A new remit for business leadership: Reflections on WEF Davos Agenda Day Two

Author: Alain Bejjani — CEO, Majid Al Futtaim — Holding

At the highest levels of global and regional activity, the onus is increasingly on business to engage with and address global issues.

Earlier this week, UN Secretary General Antonio Guterres called on business to lead on climate change, pandemic recovery, sustainability and other global challenges. Policymakers for the European Central Bank said the ECB should consider climate risk and climate-related reporting requirements when conducting monetary policy, lending or buying corporate bonds.

All this points to a new remit for business leaders — to lead not only in their sectors and communities, but at a regional and international level. This is not a task solely for multinationals or large companies. Every one of us, from the single business owner and SME on up, can make a difference. Small steps are still steps.

The areas we choose to contribute and lead in will be different for us all, based on our ability, reach and operations. What should be consistent is our commitment and action.

At Majid Al Futtaim, we have been able to undertake a great deal, thanks to the vision of our founder, support of our shareholders and dedication of our MAFers. Even as we commit to the World Economic Forum’s Stakeholder Capitalism metrics, we acknowledge this is a significant step in the right direction with many steps yet to go. We hope to be a trailblazer in the region, the first of many, encouraging those in our sphere of influence to act as soon as possible and join us in this best practice.

Actively contributing to larger purpose will not be easy, but it will be worth it. Knowing that it’s not just about how much money we made, but how we made it; putting our energy, efforts and expenditures towards good use; changing the way investors and consumers think and act by offering a different option — these are things we can be proud of.

Dow Chairman and CEO Jim Fitterling’s comment on changing behaviours to propel recycling resonated with me. Instituting deposits on cans tends to get 95% return rates — and moves us a little further away from the linear economy to a circular one. This is a small step but one with ripple effects.

I also agree with Agility Chair Henadi Al Saleh’s statement that the MENA private sector needs a cultural mindset shift to address the principles of stakeholder capitalism and to be engaged deeply and for the long term. Let’s work on that together.

Happy to hear your thoughts on how we as business leaders can mobilise in our region and for our world.