Casper von Koskull
Chief Executive Officer, Nordea Bank
Inclusive capitalism is about recognising that business is an integral part of society. This is becoming increasingly evident in our interaction with customers, employees, the media and society at large. It is true across the board but especially so for banks, following the financial crisis and the debate over tax payer-funded bailouts and financial sector credibility, and given the key role that banks play in supporting the economic recovery.
By embracing their role in society at large, corporates and institutions are able to forge stronger relationships and create more sustainable business models. To be successful in doing this they need to be engaged: engaged in identifying customers' preferences and meeting their needs, and engaged with employees.
Indeed, management is becoming increasingly valuesbased; this is the only way to adapt to a rapidly changing environment. It is also the best way to attract and retain talent. We do, however, tend to forget the time and persistence required to become a values-based company.
One of the greatest challenges that our societies face is the tendency for capitalism to be very short sighted. That said, companies with a proven track record of delivering on value creation are able to earn from stakeholders greater freedom to take a longer-term view of business development. We also lack the kind of effective performance indicators that are required to help steer us in the direction of inclusive capitalism. It is essential that we develop these over the forthcoming years.
By demonstrating integrity, showing we are worthy of trust and focusing our efforts on ensuring that we are relevant to society at large, banks will contribute to creating a more inclusive capitalism.