner together to get through the impact of COVID-19 in the short and long term
- Less individualistic society
- Lessons will be learnt and behaviours will change
- Sustainability industry proves resilient in the effort to maintain focus on the climate crisis, even in the wake of this crisis
- Put well-being and the environment at the heart of the emerging economies/societies
- Collaboration will be the most important thing - no individual company has sufficient leverage for collective problems
- CSR will have an increased focus to address key stakeholders (this will include responses to the societal issues)
- The COP26 is a raging success
- This will be a reset button
- A return to economic growth
- That businesses and governments get into addressing climate change with a new more active and positive lens and with greater urgency
- Citizens make purchasing decisions aligned with their values
- The new definition of leadership is interconnectedness
- That we need to be more specific when we demand change
- We do not forget what we have lost, those who ahve suggered and those who have sacrificed and risked their lives for the benefit of society
- Faith that humanity will awaken to the systematic problems that are our own creation and will substantially change the situation
- Seize the opportunity to shape the new together
- Climate crisis is put at the core of all government policy and decision-making as we rebuild
- Business leaders come together as a cross-industry community to challenge the status quo
- Greater awareness at all levels of the serious issues facing the world
- Reallocation of financial resources - invest money in industries/companies with social and environmental purpose
- Ability of gov., private sector and individuals to take fast and radical action will be applied to address the climate crisis and global issues
- That citizens will become much more active stakeholders in the value chain
- That as many purpose-led companies that are/were in the process of proving the viability of the new business models survive
- Leaders become more of a coach than a manager - encouraging and empowering
- Maximise the use of technology
- Sense of co-responsibility and interconnection of issues, organisations and people
- Integrated leadership
- A system that combines the short with the long term and is capable of creating value for all stakeholders
- Greater equality
- CEO's adopt an ecosystem approach to their organisation and stakeholders that is connected to the world
- Time to act on a new system change with SDGs as the focus
Q5. What lessons in resilient leadership – both corporate and other organizations – are coming out of COVID-19?
- Risks have to be acted on and not just identified
- Diversity in leadership brings better insights and preparedness
- Don't ignore scientific warnings
- The importance of compassion
- Open, transparent communication about challenges posed by the crisis is crucial
- It is not enough to develop crisis management plans, those plans must be implemented
- Resilience comes from preparedness and planning, combined with courage and flexibility
- Risk management needs to consider events like this
- Don't be afraid to admit wrongs, publically
- The ability to move employment from one function to another
- Focus on your strengths as a company and this can influence how you create value over time
- The need for strong inter-dependent relationships with stakeholders that goes beyond the norm of employees, shareholders and customers
- Long-term thinking, planning and strategies
- The importance of built in redundancy
- Resilient leadership
- Business needs to go beyond working towards quarter to quarter financial performance - long-term plans
- Sustainability and resilience cannot be silo-ed topics - they must be extended throughout the organisation
- The need for agility
- Understanding the diversity between managing risks and facing/dealing with uncertainty
- Need to be dynamic and flexible as well as diverse
Q4. Post-crisis, how will expectations for purposeful corporate leadership change? What are the implications for businesses that lead with purpose going forward?
- The need to understand, articulate and strategically plan around purpose will be essential to businesses
- Expectations by stakeholder group will vary - implications will depend on prioritisation of stakeholders
- Greater demand for purposeful businesses from consumers
- The need for purposeful leadership will shift from the ESG/CSR area to the core of business
- Businesses will increasingly be under scrutiny from all stakeholders, to ensure they are environmentally and socially conscious
- Opportunity for businesses to establish leadership positions in sustainability, particularly in countries where it is less developed
- A rise in the emergence and/or significance of pre-competitive collaboration with industries
- Expectation of consistent focus and real action related to purpose will be essential and in demand
- Responsibility and leadership will be viewed through a global lens - broadening the efforts of sustainability to the supply chain and distribution
- Activating purpose
- Emphasis on COLLECTIVE impact
- Revisiting strategies and maximising digitalisation
- Purpose shift from aspirational promise to imperative action
- Greater expectation for stakeholder-centric impacts
- Business ethics, purpose and leadership will higlight sustainability as core and a driving force for firms
- The importance of re-thinking concepts - how to move sustainability forward
Q3. What are examples of unexpected and impactful collaborations that have arisen in the response to the crisis?
- Manufacturers retooling and building ventilators and PPE (Tesla, Dyson, GM etc.)
- UCL and Mercedes F1 are developing a ventilator prototype
- Video engagement platforms are the new normal - behaviour change
- Governor of NY State encouraged collaboration across the state to balance supply of doctors, equipment and facilities with the demand
- Question of job functions have arisen as a result of working from home
- Hotel partnerships with CVS, Walgreens, supermarkets, food manufacturers to shift labor into food production, distribution centres, etc.
- Innovation - E.g. development of different types of ventilators and potential solutions for vaccines
- Start ups responding by adapting their products to help with the crisis
- School teachers using online platforms to deliver online learning to students
- Worldwide Hackathons connecting change makers across the globe
- Expertise and resource sharing by large companies to help small businesses, NGOs and citizens
- South Korea sharing their IP and expertise with multiple countries
- Mobile companies acting together to guarantee connectivity
- John Lewis has seconded staff to Waitrose
Q2. What’s holding some organizations back from taking even more impactful action on the crisis? What are some barriers from doing more?
- Fragile finances e.g. decline in revenues and complete cut in bonuses
- Lack of insightful leadership
- Focus on rich countries, not poor
- Balancing care of employees and care of greater community
- Lack of systematic thinking in companies
- Uncertainty about the future (e.g. the length and impact of the crisis) and survival through the crisis
- Lack of global governance
- Challenge of thinking beyond the NOW
- Lack of coordination between organisations and governments
- Disruption in the supply chain
- Low financial resilience
- Employees are impacted by the crisis (tired, confused, confronting emotional impact)
- Lack of close relationships outside of businesses, wth NGOs, suppliers, partners etc.
- Balancing financial needs with purpose-led initiatives leads to strain on small-medium sized businesses
- Lack of preparation and flexibility
- Accountability post-crisis
- Organisations may be bound by governmental priorities
- Uncertainty on the financial crisis
- Difficulties of collaboration
- Businesses operating in crisis management mode
Q1. What are some additional examples of effective purposeful corporate leadership in addressing the COVID-19 crisis?
- BP offering free fuel to emergency services
- H&M committed to paying suppliers for for orders that were already placed but can no longer be uased in stores
- Whitebread plc diverted 65,000 meals to charity to help with those most vulnerable
- L'oreal producing antibacterial gel
- LVMH manufacturing masks to help with shortages
- iIKEA has donated across markets to help furnish hospitals/quarantine centres
- VISA CEO has pledged not to have any COVID-19 related lay-offs in 2020
- Unilever donating $100m of soap, hand sanitiser, bleach and food to communities globally
- Companies (in general) shutting stores and outlets during early stages
- Food delivery services (e.g. UBER Eats/Deliveroo) offering deliveries with no delivery charge
- Pop up test centres in by retailers e.g. CVS Health
- Airlines now transporting COVID supplies
- Grocery stores designating hours for vulnerable citizens
Polls
1 of 4
As we know, public trust in business remains at low levels across the world. Does this crisis provide a meaningful opportunity for business to rebuild trust with society?
Overall, how would you rate business’ response to the COVID-19 crisis to date?
Do you think there will be more or fewer multi-stakeholder collaborations in the area of sustainability post-crisis?
Do you think societal expectations for purposeful corporate leadership will be different in a post-pandemic world? Will expectations be...
A lot lower
0%
A little lower
1%
Unchanged, back to pre-COVID-19 levels
12%
A little higher
42%
A lot higher
42%
77 votes
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Featured Presenters
Mike Barry
Former Director, Sustainabl...
Marks & Spencer
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Chris Coulter
CEO
GlobeScan
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Session Moderator
Caroline Holme
Senior Director, GlobeScan
United Kingdom
United Kingdom