This is the decade of "talentism" rather than capitalism, the World Economic Forum’s president said as the organisation begins a week of high-level online meetings to address climate action, the Covid-19 pandemic and the economic recovery.
Borge Brende, a former Norwegian foreign minister, told the Business Extra podcast that the success of a business was now also being measured by its ability to recruit and develop young talent.
“A company is not doing better than the talent a company can recruit,” he said.
It would not be possible to attract them “if you are not complying to the highest standards when it comes to social standards, when it comes to the environment and to corruption work.”
This is a “win-win” situation said Mr Brende, which has a positive impact for both business and the planet.
The forum has been arguing for decades that companies must do more than simply focus on their shareholders and move to take a broader responsibility for employees and society at large.
“No company can, in the 21st century, just operate with a narrow mind,” Mr Brende said.
“We have seen that the most brilliant people would like, of course, to work with those companies where you also pay back to society. Everyone would like to use their knowledge and the competence they have for improving the state of the world.”
Forum founder Klaus Schwab has said that amid the rapid advancement of technology, talentism will replace capitalism as companies attract people with the right skills to help them to acquire capital.
Mr Brende suggested co-operation between the public and private sectors would also become more commonplace.
The experience of the Covid-19 crisis – and, in particular, the fast development of vaccines – shows it to be the most effective way to meet challenges and harness opportunities.
“We have seen during this pandemic that if you really want to get something done, you also have to make it into public private partnerships,” he said.
The online Davos Agenda meeting, which starts on Monday, would include 2,000 participants and special addresses by heads of states and governments, including China's President Xi Jinping, said Mr Brende.
Also scheduled to take part are Indian Prime Minister Narendra Modi, UN Secretary General Antonio Guterres, European Commission President Ursula von der Leyen, Australian Prime Minister Scott Morrison, Indonesian President Joko Widodo and Israeli Prime Minister Naftali Bennett.
“We are able to have the two first global messages from the new chancellor of Germany, Olaf Sholz and Prime Minister [Fumio] Kishida, from Japan. We should not forget that these are the third and fourth-largest economies in the world,” he said.
Key topics for discussion this week include measures to tackle vaccine inequalities, co-operation on technology, the social contract between governments and populations, the energy transition and how to scale up climate action, as well as space exploration.
“Another one that will be incredibly important is how do we sustain inclusive economic growth, because you are not out of the woods yet when it comes to the pandemic. We are also seeing increasing debt, increasing inflation and also supply chain challenges,” said Mr Brende.
Also part of the event programme are World Health Organisation chief Tedros Adhanom Ghebreyesus, Anthony Fauci, a leading US expert on infectious diseases, International Monetary Fund managing director Kristalina Georgieva, Rwandan President Paul Kagame and US climate envoy John Kerry.
Officials from the Middle East region include Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman and Sarah Al Amiri, UAE Minister of State for Advanced Technology.
The forum aims to be back to holding in-person gatherings later in the year but the shift to online amid the pandemic has helped it to grow as an organisation.
“What we have seen during these two years – when we have had to run, also the World Economic Forum more as digital events and digital meetings – is that we have got more partners than before. And we have got a lot of things done also in that context,” said Mr Brende.
In this episode:
Key issues for WEF 2022 (1m 57s)
Could Covid disruption offer opportunity? (3m 00s)
Private and public sectors being brought together (4m 35s)
Companies taking more responsibility towards customers, society and the environment (7m 03s)
Davos online instead of in person (14m 05s)
Read more
Can the Middle East be the centre of the post-pandemic world?
WEF: Climate crisis seen as ‘world’s most critical danger’
World Economic Forum: Leaders must ensure global post-pandemic economy benefits all
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Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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