CIMA Business Leaders Summit 2011: Change And Challenge – What The Leaders Believe

Organized by the Chartered Institute of Management Accountants (CIMA), the 2011 Business Leaders Summit challenged leaders and professionals with inspirational speeches delivered in a day’s session at the Cinnamon Grand Colombo.
Its theme posed participants with these questions: can they change the challenges that lie ahead and are they prepared to challenge change?
The summit’s opening ceremony saw Secretary to the Ministry of Finance and Planning, Dr. P.B. Jayasundera and Director of CSR and Sustainability, Shangri-La International Hotel Management, Hong Kong, Patricia Gallardo address the audience.
Dr. Jayasundera claimed that the theme was apt for a nation that has undergone several changes and challenges. He said, “We see a shift from pessimism to optimism: unlike other countries that emerged from war, Sri Lanka is not poor but a middle income country,” maintaining that while the journey ahead is ambitious, it is feasible.
Gallardo on the other hand highlighted the urgency for businesses to adapt to change, in particular, climate change.
Drawing examples from Wal-Mart she explained, “After making its supply chain green, Wal-Mart recorded a 20% decrease in Carbon Dioxide emissions. It changed the mindset of customers, who have become more sustainably responsible and remain loyal Wal-Mart shoppers.”
In her thought-provoking presentation, Gallardo stated that today’s best talent, look to align themselves with brands that are recognized for CSR, as they become more environmentally aware. “The best professionals want to be part of good brands with good character as opposed to good brands with bad character (like Nike and BP). The future for businesses around the world and Sri Lanka revolves around Profit, People and Planet.”
Day two of the conference kicked off with Managing Director of HNB PLC Rajendra Thiagarajah stating the conference looked to highlight ‘next practices’ rather than ‘best practices.’
Reiterating this statement was Minister of Power and Energy Patali Champika Ranawaka as he showcased the CEB’s transformation from a loss making organization to a financially viable one.
Minister Ranawaka explained that the CEB was re-structured with the sole focus on its business model. Improved revenue collection, control on energy wastage and illegal electricity tapping, maximum use of hydro over thermo power, and a close eye on financial performance helped turn things around.
He said, “Our five year plan will minimize expenditure, improve efficiency, eliminate corruption, ensure a financially stable and technically sound organization that is not a burden on the state or its people but one that is respected and admired.”
A change of mindset is an uphill task, and Managing Director of Sampath Bank Harris Premaratne backed Minister Ranawaka’s statement stating, “When faced with challenges we always think, ‘why not do things differently’?”
In sharing the success story of Sampath Bank, Premaratne explained that being ahead of the curve in innovation, technology and service is crucial for staying alive in business.
On the topic of changing mindsets, Dr. Nitin Pangarkar, Associate Professor of the National University of Singapore shared his experience with Singapore Airlines where he learned that the differentiating factor between success and failure sometimes comes down to honesty.
Singapore Airlines, a company that made one loss in 39 years and has had just one crash, lives and breathes the concept of keeping promises.
Dr. Pangarkar explained that core values of honesty and integrity helped the airline keep bad publicity out of the media. Winning the same quality awards consecutively, the airline has proved its commitment and with just three CEOs over the period of 39 years, it is clear that its leaders are responsible for the decisions spanning over three decades.
Managing Director of CIMA UK Andrew Harding took the podium with an introduction CIMA report on building world class businesses.
He stressed the need for commitment to further educating and motivating professionals in today’s business world while Dr. Devdutt Pattanaik, Chief Belief Officer at Future Group, India stressed on the need for actual belief in the people and the organization.
Dr. Pattanaik took a look at modern management and behavioral changes with ancient stories, symbols and rituals to compare their relevance to modern day business.
Dr. Pattanaik said, “Belief does matter, whether in team building or nation building. We are the shapers of our destiny: we are neither predator nor prey. As humans, we have the power to imagine and as long as we can do that, the possibilities will be endless.”
Deputy Chairman of Browns Group Ajith Devasurendra, a veteran in the Sri Lanka financial services industry made a presentation that explored the choice of “response” individuals or groups in business. He said, “In the era of information overload, there are many opinions on how to do business right but from my experience: the right way is your way.”
Motivational Speaker from USA Jessica Cox was the last but possibly most admired on stage. In her topic: Challenged to Greatness, Cox shared emotional tales from her childhood, where she learned to think ‘outside the shoe’ (inspired from tying her shoe laces with her toes).
Born without arms, Cox flies airplanes, drives cars, holds the title of the first person without arms in the American Tae Kwon-Do Association to get a black belt and is the first woman pilot in aviation history to fly with her feet.
Cox ended the session urging the audience that with persistence, desire and courage – nothing is impossible.