The 45th World Economic Forum recently took place between Wednesday January 21, 2015 and Saturday January 24, 15. This annual event brings together some of the greatest minds on earth in Davos, a resort town in the Alps in Switzerland. The theme of this year’s forum was ‘The New Global Context’. There were serious topics up for discussion ranging from global security to the slow economic recovery. Among the attendees were 40 heads of state, 1,500 business leaders, some well-known celebrities and a few representatives of the main NGOs. There were over 280 sessions held during the forum ranging from one-to-one meetings to group debates. According to the forum’s co-chair Katherine Garrett-Cox, the gathering in Davos is one of the most important events of the year because of the valuable results that the meetings produce. She stated, “Davos is a month’s work in three days. A lot of serious work gets done.” It’s not all work though. The attendees also had the chance to unwind while making the most of what this popular holiday destination has to offer.
While there are many critics of the forum who argue that it is just another opportunity for politicians to live it up at drinks parties and on the ski slopes using their citizens’ hard-earned money, its successes cannot be understated. It would be next to impossible for all of the people present at this event to coordinate their busy diaries with one another throughout the year. They all come from very different cultural backgrounds and this event gives them the chance to share their ideas and help each other to overcome challenges. For EU leaders the event was a chance to hear from the experts about how to tackle the lengthy economic crisis. Speaking at the forum, Benoit Coeure, an official of the executive board of the ECB (European Central Bank), urged them to find a solution fast or risk the complete breakdown of the EU. “With low growth, entrenched unemployment- people being dragged out of the labour market- we are seeing the whole political foundation of the European project being weakened. This cannot last for too long,” he said.
As an experienced consultant for leaders in the insurance brokerage industry, I have worked with my fair share of clients who found it very difficult at first to listen to my views. They were reluctant to heed my advice about how best to protect the future of their companies after retirement. Some of them were very keen to internally penetrate their businesses in order to keep them within the family. However, a common problem that I have seen over the years is that the ‘chosen one’ lacks the skills, qualifications and personality to take the helm of a big company. In this case, we would always advise the client to consider selling the business to someone externally and present the important reasons behind this rationale. The opposite has also occurred where our client had overlooked a suitable person who was working in the business and we nominated them for the top post. In the end we work together with the client and always come to the most suitable arrangement. I believe that it is essential for everyone to be open to listening to other people’s ideas. After all nobody is the knower of all things. Someone will always know more than you about a particular area. If you are approaching retirement and wondering what is the best option for your insurance company then contact us today. You can trust the experts.
*NGO – is a non-governmental organisation, it is a term regularly used for an organisation that is either part of the government or conventional for-profit business.
