IoD Scotland Autumn 2021

IoD Scotland events: Global Conference
Conference polls
Delegate polls were held throughout
Conference to gauge views on
key questions of the day.
Good governance: ESG
(Environmental, social and
corporate governance) - how much
does your board make it a priority?
Still wrestling with how
to apply it: 59%
It’s central to every Board discussion
and the framework around which we
build the business: 36%
Very little – it’s distracting and takes
up too much corporate focus and
energy: 5%
Accelerating to Net Zero: Are you
optimistic that meaningful decisions
will be made by global leaders at
COP26?
Yes - this the moment to be bold:
64%
No - the complexities of a meaningful
deal are too great to be overcome:
32%
Unsure - still too early to tell: 4%
Are you on target to meet Net Zero
by 2050?
Yes: 45%
No: 14%
Don’t know: 41%
Shoot for the moon and
change our economy
Conference was delighted to welcome
First Minister Nicola Sturgeon to lead
the final session – though not in her
usual role of keynote speaker or
interviewee.
Rather, the First Minister offered
Conference a “little light weekend
reading” as she turned interviewer and
quizzed globally renowned economist
and adviser to the Scottish Government,
Professor Mariana Mazzucato.
The author of Mission Economy: A
Moonshot Guide to Changing Capitalism,
Professor Mazzucato outlined her vision
for a new economic model that would
not only help us make the transition to
Net Zero, but would do so with societal
equality and fairness built in; as she put
it, “Not so much ‘Build Back Better’ but
‘Build Forward Much Better’. ”
We need to design a new economic
system to achieve this, she told the First
Minister, and used as her template the
way NASA rebuilt its entire structure
from the ground-up in order to reach the
moon.
She urged conference to remember
that, to beat climate change,
collaboration is key. She suggested that
the Scottish Government’s Business
Pledge – a values-led partnership based
on boosting productivity and
competitiveness through fairness,
equality and sustainable employment –
should be linked to future state
assistance.
The Scottish National Investment Bank
could also be used to encourage
businesses to boost sustainability,
following the lead of a similar institution
in Germany which had helped rebuild the
country’s steel industry into a more
sustainable business.
“Until we look into the darkness that’s caused this
crisis we won’t be able to lead our way out of it.”
Professor Mariana Mazzucato
Do you have the tools and support
you need to meet Net Zero targets?
No: 52%
Yes: 35%
Don’t know: 13%
Is sustainability an action-focused
priority discussion on the agenda at
your Board meetings?
Yes: 33%
No: 62%
Don’t know: 5%
Will there be permanent changes in
work practices post-Covid?
Yes 91%
No 6%
Don’t know 3%
As you look to implement green
strategies into your organisation, do
you think, long-term, they will:
Cost money and hit profits but that’s
the point: 60%
Be costly in short-term but deliver
profit over time and perhaps allow
for further action and innovation?:
27%
Don’t know: 13%
First Minister Nicola Sturgeon
Professor Mariana Mazzucato
Conference conclusion... from
2050 Climate Group
“I’ve been impressed and inspired by the commitment
on display; now what’s needed is for business leaders
to double down on their pledges and vows to act ...
“it’s time to start thinking outside the bottle” on how
we respond to the climate change emergency.
Kate Chambers of the 2050 Climate Group.
36 iod.com
The full conference can be viewed at:
https://www.iod.com/events-community/regions/scotland/annual-conference
Autumn 2021