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[ CONTENTS ] 04 [ In good company ] Milton Friedman’s “profits above all” was the doctrine of the 1970s. While the look of big business in the US has evolved beyond recognition, the motivations seem little changed, argues Jerry Davis. #11 Sept-Nov 2023 20 CHF 43 I N E D C S O T H E R E I M A G G A P I L L S L I N E S K O F I S E B OT TO M T H E I N G I P L E T H E RC LO S T R SUSTAINABILITY TRANSFORMATION LEADING SYSTEMS CHANGE ENGAGE OR DIVEST? A CLEAR VISION FOR A PROSPEROUS FUTURE NEW NAVIGATING ESG RULES I N ? TA L E N T WI E D M A N O N R U L E S F R I D D ibyimd.org [ Sustainability transformation ] Our 39-page in-depth report offers up-to-the-minute analysis and guid- ance on the best way of delivering a successful sustainable business transformation. 58 07 Jean-François Manzoni and Julia Binder set out a clear vision for sustainable business transformation that not only includes environmental sustainability but also social and economic inclusion. 14 The fast-paced developments in global ESG regulations are transforming the position of the board of directors from one based on engagement to one requiring true commitment, write Sam Gill and Jan van der Kaaij. 18 The Church of England has moved away from engagement and sold its fossil fuel shares, but to whose benefit? Michael Skapinker explores the arguments. 21 Focusing on a company’s triple bottom line has yielded mixed results. Sudhanshu Sarronwala offers advice on how all businesses can “do the right thing”. 2 I by IMD • Sept-Nov 2023 24 John Elkington created the concept of the triple bottom line. Now he is an advocate of the 3Rs: responsibility, resilience, and regeneration. 28 Using the “Future Back” tool can set your organization on the path to a successful sustainable business transformation. Knut Haanaes and Bryony Jansen-van Tuyll explain how it works. 32 More than 300 sustainability standards and eco-labels have been established. A new legal framework is needed to cut through the jungle, argue Jonathan Normand and Fabio Monnet of B Lab Switzerland. 39 The I reader: IMD professors recommend five books to help you navigate the complexities of sustainable business transformation. 40 Amanda Williams and Knut Haanaes talk to systems-change leaders to explore how organizations can collaborate across sectors and supply chains to keep within Earth’s limits. 43 Chief sustainability officers are becoming more senior and cross-functional. They need the ability and skills to address ESG issues across the spectrum. Suitable candidates are rare and a “talent war” is raging, writes Natalia Olynec . 36 CEO dialogue: CEO of Singapore’s global investment giant Temasek, Dilhan Pillay, discusses the importance of a carbon tax with Jean-François Manzoni and explains how his company is working to ensure ‘every generation prospers’. 28
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46 [ The human touch ] Policymakers and business can raise “techquity” in the global labor market by improving access to digital skills training, writes Shelley Zalis. 47 [ I quote ] Be inspired by some pearls of wisdom taken from a book of quotations compiled by IMD’s Dominique Turpin. 48 [ Finance ] Measuring economic profits rather than accounting profits is a far more reliable indicator of a company’s performance, argue Simon Evenett and Felix Reitz . And value-creating firms are well-equipped to help fund sustainability. 36 73 46 67 Z e h n d e r , E g o n , T e m a s e k f a r m t e r e s t , I n i n , P i a i p e d i k T a m a r i , W l ; P h o t o s : Y a s u n o b u K a s p u h I l l u s t r a t i o n : J ö r n 56 [ In the mind's eye ] The COVID-19 pandemic altered the art of leadership. George Kohlrieser suggests seven changes that are worth making permanent. 58 [ Team spirit ] Mayuka Yamazaki explains how working as a team on ikebana, the Japanese art of flower arrangement, can help us to become better leaders. 63 [ Future investing ] Executives need to be equipped with the tools to take a more integrated approach to impact and business. The impact economy offers alternatives and inspiration, write Vanina Farber, Patrick Reichert, and Shih-Han Huang. 67 [ Human resources ] Job roles are continuously evolving, leaving many talent management practices in the dust. Tania Lennon and Mikolaj Jan Piskorski suggest new rules to upgrade your talent strategy. 70 [ In my view ] Technology may lead to a more efficient process, but it ’s not the best option if it worsens the customer experience. Sometimes going back to the whiteboard is better, writes Bali Padda. 21 73 [ The forecaster ] Coca-Cola has been forced to diversify to cater for rapidly changing tastes. We can all learn from the company’s agility and adaptability, writes Howard Yu. 76 [ Preview ] Join us in December when I by IMD will focus on the increasingly important role of the impact economy. Sept-Nov 2023 • I by IMD 3

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[ CONTENTS ]

04 [ In good company ] Milton Friedman’s “profits above all” was the doctrine of the 1970s. While the look of big business in the US has evolved beyond recognition, the motivations seem little changed, argues Jerry Davis.

#11 Sept-Nov 2023

20 CHF

43

I N E D

C S O

T H E

R E I M A G

G A P

I L L S

L I N E

S K

O F

I S E

B OT TO M

T H E

I N G

I P L E

T H E

RC LO S

T R

SUSTAINABILITY TRANSFORMATION

LEADING SYSTEMS CHANGE ENGAGE OR DIVEST? A CLEAR VISION FOR A PROSPEROUS FUTURE NEW

NAVIGATING ESG RULES

I N ?

TA L E N T

WI E D M A N

O N

R U L E S

F R

I D

D

ibyimd.org

[ Sustainability transformation ] Our 39-page in-depth report offers up-to-the-minute analysis and guid- ance on the best way of delivering a successful sustainable business transformation.

58

07 Jean-François Manzoni and Julia Binder set out a clear vision for sustainable business transformation that not only includes environmental sustainability but also social and economic inclusion.

14 The fast-paced developments in global ESG regulations are transforming the position of the board of directors from one based on engagement to one requiring true commitment, write Sam Gill and Jan van der Kaaij.

18 The Church of England has moved away from engagement and sold its fossil fuel shares, but to whose benefit? Michael Skapinker explores the arguments.

21 Focusing on a company’s triple bottom line has yielded mixed results. Sudhanshu Sarronwala offers advice on how all businesses can “do the right thing”.

2 I by IMD • Sept-Nov 2023

24 John Elkington created the concept of the triple bottom line. Now he is an advocate of the 3Rs: responsibility, resilience, and regeneration.

28 Using the “Future Back” tool can set your organization on the path to a successful sustainable business transformation. Knut Haanaes and Bryony Jansen-van Tuyll explain how it works.

32 More than 300 sustainability standards and eco-labels have been established. A new legal framework is needed to cut through the jungle, argue Jonathan Normand and Fabio Monnet of B Lab Switzerland.

39 The I reader: IMD professors recommend five books to help you navigate the complexities of sustainable business transformation.

40 Amanda Williams and Knut Haanaes talk to systems-change leaders to explore how organizations can collaborate across sectors and supply chains to keep within Earth’s limits.

43 Chief sustainability officers are becoming more senior and cross-functional. They need the ability and skills to address ESG issues across the spectrum. Suitable candidates are rare and a “talent war” is raging, writes Natalia Olynec .

36 CEO dialogue: CEO of Singapore’s global investment giant Temasek, Dilhan Pillay, discusses the importance of a carbon tax with Jean-François Manzoni and explains how his company is working to ensure ‘every generation prospers’.

28

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