Inaugural Annual Meeting of the New Champions
Dalian, People’s Republic of China 6-8 September 2007
The World Economic Forum is an independentinternational organization committed to improvingthe state of the world by engaging leaders inpartnerships to shape global, regional andindustry agendas.
Incorporated as a foundation in 1971, and basedin Geneva, Switzerland, the World EconomicForum is impartial and not-for-profit; it is tied tono political, partisan or national interests.(www.weforum.org)
Report
Page 3
Introduction
Page 4
Going Global – Make It Happen
Page 8
New Frontiers, New Models
Page 12
The DNA of New Champions
Page 16
The Shifting Landscape
Page 20
Inside China
Page 23
Acknowledgements
Page 26
Founding Members of the Community of Global Growth Companies
Page 27
Mentors of the Inaugural Annual Meeting of the New Champions
Contents
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REF: 250907
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2 | Inaugural Annual Meeting of the New Champions 3 | Inaugural Annual Meeting of the New Champions
Introduction
Embodying the dynamism of the Global GrowthCompanies, Dalian provided the perfect setting for theInaugural Annual Meeting of the New Champions. Morethan 1,700 participants from 90 countries convened for ameeting that culminated in the official formation of theForum’s Community of Global Growth Companies.
What defines a Global Growth Company? Above all,leadership and global vision. These are companies that,more than anything else, share a recognition that they areoperating in a global environment and that successrequires the ability to look beyond conventional wisdom torun their businesses. They face unfamiliar challenges,novel responsibilities and unprecedented opportunities.
Joining the Global Growth Companies in Dalian were otherNew Champions. They included over 200 of the Forum’sCommunity of Young Global Leaders – exceptional youngleaders who share a commitment to shaping a globalfuture; Technology Pioneers – companies involved in thedevelopment of life-changing technological innovationsthat have the potential for a long-term impact on businessand society; as well as the leaders of fast-growing regionsand competitive cities from around the world.
Throughout the Meeting’s many workshops and sessions,participants shared their experiences of leading in fast-paced and sometimes volatile environments. They alsoheard in-depth appraisals of these changing dynamicsfrom world-renowned academics and experts. The rapidlychanging global economic and political landscapes, whosefragility was underscored during the Meeting by theunfolding sub-prime mortgage crisis in the United States,are themselves yielding growth opportunities forenterprises willing to seize them.
However, the hazards of going global are manifold anddaunting. Going global requires a company to master thepuzzle of how to cater to different markets, navigate
conflicting regulatory regimes, manage complex supplychains and build an international brand. But the payoff isinestimable. Going global gives a company better accessto truly global talent – a scarce resource these days. Itdiversifies market risk and lends companies the power ofdistributed management expertise – something that cankeep them nimble and innovative even as they becomelarger and stronger. In the process of disrupting incumbentbusinesses, Global Growth Companies are alsorecognizing that investing in improving the markets is asocial and commercial imperative
China’s experience offers a similar example. It is all tooeasy to dwell on China’s many obstacles, such as its risinglabour costs, labyrinthine regulatory environment andchequered past on intellectual property. Global GrowthCompanies are able to look beyond these problems toharness China’s rapid transformation and invest in sectorswhere it is starting to excel. Breakneck urbanization andexplicit targets to lower pollution provide ampleopportunities for investors who can help China pursue acleaner path to modernization. This kind of corporate can-doism imbues the mindset of the Global GrowthCompanies and their leaders – a sense that becoming atruly global citizen is the most profitable way to moveforward as a business. The Forum is proud to recognizethese New Champions.
The Inaugural Annual Meeting of the New Champions hasprovided the first platform specifically aimed at the kinds ofcompanies taking advantage of these shifts. In manyways, then, the Meeting of the New Champions serves asa complement to the World Economic Forum AnnualMeeting in Davos – a “Summer Davos”, dedicated to thekind of rapidly growing companies that like China itself areredefining the global economy. Next year, the NewChampions can look forward to convening for anotherexciting and provocative Summer Davos in another ofChina’s new urban hotspots, the coastal city of Tianjin.
“In this meeting, we were all bound together by thesame spirit. The spirit of entrepreneurship and the spiritof social engagement.”
Klaus Schwab, Founder and Executive Chairman, World Economic Forum
4 | Inaugural Annual Meeting of the New Champions 5 | Inaugural Annual Meeting of the New Champions
The New Champions, the new breed of high-growthenterprises that are reshaping the business landscape,are by definition global in outlook. A recent survey ofthese companies by the World Economic Forum and theHarvard Business Review found that two-thirds of theCEOs who responded said that they would focus moreattention overseas than on their domestic market overthe next 12 months. A key reason, according to thereport: to build confidence. These corporations may beleading the pack at home, but the real challenge for themis to prove their mettle abroad.
Yet, the urge to go global must surely be much morethan an exercise in building corporate self-esteem. It isabout pursuing potentially lucrative opportunities andsensible, even necessary, strategies. For an enterprise toachieve and sustain high growth in the age ofglobalization and the great surge in emerging marketssuch as China and India, a global strategy is essential.There is of course the opportunity to enter new markets.But going global also offers a company a way to increaseefficiency by sourcing from low-cost suppliers that canmatch or possibly even exceed the quality of its localcontractors. Then, there is the risk mitigation advantage.Going global allows a company to spread its exposureacross markets, diversifying risk by reducing dependenceon any one location for production, sourcing, supplychain management or sales. In addition, going globalaffords an enterprise the opportunity to widen itsknowledge base by tapping the fresh talent pool and theglobal innovation system to gain access to the bestpeople and ideas to fuel new growth.
Once taken, the decision to go global immediately throwsup enormous challenges for the corporation. There aremany issues to consider – where to go, when to make amove, what sort of presence to establish. The companymust also be more conscious of conditions in the globaleconomy, the status of global trade negotiations, thepolitical situation in the countries and regions where itoperates especially the growth hotspots, and other riskfactors it should consider including the impact of publichealth threats and climate change.
Supply Chain Risks
Source: McKinsey & Co. surveys
Risks are rising, but companies are not formally assessing them
Note: Data weighted by GDP of constituent countries.
No change 26%
2%
7%
23%
42%
28%
15%24%
34%
Increasedslightly Qualitatively/
intuitively
With roughquantitative estimates
Decreasedslightly
Increasedsignificantly
There is no formalassessment
Decreasedsignificantly
With detailed modelsof cash flow at risk
How has the amount of supply chain risk faced byyour company changed in the past 5 years?
How does your organization assessthe risks to its supply chain?
Penetration of Markets Seen as the Most Important Opportunity for Growth
Source: PricewaterhouseCoopers
30%
25
20
15
10
5
0
Per
cent
age
of r
esp
ond
ents
Improvedsupply chain
mgnt
Improvedcustomerservice
Technologicalinnovation
Accessto key talent
New productdevelopment
M&A Expandexistingmarkets
Access newgeographic
markets
Averages
Survey: "Which one of the following do you see as the majoropportunity to grow your business in the next 12 months?
Latin
Am
eric
aC
EE
Asi
a P
acifi
cW
este
rn E
urop
eN
orth
Am
eric
aThere are strategic matters too: What does a moveoverseas mean for the company’s business model? Howwill it manage being in multiple markets? And how will itbuild an effective presence or significant market share? Ifthe corporation already manages a brand, it must figureout whether to take that brand overseas, create a newone, or perhaps acquire an established brand in thetarget market. “The difficulty when you’re building a brandon a global basis is to have the right touch points,” saidMaurice Lévy, Chairman and Chief Executive Officer,Publicis Group, France. “If you use purely internationalideas, you will obviously be characterized as aninternational brand, and you will not be a householdname.”
Supply Chain Risks (2)
Source: McKinsey & Co. surveyNote: Data weighted by GDP of constituent countries.
Labour, regulatory and reliability issues are the foremost risks. Survey responses to: "Which of the followingsupply chain risks concerned your company during its most recent strategic/operational cycle?"
50%
40
30
20
10
0
Per
cent
age
of r
esp
ond
ents
Gen
eral
ava
ilab
ility
,co
st, q
ualit
y of
lab
our
Reg
ulat
ory
conc
erns
Rel
iab
ility
of s
upp
liers
Com
mod
ity s
hort
ages
/p
rice
fluct
uatio
ns
Fluc
tuat
ions
info
reig
n-ex
chan
ge r
ates
Inte
llect
ual p
rop
erty
the
ft
Ob
sole
scen
ce o
f pro
duc
tin
vent
ory
or t
echn
olog
y
War
, ter
roris
m, o
ther
geop
oliti
cal c
once
rns
Pro
ble
ms
with
sup
ply
chai
n in
fras
truc
ture
Pla
nt b
reak
dow
ns/
mec
hani
cal f
ailu
res
Nat
ural
dis
aste
rs
Oth
er
The enterprise must also consider the regulatoryenvironment, particularly the tax regime and theenforcement of intellectual property rights regulations.Other crucial factors to focus on include the availability oftalent, access to financing, rule of law standards and thelocal business culture. Mindsets in the company will alsohave to change to accommodate its global ambitions. Inany global company, a key challenge “is to make sureyou don’t have homogenization,” warned James J.Schiro, Group Chief Executive Officer and Chairman ofthe Group Management Board at Zurich FinancialServices in Switzerland. “When solving problems, youneed diversity of thoughts and ideas. You have to have aconceptual framework for decision-making. You don’twant a formulaic approach.”
Management Tools and Trends
Source: Bain & Company, Management Tools and Trends 2007
Percentage usage
Sat
isfa
ctio
n*
3.95
3.85
3.75
3.65
3.55
3.45
3.3530 40 50 60
Average: 3.72
Ave
rage
: 62%
70 80 90%20Low
High
* Score of 1=not satisfied, 5=Satisfied
In a survey of 1,221 global executives, corporate blogs ranked lowestin satisfaction among 30 management tools and trends
StrategicplanningCustomer relationship mgmt
Customer segmentation
Benchmarking
Mission/visionstatements
Core competencies
Outsourcing
BPR
Scenario/contingency
planning
Knowledge management
Strategicalliances
Balanced scorecard
Supply chain managementGrowth strategy tools
Total quality mgmt
Shared service centres
Lean operationsCollaborative innovation
Loyalty management tools
M&A
Six sigma
Offshoring
Consumer ethnography
Corporate blogs
RFID
Going Global – Make It Happen
7 | Inaugural Annual Meeting of the New Champions6 | Inaugural Annual Meeting of the New Champions
Going global in the globalization age also involvesresponsibilities. A company, for example, will have toreview whether its existing governance structures andprocedures are appropriate for implementing a globalstrategy. Once it expands overseas, it will have to takeinto account a wider community of stakeholders. “For anyNew Champion that wants to build a long-term brand,corporate social responsibility is essential,” said Sir MartinSorrell, Group Chief Executive, WPP, United Kingdom. Aresponsible enterprise must consider whether suppliersand contractors adhere to sustainable practices andethical conduct. At the consumer end, a company mustensure that its products and services meet or exceed anystandards mandated in the target market. Going abroadmay also raise the fiduciary responsibilities a companyhas to its shareholders or the reporting requirements itmust attend to in its home market such as UScompanies do under the Sarbanes-Oxley regulations.
Top-10 Global Brands
Source: Interbrand; Wall Street Journal
70%
60
50
40
30
20
10
0
$70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
* After Chrysler spinoff
Global companies can draw significant value from successful brands
Bra
nd v
alue
of t
op-1
0 co
mp
anie
s, 2
007
(US
$, m
illio
n)
Brand
value, percentage of recent m
arket cap
MicrosoftCoca Cola IBM General Electric
Nokia Toyota DisneyIntel McDonalds’s Mercedes*
Brand value/market cap (right axis)
Brand value (left axis)
Another level of corporate engagement that emerged inthe discussions at the meeting was a call for corporateglobal citizenship. H.M. Queen Rania Al Abdullah of theHashemite Kingdom of Jordan referred to it in heraddress to participants when she encouraged theassembled Global Growth Companies to be “newchampions not only of commerce but of conciliation, notonly of trade but of tolerance, not only of profit but ofpeace and understanding.” The Dalian “spirit ofentrepreneurship and social engagement”, as KlausSchwab, Founder and Executive Chairman of the WorldEconomic Forum, put it, suggests that in going global,the New Champions could somehow bring peopletogether in ways that governments and large flagshipcorporations may not be able to do. This is after all afellowship of the ambitious and the pragmatic, theresolute and the open-minded. They are reshaping theway the world does business – why should they not alsohave as significant an impact on society?
Most Valuable Global Brands
Source: BusinessWeek; Interbrand
100
80
60
40
20
0
Num
ber
of c
omp
anie
s lis
ted
inIn
terb
rand
's t
op 1
00 g
lob
al b
rand
s
2001 2007
* includes Bermuda-based Bacardi in 2001. All companies must do substantial foreign business to be considered a "global" brand.
Asia
Europe
US*
US share of top brands getting smaller
63
30
7
53
36
11
“You can be new champions not only ofcommerce but of conciliation. Not onlyof trade but of tolerance. Not only ofprofit but of peace and understanding.”
H.M. Queen Rania Al Abdullah of the Hashemite Kingdom ofJordan
9 | Inaugural Annual Meeting of the New Champions
underperforming management. “I’d like to break with thenotion that we are trying to do something to you,” saidChris Rowlands, Managing Partner, Asia, 3i Investments,Singapore. “We are trying to do something with you.”
“We are being called to get better all the time,” said MaxBurger-Calderon, Senior Partner and Chairman, Asia,Apax Partners Worldwide, Hong Kong SAR. “But theissues that haunt us are not even on the table at themoment.”
One thing is certain: the industry must not percolate inself-congratulation, but rather push for responsiblechange. “Private equity can be a catalyst to change awhole range of factors within countries,” said Rowlands.“And it isn’t just with the blunt instrument of leverage.”
Some innovations, particularly technological innovations,involve taking someone else’s ingenuity and doing itbetter. While the iPod was not the first MP3 Player, itsdesign made it the industry standard. Across sectors –but particularly in mobile technology, nanotechnology andbiotechnology – new innovations are shaping the waybusinesses interact with consumers. They are also forcinglightening-fast adaptations, particularly for companiesinvolved in health research and communications. Theultimate goal, said one participant, is not for you to learnevery new technology, but “for technology to learn you.”
Other innovations are more than a matter of preservingbusinesses – they are a matter of preserving theenvironment. But once again, with fossil fuel extractionstill cheap, and thus the “felt need” for new energysources, such as biofuels, not yet dire, innovation maylag behind rhetoric. “Beware of magical thinking,” warnedDavid Hobbs, Vice-President and Managing Director,Global Research, Cambridge Energy ResearchAssociates Inc. (CERA), USA, who described himself as“a gloomy pragmatist.”
Even in China – a country that has suffered a great dealof criticism for its environmental record – innovators arelooking for better ways to use incumbent technologies toprotect the environment and preserve resources. “Thisisn’t actually a cost for us, but rather a businessopportunity,” said Zhang Yue, Chairman and ChiefExecutive Officer, Broad Air Conditioning Co., People’sRepublic of China. “Every day, every minute, you can cutenergy consumption by half by simply changing layout.”
8 | Inaugural Annual Meeting of the New Champions
New Frontiers, New Models
Necessity is no longer the mother of invention;opportunity is, and the market has been filled withopportunities of late. The rapid pace of change inadvertising, finance, technology and environmentalscience has meant that companies must constantlydisrupt their own models – or die from inertia. Aconfounding truth in each of those fields, noted severalparticipants, is that success eliminates the recognizedneed for innovation, and thus breeds failure.
“I am constantly looking out for ways that others wouldmake our existing products obsolete,” said MagidAbraham, President, Chief Executive Officer and Co-Founder, Comscore, USA. Abraham’s company was notthe first to measure browsing patterns of Internet users,but through innovation it was faster, more accurate andmore cost-effective than its competitors.
One of Abraham’s primary subjects, the advertisingindustry, is facing upheaval at the moment, thanks to theproliferation of fast ads in mobile technology and the
Opportunity, Not Necessity, Is the Mother of Invention
Source: Global Entrepreneurship Monitor, GEM 2006 Summary Results
Cro
atia
Bra
zil
Phi
lipp
ines
Chi
na
Turk
ey
Col
omb
ia
Uru
guay
Jam
aica
Ind
ia
Mex
ico
Sou
th A
fric
a
Thai
land
Cze
ch R
epub
lic
Rus
sia
Chi
le
Arg
entin
a
Per
u
Hun
gary
Latv
ia
Ind
ones
ia
Mal
aysi
a
Ger
man
y
Fran
ce
Gre
ece
Finl
and
Italy
UA
E
UK
US
Sp
ain
Can
ada
Irel
and
100%
90
80
70
60
50
40
30
20
10
0
Per
cent
age
of e
ntre
pre
neur
s
Necessity motive more prevalent in low- and middle-income countries
Middle-income countries High-income countries
Opportunity motiveNecessity motiveOther
Internet. Such trends demand a new conceptual model inorder to reach consumers. “We have to get away fromadvertising as interruption,” said Marko Ahtisaari, Brandand Design, Blyk, Finland, “and towards advertising asengagement, as a conversation.”
Another undeniable trend, the erosion of intellectualproperty rights, hinders innovation. Or does it? At leastone participant freely advertises his concepts and newmodels on an open source blog, even before he entersdevelopment. “I don’t believe in secrecy,” explainedMartin Varsavsky, Chief Executive Officer, Fon, Spain,who describes his new ideas online to fertilize what hecalled “an ecosphere of disruption.” In so doing, he hasbonded with other innovators and nurtured a self-sustaining group of forehanded investors – and, at thesame time, he built his company into the world’s largestWi-Fi network.
In the world of investment, no industry has been moredisruptive than private equity. And, while many praise andenvy private equity firms for their stunning returns, manyothers have accused industry leaders of taking short-termapproaches and overzealously wielding hatchets with
Global Advertising Expenditure
Source: PricewaterhouseCoopers, Wilkofsky Gruen Associates, "Global Entertainment and Media Outlook: 2006-2010"
Total $326 billion $413 billion $470 billion $521 billion100%
80
60
40
20
0
Per
cent
age
of w
orld
ad
vert
isin
g sp
end
2001 2006F 2008F
Forecast
2010F
Internet advertising to exceed radio by 2008
Internet
Radio
Outdoor
Newspapers*
Television
Magazines
3%5%
9%
15%
33%
36%
7%5%
8%
13%
29%
38%
9%5%
8%
13%
28%
38%
10%
5%
8%
12%
27%
39%
* Newspaper website advertising counted in both Newspaper and Internet categories beginning in 2003, but not double-counted for totals.
QiagenQiagen is a Netherlands-based holdingcompany which is a leading provider ofinnovative sample and assay technologiesand products for DNA and RNA basedmolecular diagnostics, research for lifesciences and applied testing.
“Traditional drugs were like rustyhammers where you hit a patient onthe head to see if the drug works ornot. Now we are leading the waytowards personalized medicine.”
Peer M. Schatz, Chairman and Chief Executive Officer,Qiagen, Netherlands
Global Growth Company Profile
11 | Inaugural Annual Meeting of the New Champions10 | Inaugural Annual Meeting of the New Champions
Yet, while new environmental innovators look to disruptold models, they are often met by the inertia of oldorders. Zhang, who is also the Vice-Chairman of theSustainable Building and Construction Initiative of the UNEnvironment Programme, shared his perspective stating:“I think that government products are not really linkedwith the economic results. If they were, [the government]would be more focused on energy conservation.”
Ultimately, government and international regulation willonly succeed in protecting the environment if it iscombined with a shift in consumer behaviour. Thepopularity of Toyota’s Prius shows that such a shift isalready underway; but a deeper sense of buyerresponsibility for everyday purchases could lead to newmodels of production. “It may be that what causes thegreening of China is not the Chinese government, butAmerican consumers,” said Hobbs.
Public Financing for Renewable Energy
Source: OECD/IEA, BP Statistical Review of World Energy 2006
$2,500
2,000
1,500
1,000
500
0
Rea
l wor
ldw
ide
gove
rnm
ent
rene
wab
leen
ergy
R&
D b
udge
ts (U
S$,
mill
ion)
$100
80
60
40
20
0
Crud
e oil prices (U
S$ p
er barrel, 2005 d
ollars)
Renewable energy R&D by type (left axis)
Alternative energy commitments follow the real price of oil
Hydro OtherBiomassWind Ocean GeothermalSolar
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Crude oil prices(right axis)
JASDAQ Securities ExchangeInc.JASDAQ is a Japanese securitiesexchange providing a stock marketspecializing in new ventures and SMEs.
“Things are becoming more globalizedand investors would like to invest‘borderlessly’. So stock exchangesshould be more globalized too. The keyshould be collaboration. We need bettercooperation among exchanges.”
Takashi Tsutsui, President and Chief Executive Officer,JASDAQ Securities Exchange, Japan
Global Growth Company Profile
13 | Inaugural Annual Meeting of the New Champions
Finally, one of the most complex challenges facing theNew Champions is how to go global. Conventionalwisdom holds that companies will first attempt to capturetheir domestic market, then expand slowly by enteringmarkets of geographic neighbours. The idea is bestrepresented by the Singaporean government’sencouragement to national companies to look first to its“seven-hour radius,” which includes 2.8 billion people.
By contrast, in a surprising finding, the HBR-Forumsurvey revealed that a plurality of Global GrowthCompanies look first to enter the US markets, despite thecommon worry that foreign consumers would shy awayfrom unknown brands. The corollary challenge is fosteringcorporate management that can traverse different culturalcontexts – and think globally. “We need people who canunderstand the local culture of a country,” said MauriceLévy, Chairman and Chief Executive Officer, PublicisGroup, France, and Member of the Foundation Board ofthe World Economic Forum.
The challenge of creating a globally-orientedmanagement is made more difficult by the split betweenyounger executives – who are much more in tune withthe needs of foreign marketplaces – and themanagement board, who tend to be over 60 and moreprovincial in their outlook. “The board and themanagement are the last to get the idea that going globalis an imperative,” said Anand P. Raman, Senior Editor,Harvard Business Review, USA, the author of the HBR-Forum study.
Ultimately, the business of being a Global GrowthCompany is not for the faint of heart. The risks are high -but so are the rewards. “Be brave, be innovative andnever cease in this endeavour,” Wen Jiabao, Premier ofthe People’s Republic of China, told the leadership of theNew Champions.
12 | Inaugural Annual Meeting of the New Champions
The DNA of New Champions
“Being good in business is the most fascinating kind ofart,” said Andy Warhol. Today, the most understudiednew “artists” come from rising power countries like Brazil,China and India. But their canvas is the globalmarketplace. What are the dominant traits of these newGlobal Growth Companies? The New Champions are avaried lot, but certain themes recur. Those that surviveand thrive keep and retain talent; lead with vision andfoster an attractive corporate culture; and look globallyand adapt quickly to competitors’ innovations.
Unsurprisingly, most CEOs of Global Growth Companiesfind that, while financial resources are often availableinternally, human resources are a scarce commodity.“New Champions, Global Challenges,” a survey of some50 such CEOs by the Harvard Business Review and theWorld Economic Forum, found that a plurality felt that“finding seasoned executives” was their toughestchallenge.
The challenge is not limited to recruitment. Today’scollege graduates can expect to change jobs a dozentimes. Many will also change careers, even countries,more than once. “I believe the war for talent is over,” saidKevin L. Kelly, Chief Executive Officer, Heidrick &Struggles International, USA. “Talent won.” But for GlobalGrowth Companies, the wide-open labour market canalso be an opportunity. Three-quarters of the CEOssurveyed in the HBR-Forum survey revealed that theyemployed foreign nationals. “Talent has no passport,”explained Ben J. Verwaayen, Chief Executive Officer, BT,United Kingdom.
Even more than money, what often wins over talent iseffective leadership. “Only 30% of individuals move forcompensation,” said Kelly, who fronts a leading executivesearch firm. To woo the remaining 70%, “create anenvironment in which the best can work with the best,”advised Verwaayen. By enhancing core competencies, byfostering a sense of urgency and by creating an attractivecorporate culture, chief executives can build acorporation that employees do not want to leave.
Elemental to building a sustainable business is includingspace for potentially innovative – if temporarily disruptive– ideas. “If you’re one of the New Champions,” said SirMartin Sorrell, Group Chief Executive, WPP, UnitedKingdom, “you have to ask if the vision and energy of theindividual is leading the business.”
A business structure that fosters communication betweenemployees and employers – yet puts the customer first –will be the most sustainable model over the long term.“Traditional leadership was about leading primarilyvertically; but leading a network is much more challengingbecause it requires horizontal leadership skills,” said JulieLouise Gerberding, Director, Centers for Disease Controland Prevention, USA. “Communication is absolutelycritical; listening and learning is essential.”
Beyond staffing issues, Global Growth Companies facesignificant competitive pressures. “The strongest model isa uni-branded model that grows organically,” said Sorrell.“But that takes time to grow.” Another traditional model isone that relies on innovation. But the HBR-Forum studyfound that the most frequent concern of the NewChampions was how to be a “fast follower”, and takeadvantage of competitors’ innovations by making thembetter or more cheaply.
Features of Companies Built to Last
Source: Jim Collins and Jerry I. Portas, Built to Last (Harper Business, 1994)
12
8
9
5
6
7
11
10
4
Core ideology
Use of “Big Hairy Audacious Goals”
Built-to-Last companies*Comparator companies
Evidence of “cultism”
Purposeful evolution
Management continuity
Mechanisms forself improvement
Max
Min
Enduring companies built on continuity and culture, not big ideas and charismatic leadership
* 18 operating US-based firms founded in 1945 or earlier, identified in a survey of CEOs as a "highly visionary" company.
“Whereas in the past, the advantage may have comefrom the partitioning of information, in the future,marketplaces will come from innovation and new ideas.”
Craig R. Barrett, Chairman of the Board, Intel Corporation, USA
Dalian Wanda GroupWanda Group is one of the earliest jointstock enterprises in China's northwest,involved in commercial real estate,residential real estate, the cultural industryand grand hotels.
“For our company, it is not simplyabout keeping costs down andrelying on connections to dobusiness. Companies like us mustfocus on conducting fairtransactions. We also implementenergy-saving and environmentallyfriendly practices. We try to be inareas where there is a goodenvironment. We give to charity.”
Wang Jianlin, President, Dalian Wanda Group, People'sRepublic of China
Global Growth Company Profile
15 | Inaugural Annual Meeting of the New Champions14 | Inaugural Annual Meeting of the New Champions
17 | Inaugural Annual Meeting of the New Champions
Even Europe has been revitalized, thanks to low-costmanufacturing and rising consumer spending in easternEurope. Germany has bounced back from its costlyreunification to become a centre for investment inbiotechnology and IT. Now Japan is also re-emergingafter a “lost decade” of moribund growth. Despitecontinued political stagnation, the reforms of the past fewyears set in motion the privatization of the country’smassive public savings bank. That event promises tounleash a torrent of capital that can combine with risingspending by the country’s retirees to finance new growth.
And despite the uncertainty surrounding its economy,opportunities in the US still abound. Manufacturing jobsmay be going to China and services to India, but thespread of e-commerce has positioned the US as thestorefront of the world. US companies also stand tobenefit from the push by China and other nations intocleaner energy. As in Europe, Americans over 45 aretaking advantage of improving health to extend theirproductivity, start businesses and add more value to theeconomy.
Companies hoping to seize these global opportunitiesneed to do their homework. “When you invest moneyabroad it’s very important to realize that there are certainrules and regulations one has to recognize. Some ofthese rules are written and some are not written,” saidSoud Ba’alawy, Executive Chairman, Dubai Group,United Arab Emirates.
Perhaps the biggest risk facing companies goingoverseas is the backlash against globalization, particularlyin the US. Weakening economic signals during apresidential election year raise the likelihood thatlegislation imposing trade sanctions on China will bepassed.
Whether lobbying against protectionism in the US oradvocating more transparent regulations in Africa,companies need to take a proactive role. Partnering withregulators helps educate them on the industry’s needs,formulate smarter policies and maintain a constructivedialogue. Many companies mistake light regulation withgood regulation, but the unfolding product safety scandalin China underscores how problems in one country canhurt a company’s reputation worldwide.
16 | Inaugural Annual Meeting of the New Champions
The Shifting Landscape
While companies struggle to respond to a rapidly shiftingglobal landscape, Global Growth Companies havebecome a powerful force of their own on the globalscene. “The global growth enterprises,” said China’sPremier Wen Jiabao, “are playing a key role in worldeconomic development.” For the Global GrowthCompany CEO, running the business increasinglyrequires anticipating the potential impact of events half aworld away. “Business leaders need to have a truly globalperspective,” said Wen. “They should not only know whatis happening in the world now, but also in the future.”
Simply reacting to these trends is not enough. In a fast-moving world, risk is opportunity. Global GrowthCompanies, therefore, must recognize and exploit theirlong-term ability to affect and improve the landscape andso gain new markets, scale and productivity. “We don’tneed a CEO that manages only the business,” saidMohammed Al Gergaw, Minister of State for CabinetAffairs of the United Arab Emirates, and ExecutiveChairman, Dubai Holding. “We also need him tounderstand the social aspects of working in a lot ofcountries – and the political aspect. So he is a CEO andpolitician, or a policy-maker at the same time.”
Despite predictions for 4.9% global economic growth in2007, the global backdrop appears decidedly uncertain,particularly in a country long associated with stability –the United States. Distracted by a deeply unpopularpolicy in the Middle East, the US appears to berelinquishing diplomatic leadership in other regions, suchas Asia.
The unfolding crisis in the mortgage lending industrythreatens US consumer spending and economic growth.Many question whether the global economy canwithstand a downturn in both the US economy and theUS dollar. Some believe that robust economies andmassive foreign currency reserves will insulate Asia, butothers warn that the region is still too dependent onexports not to be affected. Much of Asia’s reserves arealso invested in the US and stand to suffer from fallingasset prices there.
But China and India have emerged as economiclocomotives in their own right, helping to support arecovery throughout the developing world and in othermature economies such as Europe and Japan.
While the pressures of China’s growth are well publicized,those pressures are also yielding business opportunities.The mass migration into China’s eastern cities, forexample, underpins strong demand for fixed assets.China’s efforts to reduce consumption of raw materialsand lower pollution are a bonanza for providers of cleanenergy.
India, too, faces problems of pollution and urbancongestion. But its government has called for a near-doubling of investment to 8% of GDP to improve urbanservices and broaden development. The devolution ofpower from Delhi to the states, while creating regulatoryheadaches for investors, is fostering competition forinvestment. And an influx of overseas Indians is injectingexpertise and connections that could boost India’s allureto foreign investors in the wake of the latest marketturmoil.
The tsunami of wealth being created in China and India isreverberating far abroad. South-East Asia has recoveredfrom the financial crisis a decade ago and is promotingeconomic integration to position itself as a hub for goodsand services between the two giants.
Investment by China in Africa’s raw materials andinfrastructure is fuelling economic growth where Westernaid failed, turning the continent into an important energyplayer. Resource-rich Latin America is also experiencingnewfound optimism, with Colombia staging a remarkableturnaround and Brazil enjoying a retail and services-ledboom. Despite its own political turmoil, the Middle East isshowing signs of a revival, spurred by high oil prices, andfuelling a real estate and infrastructure boom that isswelling the ranks of an Arab middle class.
Monex Inc.Monex is the sole online investment bankin Japan offering online brokerage, mutualfunds and alternative investment funds aswell as IPO underwriting services. It seeksto create a new nationwide infrastructurecapable of replacing the post office.
“The last thing Japan should do is worry
too much about Japan.”
Oki Matsumoto, President and ChiefExecutive Officer, Monex, Japan
Global Growth Company Profile
19 | Inaugural Annual Meeting of the New Champions18 | Inaugural Annual Meeting of the New Champions
Companies need to conduct strict audits of their supplychains and make sure they do not apply varyingstandards from one country to another. They shouldencourage regulators to adopt the highest internationalstandards for their industry, thereby encouraging scaleand innovation across borders. Those venturing into newmarkets should even consider teaming up with localcompetitors, combining their strengths to help openregulatory doors.
Above all, Global Growth Companies have to recognizethat with their influence comes responsibility. Makingprofits for shareholders is no longer enough, said E.Neville Isdell, Chairman and Chief Executive Officer,Coca-Cola Company, USA. “If we’re not seen both inperception and in reality as being an integral andfunctioning part of every community and society weoperate in, I think that the model that we have is indanger.”
Global Growth
Source: IMF
8%
6
4
2
0
GD
P g
row
th
Emerging market anddeveloping countries
World
Forecast
Advancedeconomies
1993
1984
1985
1986
1987
1988
1989
1990
1992
1991
1994
1995
1996
1998
1999
2000
1997
2003
2002
2006
2005
2007
F
2004
2001
2008
F
Developing world sets the pace for global economic growth
NeusoftNeusoft is a leading software and serviceprovider and the largest offshore softwareand service outsourcer in China.
“The IT services sector will keep up 20-30% growth over the next 10 years forboth local and international businessesdoing business in China. Moreoutsourcing of services will come toChina. But we still face challenges - howto change our image with regard to theprotection of intellectual property, forexample. Also, can we provide the talentwe need?”
Liu Jiren, Chairman and Chief Executive Officer, Neusoft,People's Republic of China
Global Growth Company Profile
21 | Inaugural Annual Meeting of the New Champions
“Policy-making is much more complicated than before,”explained Fan Gang, Director of the National EconomicResearch Institute at the China Reform Foundation.Achieving economic growth is no longer the paramountobjective. Addressing environmental and social pressuresare now major priorities for the central government.Chinese policy-makers “have more diversified goals thaneven five years ago,” added Fan Gang. “They have tothink about many other issues. Even economic policyitself is more difficult to make. It is more difficult to makequick changes because of the constraints.”
Companies new to China and veterans alike will have tograsp the ways in which China has changed, andcontinues to change, if they are to adopt the strategiesthey need to succeed in this Olympic-sized market. Forany China player, perhaps the biggest mistake would beto make outdated assumptions about the market. Forexample, in some sectors, China has become a highlycompetitive playing field, with local enterprises competingnot just among themselves but also with foreign entities.
Income Distribution in China Has Broadened Over 30 Years
Source: Xavier Sala-i-Martin; Gapminder.com
$100 $100,000$10,000$1,000
Num
ber
of p
eop
le
China2000
China1970
World2000
World1970
Income per year
140,000
120,000
100,000
80,000
60,000
40,000
20,000
While it is true that the tight labour market in somesectors has made job-hopping a problem, manycompanies are able to cope and retain staff by makingthe right first hires and offering employees a careerdevelopment path. And, while hobnobbing withgovernment officials on the golf course or in karaokeclubs may have been a good way to secure approvals inthe old days, today a more effective strategy may be torecognize the professionalism and quality of governmentofficials at every level and keep relationships proper andat a high level.
Companies still hesitant about introducing theirtechnology to China for fear that their intellectual propertyrights will be violated may lose out to rivals whoappreciate that the IPR situation has clearly improved.While enforcement remains inadequate and thepunishment for violators not harsh enough, by mostaccounts, the commitment of the Chinese leadership toIPR protection is strong and consistent. Knock-offs areharder to find in the big cities, and Chinese consumersare becoming more conscious of IPR. As the number ofChinese-held patents continues to increase sharply, morelocal enterprises are joining the fight to enforce IPR.
Forecast Consumption Growth in China
Source: National Bureau of Statistics of China; McKinsey Global Institute analysis
2025
2004
0 5,000
Real consumer spending (RMB, billion)
10,000 15,000 20,000
CAGR: 6.7%
CAGR: 9.5%
Overall spending expected to increase almost 9% per year
CAGR: 11.8%
FoodRecreation,Education
Housing,Utilities
Transportation,Communication Healthcare Apparel
Householdproducts
Personalproducts
20 | Inaugural Annual Meeting of the New Champions
Inside China
As a venue for the Inaugural Annual Meeting of the NewChampions, Dalian embodied the dynamism inherent inthe New Champions and highlighted the ongoingtransformation taking place across Chinese society. Thecity is one of China’s fast-growing, “second-tier”municipalities, quickly turning into a globally connectedhub for manufacturing and services. Dalian is one ofChina’s new champion cities. And China is an economythat is facing many of the same challenges that the NewChampion enterprises must address such as managingrampant growth, dealing with the pressures ofglobalization and addressing the responsibilities of globalcitizenship. Like many of the Global Growth Companiesthat met in Dalian, China is at an inflection point in itstransition to a global leader.
To borrow the motto of the Olympic movement, China isrunning faster, rising higher and becoming stronger. Nextyear’s Olympics are likely to be as significant a validatingmilestone for China as previous Games were for SouthKorea in 1988 and Japan in 1964. It will be anopportunity for China to showcase its achievements. “Wein the West don’t understand the magnitude of what thisrepresents for China and the Chinese people,” saidMaurice Lévy, Chairman and Chief Executive Officer,Publicis Group, France. “People’s mindsets will change. Itis also about national pride. This country has been lockedfor 50 years. It is absolutely huge.”
Of course, China has been opening up to the world formore than three decades. While the Olympics will serveas a catalyst for further economic progress and socialchange, many of the fundamental transformations thecountry is undergoing have been playing out for years.Consider, for example, the drop in the incidence ofpoverty. According to the World Bank, between 1981 and2001, the proportion of Chinese living in poverty fell from53% to 8%. Today, the biggest concern is risinginequality, the widening gap between rich and poor,particularly in urban areas. A key focus of policy-makers:how China can shift from its dependence onmanufacturing for export to a more consumer-driven,knowledge-based economy.
More Chinese Entering the Middle Class
Source: National Bureau of Statistics of China; McKinsey Global Institute analysis
100%
80
60
40
20
0
Sha
re o
f tot
al u
rban
dis
pos
able
inco
me
1985 1995 2005 2015
* Base year 2000, 1RMB=$0.12
2025
Poor (<25,000 RMB)
Global affluent(Incomes* >200,000 RMB)
Mass affluent(100,001-200,000 RMB)
Upper middle class(40,001-100,000 RMB)
Lower middle class(25,001-40,000 RMB)
“China is in the process of accelerating industrialization and urbanization. It’squite true that energy demand will increase in the future but, in the meantime, wewill also pay greater attention to energy saving and environmental protection.”
Zhang Xiaoqiang, Vice-Chairman, National Development and Reform Commission, People's Republic of China
23 | Inaugural Annual Meeting of the New Champions22 | Inaugural Annual Meeting of the New Champions
China is changing faster than even veterans of the marketcan fathom. Fail to appreciate how quickly the Chinesemarkets are expanding and a company could find itselfrunning behind its rivals. The swift rise in prominence ofthe Chinese capital markets – the biggest IPO last yearwas in Shanghai – is an example of just how fast Chinacan move when conditions are right. There is now serioustalk about combining the Shanghai, Shenzhen and HongKong markets into one platform to compete moreeffectively against New York and London. Such an ideawould have been unthinkable just five years ago.
Patent Activity Picking Up In China...
Source: State Intellectual Property Office of the PRC; World Intellectual Property Organisation
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
300,000
250,000
200,000
150,000
100,000
50,000
... driven by Chinese companies
Bar
s –
Pat
ents
gra
nted
by
Chi
na p
aten
t of
fice
Line — C
hinese app
licationsfor international p
atents*
2002 2003 20042001
Chinesecompanies
Foreigncompanies
2005 2006
* under the Patent Cooperation Treaty
Chinese applications forinternational patents
under the PatentCooperation Treaty
Indeed, any China player should resist thinking of thisunique market as being x number of years behind theUS, Europe or Japan. Even if it may lag now, thelikelihood is that China will leapfrog ahead and not simplyfollow from behind or catch up and converge with thepacesetters. Like the New Champion enterprises thatgathered in Dalian, China is setting its own path to globalcompetitiveness.
Chinese Equity Markets
Source: Thomson Financial
1000
800
600
400
200
0
$75,000
60,000
45,000
30,000
15,000
0
Trading volumes have increased 30-fold within 7 years
Chi
na-D
S M
arke
t, V
olum
e(m
illio
ns o
f sha
res
trad
ed)
China-D
S M
arket, Total return(100=
31 Dec 1999)
31 Dec 200331 Dec 1999
Volume
Total return index
31 Jul 2007
Acknowledgements
The World Economic Forum wishes to recognize the support of the following companies as Partners or Supporters ofthe Inaugural Annual Meeting of the New Champions.
Strategic Partners
ABN AMRO BankAccel PartnersAccentureAlcan American International Group (AIG)Apax PartnersAudiAvayaBain & CompanyBooz Allen HamiltonBTThe Coca-Cola CompanyDeloitteDeutsche BankDubai HoldingErnst & YoungGoldman SachsHeidrick & Struggles InternationalHPInfosys Technologies Intel CorporationKPMGKudelski GroupManpowerMarsh & McLennan Companies (MMC)McKinsey & CompanyMerrill LynchMorgan StanleyNikeNYSE EuronextPepsiCo PricewaterhouseCoopersReliance IndustriesReutersSiemensSK GroupStandard Chartered UnileverUPSXenel GroupWPPZurich Financial Services
Dalian Partners
ARTOC Group for Investment & DevelopmentAtos OriginCambridge Energy Research Associates (CERA)Dalian Wanda Group
Dalian Supporters
AgilityCH2M HILL CompaniesFinancial Technologies (India)HCL TechnologiesInternational Bank of AzerbaijanInternational Finance Corporation (IFC)NeusoftOgilvy Public Relations WorldwidePhoenix Satellite Television Co.Shamil Bank of BahrainTCL CorporationTroika Dialog GroupUnderwriters Laboratories
Dalian Service Provider
China Mobile Communications Corporation
27 | Inaugural Annual Meeting of the New Champions26 | Inaugural Annual Meeting of the New Champions
Mentors of the Inaugural Annual Meetingof the New Champions
Abbasi Group, United Arab EmiratesAditi Technologies Pvt Ltd, USAAdvanced Chemical Industries Ltd,BangladeshAdvantage Partners LLP, JapanAecon Group Inc., CanadaAir Arabia, United Arab EmiratesAK BARS Bank, Russian FederationAlvarion Ltd, IsraelAmalgamated Bean Coffee TradingCompany Ltd, IndiaAmeria CJSC, ArmeniaAPCO Worldwide Inc., USAApollo International Ltd, IndiaAsset Management Company UkrainianRealty Group, UkraineAVentures Group, UkraineAxiom Telecom LLC, United ArabEmiratesAzersun Holding, AzerbaijanBasis Management Company, RussianFederationBematech, BrazilCayan International Ltd, Saudi ArabiaCBC Capital, People’s Republic ofChinaCephalon Inc., USAChina Bohai Bank, People’s Republic ofChinaCJSC Industrial Association Konti,UkraineCMS Computers Ltd, IndiaColite International Ltd, USACompass Group, USACox Industries, USACrompton Greaves Limited, IndiaCYBIRD Holdings Co. Ltd, JapanDalian Dayang Trands Co. Ltd (DayangTrands), People’s Republic of ChinaDalian Hi -Think Computer TechnologyCo. Ltd (DHC), People’s Republic ofChinaDalian Wanda Group Co. Ltd, People’sRepublic of ChinaDashang Group Co. Ltd, People’sRepublic of ChinaEast African Cables Ltd, KenyaEgyptian Traders Co., EgyptEPS Co. Ltd, JapanEtihad Airways, United Arab EmiratesFar East Holding Group Co. Ltd,People’s Republic of ChinaFawaz Alhokair Group, Saudi ArabiaFinancial Technologies (India) Ltd (FTIL),IndiaFujia Group Company Ltd, People’sRepublic of ChinaFuture Technologies Inc., USAGlobis Group, JapanGolden Gate Business, UkraineGradient Company Ltd, RussianFederation
GROUPE Socota, MadagascarGruma SAB de CV, MexicoGulliver International Co. Ltd, JapanHealth Integrated, USAHill International Inc., USAHunter Dickinson Inc., CanadaIDEO Inc., USAiGATE Global Solutions Ltd, IndiaIHS Inc., USAIndustrial Construction & EngineeringCompany (SIAC), EgyptInner Mongolia Mengniu Dairy Industry(Group) Co. Ltd, People’s Republic ofChinaInner Mongolia Yili Industrial Group Co.Ltd, People’s Republic of ChinaInter Car Group, UkraineInternational Bank of Azerbaijan,AzerbaijanInternational Investment Bank, RussianFederationIntralot SA, GreeceJASDAQ Securities Exchange Inc.,JapanJSC Holding Company “AK BARS“-Russian FederationJSC Shipbuilding Plant «SevernayaVerf», Russian FederationKio Networks, MexicoKolibri Capital, USALANIT Group of Companies, RussianFederationM.P. Technologies Inc., JapanMARITIME BANK, Russian FederationMB Holding Company LLC, OmanMDS Holdings BVI, LebanonMENA Financial Group Ltd, United ArabEmiratesMetro International SA, United KingdomMineks International, TurkeyMKS Consulting Limited, JapanMonex Inc., JapanMoser Baer India Ltd, IndiaMuvis Srl, ItalyNational Oilwell Varco Inc., USAnetprice.com Ltd, JapanNeusoft Group Ltd, People’s Republic ofChinaNeuStar Inc., USAOdontoprev, BrazilOJSC KINTO, UkraineOJSC Ukrgasbank, UkraineOJSC Ursa Bank, Russian FederationOption NV, BelgiumOrganização Jaime Câmara, BrazilOTKRITIE Financial Corporation Ltd,Russian FederationPolitec, BrazilPraj Industries Ltd, IndiaQiagen NV, GermanyRajshree Sugars & Chemicals Ltd, IndiaRansat Group, United Kingdom
Regus Group Plc, United KingdomRupa & Co. Ltd., IndiaSAG Gest, Solucoes Automovel GlobaisSGPS SA, PortugalSamCorp, PeruSchoeller Industries GmbH, GermanySekunjalo Investments Ltd, Saudi ArabiaShanfari Group of Companies, OmanShoreline Energy International, NigeriaShuaa Capital PSC, UAESoftBank Investment (SBI Holdings) Inc.,JapanSolid Technologies Inc., Republic ofKoreaSuntone Business (Group) Co. Ltd,People’s Republic of ChinaSynergy Healthcare Plc, UnitedKingdomTag-it Pacific Inc., USATantash Investments, JapanTHine Electronics Inc., JapanTianjin Bohai Chemical Industry Group,People’s Republic of ChinaTianjin Jinbin Development Co. Ltd,People’s Republic of ChinaTianjin Materials Group Corp., People’sRepublic of ChinaTianjin Pipe (Group) Corporation,People’s Republic of ChinaTianjin Port (Group) Company Limited,People’s Republic of ChinaTianjin Tasly Pharmaceutical Co. Ltd,People’s Republic of ChinaTianjin Teda Group Co. Ltd, People’sRepublic of ChinaTianjin Zhonghuan Electronics andInformation Group Co. Ltd, People’sRepublic of ChinaTianjin Zhongxin Pharmaceutical GroupCorporation Limited, People’s Republicof ChinaTIBCO Software Inc., USAUnison Capital Inc., JapanUnivera, Republic of KoreaUTV Software Communications Ltd,IndiaVozrozhdenie Bank, Russian FederationWiseKey, SwitzerlandWockhardt Ltd, IndiaXi’an Dagang Highway Machinery &Electricity Co. Ltd, People’s Republic ofChinaYES BANK Limited, IndiaYida Group Co. Ltd, People’s Republicof China
Founding Members of the Community ofGlobal Growth Companies*
* As of 20 September 2007
Peter Bakker, Chief Executive Officer, TNT, Netherlands
Craig Barrett, Chairman of the Board, Intel Corporation, USA
Samuel A. DiPiazza Jr, Global Chief Executive Officer,
PricewaterhouseCoopers, USA
Mohammad Al Gergawi, Minister of State for Cabinet Affairs of
the United Arab Emirates; Executive Chairman, Dubai Holding
Jiang Jianqing, Chairman of the Board, Industrial and
Commercial Bank of China Limited, People’s Republic of China
Maurice Lévy, Chairman and Chief Executive Officer, Publicis
Groupe, France
William R. Rhodes, Chairman, President and Chief Executive
Officer, Citibank NA, USA
James J. Schiro, Group Chief Executive Officer and Chairman of
the Group Management Board, Zurich Financial Services,
Switzerland
Sir Martin Sorrell, Group Chief Executive, WPP, United Kingdom
Ben Verwaayen, Chief Executive Officer, BT, United Kingdom
Wang Jianzhou, Chairman and Chief Executive, China Mobile
Communications Corporation, People’s Republic of China
Wei Jiafu, Group President and Chief Executive Officer, China
Ocean Shipping Group Co. (COSCO) , People’s Republic of China
Yang Yuanqing, Chairman of the Board, Lenovo Group Limited,
People’s Republic of China
28 | Inaugural Annual Meeting of the New Champions
Peter Torreele is Managing Director of the World Economic Forum. Jeremy Jurgens is Director, ChiefRepresentative and Head of Global Growth Companies, World Economic Forum Beijing. The InauguralAnnual Meeting of the New Champions was under their direct responsibility, with Denise Burnet, Director,Head of Events, Stéphanie Janet, Director, Head of Annual Meeting Operations, and Laura de Wolf,Senior Specialist, Events.
Report Writers: Wayne Arnold, E. Benjamin Skinner and Alejandro Reyes
The World Economic Forum would also like to express its appreciation to the summary writers for theirwork at the meeting.
Associate Director, Editing: Nancy Tranchet
Design and Layout: Kamal Kimaoui, Associate Director, Production and Design
Photographs: Doug Kanter
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