[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:01.21,0:00:03.60,Default,,0000,0000,0000,,Lately, a lot of chief executives
Dialogue: 0,0:00:03.62,0:00:06.85,Default,,0000,0000,0000,,have promised to shift\Ntheir business model.
Dialogue: 0,0:00:06.88,0:00:10.02,Default,,0000,0000,0000,,They pledge to serve all stakeholders,
Dialogue: 0,0:00:10.04,0:00:12.18,Default,,0000,0000,0000,,not just shareholders.
Dialogue: 0,0:00:12.21,0:00:14.60,Default,,0000,0000,0000,,Investment return, they say,
Dialogue: 0,0:00:14.62,0:00:16.64,Default,,0000,0000,0000,,will no longer take precedence
Dialogue: 0,0:00:16.67,0:00:19.27,Default,,0000,0000,0000,,over the health and welfare of employees,
Dialogue: 0,0:00:19.29,0:00:20.60,Default,,0000,0000,0000,,suppliers,
Dialogue: 0,0:00:20.62,0:00:22.35,Default,,0000,0000,0000,,even planet Earth.
Dialogue: 0,0:00:22.38,0:00:24.27,Default,,0000,0000,0000,,Not just in a crisis,
Dialogue: 0,0:00:24.29,0:00:26.43,Default,,0000,0000,0000,,but every day.
Dialogue: 0,0:00:26.46,0:00:30.43,Default,,0000,0000,0000,,This is a change that business\Nabsolutely needs to make,
Dialogue: 0,0:00:30.46,0:00:32.83,Default,,0000,0000,0000,,but that does not mean\Nit is going to be easy.
Dialogue: 0,0:00:34.00,0:00:36.10,Default,,0000,0000,0000,,It's like going from being a young couple
Dialogue: 0,0:00:36.12,0:00:37.85,Default,,0000,0000,0000,,to having kids.
Dialogue: 0,0:00:37.88,0:00:39.68,Default,,0000,0000,0000,,When you're trying to make decisions
Dialogue: 0,0:00:39.71,0:00:42.27,Default,,0000,0000,0000,,with just one other person\Nin the relationship,
Dialogue: 0,0:00:42.29,0:00:43.98,Default,,0000,0000,0000,,it's pretty straightforward.
Dialogue: 0,0:00:44.00,0:00:46.06,Default,,0000,0000,0000,,Where should we have Sunday lunch?
Dialogue: 0,0:00:46.08,0:00:47.79,Default,,0000,0000,0000,,What should we watch for the movie?
Dialogue: 0,0:00:48.62,0:00:51.35,Default,,0000,0000,0000,,But when you add one child,
Dialogue: 0,0:00:51.38,0:00:52.89,Default,,0000,0000,0000,,a second child,
Dialogue: 0,0:00:52.92,0:00:54.73,Default,,0000,0000,0000,,new decision makers,
Dialogue: 0,0:00:54.75,0:00:57.39,Default,,0000,0000,0000,,life gets complicated.
Dialogue: 0,0:00:57.42,0:01:00.73,Default,,0000,0000,0000,,And each one has their own unique needs
Dialogue: 0,0:01:00.75,0:01:03.02,Default,,0000,0000,0000,,and individual perspective.
Dialogue: 0,0:01:03.04,0:01:07.68,Default,,0000,0000,0000,,We all know that you're not supposed\Nto have a favorite child,
Dialogue: 0,0:01:07.71,0:01:11.50,Default,,0000,0000,0000,,and that being fair\Ndoesn't always mean being equal.
Dialogue: 0,0:01:12.75,0:01:15.56,Default,,0000,0000,0000,,It's one of the biggest\Nchallenges in parenting,
Dialogue: 0,0:01:15.58,0:01:17.38,Default,,0000,0000,0000,,and in stakeholder capitalism.
Dialogue: 0,0:01:18.46,0:01:21.60,Default,,0000,0000,0000,,Employees need to earn a living wage.
Dialogue: 0,0:01:21.62,0:01:25.81,Default,,0000,0000,0000,,How else can they be confident\Nthat they can feed their families?
Dialogue: 0,0:01:25.83,0:01:29.89,Default,,0000,0000,0000,,Pension fund investors\Nneed to earn a positive return.
Dialogue: 0,0:01:29.92,0:01:31.85,Default,,0000,0000,0000,,Only then can they be sure
Dialogue: 0,0:01:31.88,0:01:34.98,Default,,0000,0000,0000,,that they are managing\Nthe savings and retirement
Dialogue: 0,0:01:35.00,0:01:37.02,Default,,0000,0000,0000,,of their investors responsibly.
Dialogue: 0,0:01:37.04,0:01:40.68,Default,,0000,0000,0000,,Consumers want and deserve\Nproducts and services
Dialogue: 0,0:01:40.71,0:01:43.75,Default,,0000,0000,0000,,that are both affordable and safe.
Dialogue: 0,0:01:44.67,0:01:47.73,Default,,0000,0000,0000,,And we all want a society and planet
Dialogue: 0,0:01:47.75,0:01:49.08,Default,,0000,0000,0000,,that lets us breathe.
Dialogue: 0,0:01:50.33,0:01:54.68,Default,,0000,0000,0000,,I have spent my career\Nhelping companies and their leaders
Dialogue: 0,0:01:54.71,0:01:56.52,Default,,0000,0000,0000,,improve their performance,
Dialogue: 0,0:01:56.54,0:01:58.88,Default,,0000,0000,0000,,particularly at times of transition.
Dialogue: 0,0:02:00.21,0:02:02.48,Default,,0000,0000,0000,,We've all gone digital.
Dialogue: 0,0:02:02.50,0:02:05.18,Default,,0000,0000,0000,,We've responded\Nto new health care regulations.
Dialogue: 0,0:02:05.21,0:02:07.02,Default,,0000,0000,0000,,We've improved their productivity,
Dialogue: 0,0:02:07.04,0:02:09.85,Default,,0000,0000,0000,,made them more diverse and inclusive.
Dialogue: 0,0:02:09.88,0:02:11.39,Default,,0000,0000,0000,,It took us a while to learn
Dialogue: 0,0:02:11.42,0:02:15.10,Default,,0000,0000,0000,,that you can't actually\Nmake a company more digital
Dialogue: 0,0:02:15.12,0:02:18.18,Default,,0000,0000,0000,,by appointing a chief digital officer,
Dialogue: 0,0:02:18.21,0:02:20.60,Default,,0000,0000,0000,,or that a chief diversity officer
Dialogue: 0,0:02:20.62,0:02:24.92,Default,,0000,0000,0000,,could not single-handedly\Nmake a company's culture more inclusive.
Dialogue: 0,0:02:25.79,0:02:31.31,Default,,0000,0000,0000,,So we already know that we cannot\Njust appoint a chief stakeholder officer
Dialogue: 0,0:02:31.33,0:02:34.52,Default,,0000,0000,0000,,if we really want to serve\Nall stakeholders.
Dialogue: 0,0:02:34.54,0:02:36.96,Default,,0000,0000,0000,,Instead, we need to reset.
Dialogue: 0,0:02:37.96,0:02:41.23,Default,,0000,0000,0000,,If we really want to serve\Nstakeholder needs,
Dialogue: 0,0:02:41.25,0:02:42.96,Default,,0000,0000,0000,,we need to get everyone involved.
Dialogue: 0,0:02:43.92,0:02:45.81,Default,,0000,0000,0000,,There are no quick fixes,
Dialogue: 0,0:02:45.83,0:02:48.35,Default,,0000,0000,0000,,but I do have a few ideas.
Dialogue: 0,0:02:48.38,0:02:51.14,Default,,0000,0000,0000,,Let's start at the top: the boardroom.
Dialogue: 0,0:02:51.17,0:02:54.98,Default,,0000,0000,0000,,This is where a company's strategy\Nis set and governed,
Dialogue: 0,0:02:55.00,0:02:59.23,Default,,0000,0000,0000,,and if all stakeholder needs\Naren't accounted for here,
Dialogue: 0,0:02:59.25,0:03:01.25,Default,,0000,0000,0000,,really, nothing's changing.
Dialogue: 0,0:03:02.59,0:03:06.27,Default,,0000,0000,0000,,By definition,\Na board can stand in the way
Dialogue: 0,0:03:06.29,0:03:08.75,Default,,0000,0000,0000,,of serving all stakeholders.
Dialogue: 0,0:03:09.58,0:03:10.98,Default,,0000,0000,0000,,Why?
Dialogue: 0,0:03:11.00,0:03:14.29,Default,,0000,0000,0000,,Because often, a board\Nis elected by shareholders.
Dialogue: 0,0:03:15.12,0:03:17.27,Default,,0000,0000,0000,,It represents their interests.
Dialogue: 0,0:03:17.29,0:03:19.83,Default,,0000,0000,0000,,It's there to act on their behalf.
Dialogue: 0,0:03:21.21,0:03:23.29,Default,,0000,0000,0000,,That's not just a dictionary definition.
Dialogue: 0,0:03:24.12,0:03:26.52,Default,,0000,0000,0000,,It's enshrined in law in the US,
Dialogue: 0,0:03:26.54,0:03:28.23,Default,,0000,0000,0000,,and this can really limit
Dialogue: 0,0:03:28.25,0:03:31.98,Default,,0000,0000,0000,,how much change a CEO or board can effect
Dialogue: 0,0:03:32.00,0:03:35.93,Default,,0000,0000,0000,,if they want to serve the needs\Nof more stakeholders.
Dialogue: 0,0:03:35.96,0:03:38.39,Default,,0000,0000,0000,,For years, if we're honest,
Dialogue: 0,0:03:38.42,0:03:40.64,Default,,0000,0000,0000,,we've been ticking boxes:
Dialogue: 0,0:03:40.67,0:03:43.58,Default,,0000,0000,0000,,ethnicity, age, gender.
Dialogue: 0,0:03:44.42,0:03:47.52,Default,,0000,0000,0000,,We've been looking for people\Nwho look different,
Dialogue: 0,0:03:47.54,0:03:50.68,Default,,0000,0000,0000,,but boards still do the same thing.
Dialogue: 0,0:03:50.71,0:03:53.89,Default,,0000,0000,0000,,They look after the interests\Nof shareholders.
Dialogue: 0,0:03:53.92,0:03:55.77,Default,,0000,0000,0000,,We don't need tokens.
Dialogue: 0,0:03:55.79,0:04:00.27,Default,,0000,0000,0000,,We need people who truly\Nunderstand the experience
Dialogue: 0,0:04:00.29,0:04:04.14,Default,,0000,0000,0000,,and represent the diversity\Nof our stakeholders.
Dialogue: 0,0:04:04.17,0:04:08.02,Default,,0000,0000,0000,,Corporate boards can learn a thing or two\Nfrom the nonprofit world.
Dialogue: 0,0:04:08.04,0:04:11.02,Default,,0000,0000,0000,,I chair a charity, Teach First.
Dialogue: 0,0:04:11.04,0:04:14.39,Default,,0000,0000,0000,,It's an educational charity\Nthat produces outstanding teachers
Dialogue: 0,0:04:14.42,0:04:15.89,Default,,0000,0000,0000,,and schools.
Dialogue: 0,0:04:15.92,0:04:19.25,Default,,0000,0000,0000,,Our board includes a wide range of skills:
Dialogue: 0,0:04:20.67,0:04:23.06,Default,,0000,0000,0000,,former civil servants,
Dialogue: 0,0:04:23.08,0:04:26.64,Default,,0000,0000,0000,,activists, teachers, ambassadors,
Dialogue: 0,0:04:26.67,0:04:28.10,Default,,0000,0000,0000,,technologists.
Dialogue: 0,0:04:28.12,0:04:30.56,Default,,0000,0000,0000,,Some of them on paper have very little
Dialogue: 0,0:04:30.58,0:04:34.14,Default,,0000,0000,0000,,that's an obvious fit\Nfor an educational charity.
Dialogue: 0,0:04:34.17,0:04:38.60,Default,,0000,0000,0000,,But they each have real experience\Nwith our stakeholders.
Dialogue: 0,0:04:38.62,0:04:39.92,Default,,0000,0000,0000,,Every board is different.
Dialogue: 0,0:04:40.92,0:04:46.02,Default,,0000,0000,0000,,Imagine a world where corporate governance\Nwas very different than today:
Dialogue: 0,0:04:46.04,0:04:50.18,Default,,0000,0000,0000,,community leaders sitting\Non the boards of their local bank;
Dialogue: 0,0:04:50.21,0:04:54.39,Default,,0000,0000,0000,,moral philosophers\Nadvising social media companies;
Dialogue: 0,0:04:54.42,0:04:59.27,Default,,0000,0000,0000,,environmental activists\Nas directors of global energy companies.
Dialogue: 0,0:04:59.29,0:05:01.85,Default,,0000,0000,0000,,CEOs keep making pledges.
Dialogue: 0,0:05:01.88,0:05:04.48,Default,,0000,0000,0000,,They keep talking about social purpose,
Dialogue: 0,0:05:04.50,0:05:06.73,Default,,0000,0000,0000,,but real change won't happen
Dialogue: 0,0:05:06.75,0:05:09.27,Default,,0000,0000,0000,,until we change who governs
Dialogue: 0,0:05:09.29,0:05:11.12,Default,,0000,0000,0000,,and for what purpose.
Dialogue: 0,0:05:12.21,0:05:15.68,Default,,0000,0000,0000,,We have to change the laws\Nof incorporation that limit us,
Dialogue: 0,0:05:15.71,0:05:18.12,Default,,0000,0000,0000,,and remember who we really serve.
Dialogue: 0,0:05:18.75,0:05:22.27,Default,,0000,0000,0000,,Next, let's talk about the big E,
Dialogue: 0,0:05:22.29,0:05:24.06,Default,,0000,0000,0000,,the environment.
Dialogue: 0,0:05:24.08,0:05:28.64,Default,,0000,0000,0000,,Sustainability goals have been written\Ninto annual reports all over the world.
Dialogue: 0,0:05:28.67,0:05:30.35,Default,,0000,0000,0000,,The goals are very lofty,
Dialogue: 0,0:05:30.38,0:05:32.25,Default,,0000,0000,0000,,and very, very long-term,
Dialogue: 0,0:05:33.17,0:05:35.39,Default,,0000,0000,0000,,and none of them will be accomplished
Dialogue: 0,0:05:35.42,0:05:38.27,Default,,0000,0000,0000,,if they don't have\Nreal steps along the way.
Dialogue: 0,0:05:38.29,0:05:39.68,Default,,0000,0000,0000,,It's like saying,
Dialogue: 0,0:05:39.71,0:05:43.75,Default,,0000,0000,0000,,"I'm going to run a marathon,\Nor a 5k, sometime in the future."
Dialogue: 0,0:05:44.56,0:05:48.56,Default,,0000,0000,0000,,No one is going to believe you\Nuntil they see you get off the couch,
Dialogue: 0,0:05:48.58,0:05:49.93,Default,,0000,0000,0000,,start training,
Dialogue: 0,0:05:49.96,0:05:52.79,Default,,0000,0000,0000,,putting in the miles every single day.
Dialogue: 0,0:05:53.54,0:05:56.18,Default,,0000,0000,0000,,CEOs need the same thing.
Dialogue: 0,0:05:56.21,0:06:00.39,Default,,0000,0000,0000,,They need concrete,\Nachievable, measurable goals,
Dialogue: 0,0:06:00.42,0:06:03.58,Default,,0000,0000,0000,,and they need to share the data\Nand progress along the way.
Dialogue: 0,0:06:04.96,0:06:08.81,Default,,0000,0000,0000,,Being green is good\Nfor the bottom line in the long run,
Dialogue: 0,0:06:08.83,0:06:10.60,Default,,0000,0000,0000,,but it requires investments,
Dialogue: 0,0:06:10.62,0:06:12.42,Default,,0000,0000,0000,,and those have to be shared.
Dialogue: 0,0:06:13.04,0:06:17.52,Default,,0000,0000,0000,,Brazil-based Natura is the world's\Nfourth largest cosmetics company.
Dialogue: 0,0:06:17.54,0:06:20.02,Default,,0000,0000,0000,,They've got the usual\Nprofit and loss statements
Dialogue: 0,0:06:20.04,0:06:22.18,Default,,0000,0000,0000,,for the investors and the executive,
Dialogue: 0,0:06:22.21,0:06:24.39,Default,,0000,0000,0000,,but it's their other two P and Ls
Dialogue: 0,0:06:24.42,0:06:26.98,Default,,0000,0000,0000,,that make them a little bit special.
Dialogue: 0,0:06:27.00,0:06:30.52,Default,,0000,0000,0000,,One measures how well\Nthey do for the environment.
Dialogue: 0,0:06:30.54,0:06:34.39,Default,,0000,0000,0000,,The other looks\Nat their impact on society.
Dialogue: 0,0:06:34.42,0:06:36.06,Default,,0000,0000,0000,,They measure everything:
Dialogue: 0,0:06:36.08,0:06:37.77,Default,,0000,0000,0000,,seeds planted,
Dialogue: 0,0:06:37.79,0:06:39.64,Default,,0000,0000,0000,,jobs created,
Dialogue: 0,0:06:39.67,0:06:41.98,Default,,0000,0000,0000,,rubbish thrown in the bin.
Dialogue: 0,0:06:42.00,0:06:44.60,Default,,0000,0000,0000,,Shell, the Anglo-Dutch energy company,
Dialogue: 0,0:06:44.62,0:06:46.14,Default,,0000,0000,0000,,is another example.
Dialogue: 0,0:06:46.17,0:06:49.48,Default,,0000,0000,0000,,They figured out\Nwhat many of us already knew;
Dialogue: 0,0:06:49.50,0:06:53.73,Default,,0000,0000,0000,,it's not good enough\Njust to look after your own emissions.
Dialogue: 0,0:06:53.75,0:06:56.98,Default,,0000,0000,0000,,In fact, their emissions\Naccounted for about 15 percent
Dialogue: 0,0:06:57.00,0:06:58.98,Default,,0000,0000,0000,,of their system emissions.
Dialogue: 0,0:06:59.00,0:07:00.35,Default,,0000,0000,0000,,So they changed.
Dialogue: 0,0:07:00.38,0:07:03.81,Default,,0000,0000,0000,,Working with activists and pension funds,
Dialogue: 0,0:07:03.83,0:07:06.18,Default,,0000,0000,0000,,they set three-year rolling goals
Dialogue: 0,0:07:06.21,0:07:09.04,Default,,0000,0000,0000,,with progress markers year by year.
Dialogue: 0,0:07:09.75,0:07:14.18,Default,,0000,0000,0000,,By 2050, they hope to reduce\Ntheir net carbon footprint
Dialogue: 0,0:07:14.21,0:07:15.73,Default,,0000,0000,0000,,by almost two thirds.
Dialogue: 0,0:07:15.75,0:07:17.08,Default,,0000,0000,0000,,That is a major reduction.
Dialogue: 0,0:07:17.92,0:07:21.35,Default,,0000,0000,0000,,Initially, these targets\Nare linked to the bonuses
Dialogue: 0,0:07:21.38,0:07:23.83,Default,,0000,0000,0000,,of their top 150 decision makers,
Dialogue: 0,0:07:25.25,0:07:30.85,Default,,0000,0000,0000,,and over time the pay\Nof nearly 17,000 employees
Dialogue: 0,0:07:30.88,0:07:34.71,Default,,0000,0000,0000,,could be linked in part\Nto how they treat Mother Earth.
Dialogue: 0,0:07:36.54,0:07:38.98,Default,,0000,0000,0000,,It's still early days for this industry
Dialogue: 0,0:07:39.00,0:07:40.98,Default,,0000,0000,0000,,and many of these initiatives.
Dialogue: 0,0:07:41.00,0:07:44.77,Default,,0000,0000,0000,,Success will depend\Non how well we stay the course
Dialogue: 0,0:07:44.79,0:07:47.23,Default,,0000,0000,0000,,when the investments\Nbecome more significant,
Dialogue: 0,0:07:47.25,0:07:49.39,Default,,0000,0000,0000,,when stakeholders disagree,
Dialogue: 0,0:07:49.42,0:07:52.08,Default,,0000,0000,0000,,or when competitors start catching up.
Dialogue: 0,0:07:53.54,0:07:55.89,Default,,0000,0000,0000,,Let's spend a little bit of time\Non a stakeholder
Dialogue: 0,0:07:55.92,0:07:57.60,Default,,0000,0000,0000,,who is sometimes hidden,
Dialogue: 0,0:07:57.62,0:07:59.89,Default,,0000,0000,0000,,and those are our suppliers.
Dialogue: 0,0:07:59.92,0:08:04.02,Default,,0000,0000,0000,,They are the connective tissue\Nunderneath many companies:
Dialogue: 0,0:08:04.04,0:08:06.31,Default,,0000,0000,0000,,Uber drivers, widget makers,
Dialogue: 0,0:08:06.33,0:08:07.67,Default,,0000,0000,0000,,service employees.
Dialogue: 0,0:08:08.58,0:08:12.31,Default,,0000,0000,0000,,They're like an invisible life force\Nthat power our economy,
Dialogue: 0,0:08:12.33,0:08:14.64,Default,,0000,0000,0000,,and one thing we know for sure
Dialogue: 0,0:08:14.67,0:08:17.27,Default,,0000,0000,0000,,is that the success\Nor failure of your business
Dialogue: 0,0:08:17.29,0:08:19.85,Default,,0000,0000,0000,,depends on your suppliers\Nand partnerships.
Dialogue: 0,0:08:19.88,0:08:22.27,Default,,0000,0000,0000,,It's a painful lesson that many hospitals,
Dialogue: 0,0:08:22.29,0:08:24.10,Default,,0000,0000,0000,,including in the US and UK,
Dialogue: 0,0:08:24.12,0:08:25.67,Default,,0000,0000,0000,,will take from COVID-19.
Dialogue: 0,0:08:26.50,0:08:30.06,Default,,0000,0000,0000,,In pandemics, robust, agile supply chains
Dialogue: 0,0:08:30.08,0:08:32.89,Default,,0000,0000,0000,,deliver the masks, ventilators,
Dialogue: 0,0:08:32.92,0:08:35.48,Default,,0000,0000,0000,,testing kits and vaccines
Dialogue: 0,0:08:35.50,0:08:37.06,Default,,0000,0000,0000,,that we all need.
Dialogue: 0,0:08:37.08,0:08:38.85,Default,,0000,0000,0000,,It saves lives,
Dialogue: 0,0:08:38.88,0:08:41.75,Default,,0000,0000,0000,,and it helps to reopen our economy.
Dialogue: 0,0:08:42.33,0:08:45.85,Default,,0000,0000,0000,,Suppliers don't just matter\Nwhen we're in a crisis.
Dialogue: 0,0:08:45.88,0:08:48.56,Default,,0000,0000,0000,,If you really want to scale\Nyour positive impact,
Dialogue: 0,0:08:48.58,0:08:51.48,Default,,0000,0000,0000,,you have to look beyond\Nthe walls of your company.
Dialogue: 0,0:08:51.50,0:08:52.81,Default,,0000,0000,0000,,BHP Billiton,
Dialogue: 0,0:08:52.83,0:08:54.56,Default,,0000,0000,0000,,the Australian mining company,
Dialogue: 0,0:08:54.58,0:08:56.77,Default,,0000,0000,0000,,did just that when it made a commitment
Dialogue: 0,0:08:56.79,0:09:01.14,Default,,0000,0000,0000,,to end gender imbalance\Nin its workforce by 2025.
Dialogue: 0,0:09:01.17,0:09:06.85,Default,,0000,0000,0000,,It decided to encourage, or kind of nudge,\Nits suppliers into also participating
Dialogue: 0,0:09:06.88,0:09:09.12,Default,,0000,0000,0000,,by providing training and technology.
Dialogue: 0,0:09:09.88,0:09:12.06,Default,,0000,0000,0000,,In Chile, Kal Tire
Dialogue: 0,0:09:12.08,0:09:14.64,Default,,0000,0000,0000,,helps to change the enormous tires
Dialogue: 0,0:09:14.67,0:09:17.08,Default,,0000,0000,0000,,on BHP's trucks.
Dialogue: 0,0:09:17.12,0:09:20.56,Default,,0000,0000,0000,,It is a very physical,\Ndemanding, dangerous job,
Dialogue: 0,0:09:20.58,0:09:21.98,Default,,0000,0000,0000,,and to be honest with you,
Dialogue: 0,0:09:22.00,0:09:24.75,Default,,0000,0000,0000,,not that many women\Nwere even interested in the job.
Dialogue: 0,0:09:25.58,0:09:27.73,Default,,0000,0000,0000,,The two companies change that.
Dialogue: 0,0:09:27.75,0:09:30.06,Default,,0000,0000,0000,,First, they developed a mechanical arm.
Dialogue: 0,0:09:30.08,0:09:34.21,Default,,0000,0000,0000,,And then they proactively encouraged\Nwomen to apply for the job.
Dialogue: 0,0:09:35.38,0:09:38.83,Default,,0000,0000,0000,,Now, Kal Tire is just one company.
Dialogue: 0,0:09:39.79,0:09:41.31,Default,,0000,0000,0000,,It's an example.
Dialogue: 0,0:09:41.33,0:09:45.02,Default,,0000,0000,0000,,BHP Billiton has thousands of suppliers,
Dialogue: 0,0:09:45.04,0:09:48.35,Default,,0000,0000,0000,,and if you really want to engage\Nyour supplier network,
Dialogue: 0,0:09:48.38,0:09:51.33,Default,,0000,0000,0000,,you can use incentives\Nto get them engaged.
Dialogue: 0,0:09:52.12,0:09:55.60,Default,,0000,0000,0000,,Today, Kal Tire illustrates
Dialogue: 0,0:09:55.62,0:09:58.02,Default,,0000,0000,0000,,how well that can be done,
Dialogue: 0,0:09:58.04,0:10:00.85,Default,,0000,0000,0000,,and across BHP's supplier networks,
Dialogue: 0,0:10:00.88,0:10:04.56,Default,,0000,0000,0000,,women are now 15 percent\Nmore likely to get the job
Dialogue: 0,0:10:04.58,0:10:06.79,Default,,0000,0000,0000,,than they were even a year ago today.
Dialogue: 0,0:10:08.08,0:10:10.04,Default,,0000,0000,0000,,Suppliers and partnerships
Dialogue: 0,0:10:11.00,0:10:13.39,Default,,0000,0000,0000,,will make or break your business.
Dialogue: 0,0:10:13.42,0:10:16.48,Default,,0000,0000,0000,,In good times, they're the key\Nto your success,
Dialogue: 0,0:10:16.50,0:10:18.52,Default,,0000,0000,0000,,scaling it worldwide,
Dialogue: 0,0:10:18.54,0:10:21.83,Default,,0000,0000,0000,,and in bad times,\Nthey're the key to your survival.
Dialogue: 0,0:10:22.79,0:10:25.35,Default,,0000,0000,0000,,If suppliers are a hidden stakeholder,
Dialogue: 0,0:10:25.38,0:10:27.79,Default,,0000,0000,0000,,then customers are probably\Nthe most visible.
Dialogue: 0,0:10:29.33,0:10:31.81,Default,,0000,0000,0000,,But when shareholders rule supreme,
Dialogue: 0,0:10:31.83,0:10:34.02,Default,,0000,0000,0000,,some companies may have an incentive
Dialogue: 0,0:10:34.04,0:10:37.52,Default,,0000,0000,0000,,to focus on customers' short-term desires
Dialogue: 0,0:10:37.54,0:10:39.46,Default,,0000,0000,0000,,rather than their long-term needs.
Dialogue: 0,0:10:40.50,0:10:44.48,Default,,0000,0000,0000,,Consumption of processed food\Nhas taken off around the world,
Dialogue: 0,0:10:44.50,0:10:45.77,Default,,0000,0000,0000,,and with it,
Dialogue: 0,0:10:45.79,0:10:47.62,Default,,0000,0000,0000,,global obesity rates have increased.
Dialogue: 0,0:10:49.29,0:10:56.14,Default,,0000,0000,0000,,That's why the Access to Nutrition\NFoundation now tracks the salt, fat, sugar
Dialogue: 0,0:10:56.17,0:10:59.64,Default,,0000,0000,0000,,that global food and drink companies\Ninclude in their products.
Dialogue: 0,0:10:59.67,0:11:02.46,Default,,0000,0000,0000,,They also track whether\Nthey market them responsibly.
Dialogue: 0,0:11:03.46,0:11:06.06,Default,,0000,0000,0000,,I think it's like measuring\Nthe calories consumed
Dialogue: 0,0:11:06.08,0:11:08.21,Default,,0000,0000,0000,,for every dollar these companies earn.
Dialogue: 0,0:11:09.25,0:11:11.60,Default,,0000,0000,0000,,Companies that have been\Npaying attention to this
Dialogue: 0,0:11:11.62,0:11:13.35,Default,,0000,0000,0000,,have begun to make changes,
Dialogue: 0,0:11:13.38,0:11:16.14,Default,,0000,0000,0000,,including ingredients and formulations.
Dialogue: 0,0:11:16.17,0:11:19.81,Default,,0000,0000,0000,,Nestle reduced the sugar\Nin its breakfast cereal.
Dialogue: 0,0:11:19.83,0:11:24.73,Default,,0000,0000,0000,,Unilever reduced the volume\Nand calories in its ice cream.
Dialogue: 0,0:11:24.75,0:11:27.56,Default,,0000,0000,0000,,Now, I'm not sure that's a good idea,
Dialogue: 0,0:11:27.58,0:11:30.92,Default,,0000,0000,0000,,but I can tell you it takes creativity\Nand a little bit of investment.
Dialogue: 0,0:11:32.50,0:11:37.43,Default,,0000,0000,0000,,We know that consumer needs\Nchange over time,
Dialogue: 0,0:11:37.46,0:11:40.52,Default,,0000,0000,0000,,but companies that make\Nthese investments proactively
Dialogue: 0,0:11:40.54,0:11:45.02,Default,,0000,0000,0000,,can be better positioned\Nin the long term, even for shareholders.
Dialogue: 0,0:11:45.04,0:11:48.27,Default,,0000,0000,0000,,As we all have tried\Nto improve our eating habits,
Dialogue: 0,0:11:48.29,0:11:50.02,Default,,0000,0000,0000,,tried to eat less ice cream,
Dialogue: 0,0:11:50.04,0:11:53.31,Default,,0000,0000,0000,,these companies were well-positioned\Nto capture that market.
Dialogue: 0,0:11:53.33,0:11:55.73,Default,,0000,0000,0000,,They were ahead, more competitive,
Dialogue: 0,0:11:55.75,0:11:58.60,Default,,0000,0000,0000,,and able to be more relevant.
Dialogue: 0,0:11:58.62,0:12:00.52,Default,,0000,0000,0000,,It also aligns with governments,
Dialogue: 0,0:12:00.54,0:12:03.10,Default,,0000,0000,0000,,many of whom have looked\Nat nutrition labeling,
Dialogue: 0,0:12:03.12,0:12:06.14,Default,,0000,0000,0000,,exercise programs, or even sugar taxes
Dialogue: 0,0:12:06.17,0:12:07.83,Default,,0000,0000,0000,,to encourage healthier eating.
Dialogue: 0,0:12:08.92,0:12:11.71,Default,,0000,0000,0000,,If customers are stakeholders,
Dialogue: 0,0:12:13.42,0:12:16.31,Default,,0000,0000,0000,,then they should not be harmed
Dialogue: 0,0:12:16.33,0:12:18.77,Default,,0000,0000,0000,,by the goods, services
Dialogue: 0,0:12:18.79,0:12:21.06,Default,,0000,0000,0000,,and products we produce.
Dialogue: 0,0:12:21.08,0:12:22.50,Default,,0000,0000,0000,,It's that simple.
Dialogue: 0,0:12:23.54,0:12:27.18,Default,,0000,0000,0000,,For stakeholder capitalism to really work,
Dialogue: 0,0:12:27.21,0:12:30.67,Default,,0000,0000,0000,,we all need to see ourselves\Nas chief executive officers.
Dialogue: 0,0:12:31.58,0:12:33.64,Default,,0000,0000,0000,,If we really want change,
Dialogue: 0,0:12:33.67,0:12:35.17,Default,,0000,0000,0000,,we have to be willing
Dialogue: 0,0:12:36.62,0:12:38.52,Default,,0000,0000,0000,,to bear the backlash.
Dialogue: 0,0:12:38.54,0:12:40.46,Default,,0000,0000,0000,,We're not always going to get it right,
Dialogue: 0,0:12:40.88,0:12:42.12,Default,,0000,0000,0000,,and that's OK.
Dialogue: 0,0:12:42.75,0:12:46.42,Default,,0000,0000,0000,,Real, substantive change takes time.
Dialogue: 0,0:12:47.29,0:12:49.62,Default,,0000,0000,0000,,The right answer keeps changing.
Dialogue: 0,0:12:50.92,0:12:53.50,Default,,0000,0000,0000,,But we have to try to do better.
Dialogue: 0,0:12:54.62,0:12:57.02,Default,,0000,0000,0000,,There's a quote that I love\Nthat really captures
Dialogue: 0,0:12:57.04,0:12:58.38,Default,,0000,0000,0000,,the essence of this moment.
Dialogue: 0,0:12:59.21,0:13:02.08,Default,,0000,0000,0000,,It's by the American poet\NGwendolyn Brooks.
Dialogue: 0,0:13:03.17,0:13:05.98,Default,,0000,0000,0000,,"We are each other's harvest.
Dialogue: 0,0:13:06.00,0:13:08.35,Default,,0000,0000,0000,,We are each other's business.
Dialogue: 0,0:13:08.38,0:13:11.79,Default,,0000,0000,0000,,We are each other's magnitude and bond."
Dialogue: 0,0:13:13.42,0:13:18.02,Default,,0000,0000,0000,,Business is a set\Nof ever-changing human bonds
Dialogue: 0,0:13:18.04,0:13:23.06,Default,,0000,0000,0000,,through which we plant and grow and reap.
Dialogue: 0,0:13:23.08,0:13:26.18,Default,,0000,0000,0000,,Our harvest is our lives and livelihoods,
Dialogue: 0,0:13:26.21,0:13:29.92,Default,,0000,0000,0000,,our civil liberties,\Nour skills and communities.
Dialogue: 0,0:13:30.46,0:13:32.79,Default,,0000,0000,0000,,Business is what we make of it.
Dialogue: 0,0:13:33.88,0:13:35.85,Default,,0000,0000,0000,,Let's hit reset
Dialogue: 0,0:13:35.88,0:13:37.71,Default,,0000,0000,0000,,and serve all stakeholders.
Dialogue: 0,0:13:38.54,0:13:40.42,Default,,0000,0000,0000,,Thank you.