The geopolitical landscape is shifting, began John Denton AO, Secretary-General of the International Chamber of Commerce, and businesses are forced to change along with it. According to Jay Truesdale, CEO of Veracity Worldwide, political engagement for companies is a new trend. In the past, businesses were reluctant to jump in but the paradigm has changed. Dr. Olivia White, Director of the McKinsey Global Institute at McKinsey & Company, noted several themes her company is hearing from CEOs: the war’s impact on poor households in Europe, energy costs, supply chain resilience, food scarcity, and the role that companies should play in addressing these crises.
Companies have to understand and prioritize risks, explained Truesdale, build out scenarios, and fill the gaps in plans and processes. One potential problem is that many executive leaders are not getting information from a sufficient variety of sources. This information may also be filtered, which naturally leads to some bias, or provided out of context. White recommended that leaders think about the long-term consequences of taking a public stake. This includes considering the culture within the organization, supply chain, and financial consequences.
“At the multilateral level and the global level, the role of the private sector is being looked at differently.”
John Denton AO, Secretary General, International Chamber of Commerce
“We are seeing a real shift from being reactive to being extremely engaged.”
Jay Truesdale, CEO, Veracity Worldwide
“There are things that can be done if one wants to be less concentrated or less dependent in a world going forward.”
Dr. Olivia White, Director, McKinsey Global Institute, McKinsey & Company
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