Socrates Seminar on "The Future of Business" Held in Queenstown, New Zealand

Overview

The Aspen Institute NZ hosted its inaugural Socrates seminar titled "The Future of Business- How to create real value in a changing world" over two days in Queenstown, New Zealand. The event brought together 21 influential participants from various sectors including agriculture, tourism, pharmaceuticals, energy, and finance. This diverse group comprised public and private sector leaders, nonprofit heads, and specialists in climate and medical fields, ranging from students to CEOs. Judy Samuelson, the New York-based Executive Director of the Aspen Institute Business & Society, moderated the sessions.

Day One: Business Strategies and Ethics

Session 1: Purpose and Profits The day began with an exploration of how businesses can define and measure value beyond profits, emphasising long-term performance and public good. A significant discussion centred around defining corporate purpose and the Boeing case study, which illustrated the long-term impact of undermining core competencies and a cohesive corporate culture.

Session 2: Corporations and Social Institutions Participants explored how aligning corporate missions with broader societal health can enhance overall business sustainability and societal well-being.

Session 3: Allies in the Long Game Conversations delved into the evolving roles within corporations and how cross-sector collaboration is fostering new standards and driving business evolution. The transforming roles of employees and consumers as change agents were highlighted.

Session 4: Peer Dialogues Using "The Agenda for the Prepared Board” from the Aspen Business and Society Programme as a framework, small group discussions addressed emerging issues in corporate governance, and whether the right conversations were being held in the boardroom. Themes discussed included the integration of climate change risks and diversity of thought, plus the significant time spent on compliance over strategy.

Day Two: Leveraging Challenges into Opportunities

Session 5: From Risk to Opportunity The second day opened with discussions on converting risks into opportunities, focusing on sustainability and the potential for achieving a 'green premium' through innovative product design. The importance of transparency, benchmarks and trust in partnerships were acknowledged as vital. Collaboration was underscored as New Zealand's ‘super power’ to unleash capital and scale.

Session 6: Insights and Aspirations The seminar concluded with reflections on personal growth and strategic insights gained from the discussions. Many participants spoke about the importance of embracing diversity of thought, investing in the next generation and an increased confidence to act, recognising a shared commitment to ethical business practices and sustainable growth.

Conclusion

This seminar served as a vital platform for thought-provoking discussions across sectors, reinforcing the need for strategic foresight and collaborative action in business. The integration of diverse perspectives not only highlighted the current challenges but also paved the way for actionable strategies, setting a forward-thinking agenda for all stakeholders involved, rather than the shareholder alone.

Closing reflections from participants

“An environment like this gets momentum and action”.

“I’ve been reflecting on the role we can play to use our capital to develop talent enabling them to meet challenges at the highest level”.

“I now have the conviction to tackle difficult issues with the board”.

“Over the last 36 hours, I've been reflecting on the need to revisit the values of my company that we started with and benchmarking them’.

“I'm probably a capitalist with a conscience … the last 36 hours has reinforced my view that a lot of the businesses in New Zealand are doing the right thing. Now we need to put our foot on the gas”.

And from Judy

“What a great exchange, and superb opportunity for me to learn about the similarities, and the differences, across business cultures. We would benefit from more exposure to NZ values!”