14th annual global ceo survey | pwc venezuela

8/7/2019 14th Annual Global CEO Survey | PwC Venezuela

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Growth reimaginedProspects in emerging marketsdrive CEO condence

14th Annual GlobalCEO Survey

Executive summary

www.pwc.com/ceosurvey


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14th Annual Global CEO Survey 2011 Executive summary 1

1. Are conditions right for growth? ....................................................................................... 2

2. So companies are gearing up for markets to grow? ..........................................................3

3. Does that mean companies are abandoning developed markets? ......................................4

4. Havent emerging markets been part of corporate strategies for years? ............................. 5

5. Isnt all that risky? ............................................................................................................ 6

6. What are some common elements of those new strategies? .............................................. 7

7. What do CEOs expect from innovation? ............................................................................ 8

8. What are their approaches to innovation? ........................................................................9

9. How does technology t in?............................................................................................ 10

10. Will CEOs have the talent they need as growth returns? ............................................... 11

11. How are CEOs getting the most from their key staffers? ................................................ 12

12. What else can they do to address skills shortages? ........................................................ 13

13. Isnt workforce development a job for the government? ................................................ 14

14. What about infrastructure? .......................................................................................... 15

15. Are CEOs saying globalisation is back? ......................................................................... 16

Telling the CEO survey storyIn 2011, CEOs face a global businessenvironment still recovering from the

worst economic crisis in 75 years.

Its true that the depths of the crisis arebehind us and stability has returned tomost of the world. But most major

economies are still grappling with theaftermath of the recession and sustainableeconomic growth is far from certain.

In the 14th Annual Global CEO Survey,we set out to uncover how CEOs areapproaching growth in the post-crisisbusiness environment. We surveyed1,201 business leaders in 69 countriesaround the globe, in the last quarter of2010, and conducted further in-depth

interviews with 31 CEOs.We found a surprising renewal ofoptimism: Chief executives were nearlyas condent of growth this coming yearas in the boom years before the crisis.And what was really interesting waswhere they saw growth coming from,and how they were going to achieve it.We identied three strategic focal pointsamong the CEOs responses.

This document highlights key ndingsin the 2011 CEO Survey. Please go towww.pwc.com/ceosurveyto read thefull report, the in-depth story (whichsummarises CEO views in the words ofthose we spoke to and which graphicallyillustrates our detailed ndings) andexplore other online tools.


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CEOs prepared or recovery in 2010 and expect growth in 2011

Q: How confdent are you about your companys prospects or revenue growth over the next 12 months/3 years?

Very confident about companys

prospects for revenue growth

over the next 12 months

over the next 3 years

26%

31%

41%

52%

50%

21%

31%

48%

44%

42%

34%

50%51%

0

10

20

30

40

50

60%

2011201020092008200720062004 20052003

Base: 2011 (1,201), 2010 (1,198), 2009 (1,124), 2008 (1,150), 2007 (1,084), 2006 (not asked), 2005 (1,324), 2004 (1,386), 2003 (989)

Note: Percentage o CEOs who are very confdent about their companies prospects or revenue growth

Source: PwC 14th Annual Global CEO Survey

1. Are conditions rightfor growth?

CEOs honed their cost disciplineduring the recession, driving apatient optimism about their

prospects when global growthreturned. This can be seen in thehigh condence CEOs reported lastyear in their three-year revenuegrowth outlooks. Things will getbetter, they seemed to be tellingus a year ago.

Sure enough, things got better.Now, CEOs have set their targets onmore immediate growth. Thats whatwe see this year in the big jump in

12-month revenue growth prospects.Condence levels are rising virtuallyacross the board, whether we sliceby how big they are, what sectortheyre in, or where theyre based.

Condence levels are rising across the board, whether we slice by how big they are,

what sector theyre in, or where theyre based.

2 14th Annual Global CEO Survey 2011 Executive summary


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From a global perspective, its difcult to see where the engines of sustained economic

growth will emerge. I expect overall global unemployment will remain high for some time,and this will be the biggest obstacle to economic recovery.

Dr. Zhang XiaogangPresident, Anshan Iron and Steel Group Corporation, China

2. So companies aregearing up formarkets to grow?

Selectively, yes. Developed markets half the world economy are

forecast to grow at half the rate ofglobal growth this year. But bigemerging markets like China, Indiaand Indonesia are growing muchfaster than the world economy. Thismulti-speed recovery will have a bigimpact on strategies going forward.

CEOs plan to grow revenues inregions where recoveries are strongand the promise, stronger still. Andthose regions are not always close tohome. CEOs in Western Europe aretargeting growth in Asia andelsewhere. And CEOs from Asia-Pacic and Latin America are morelikely to rely on their own regionsfor growth. High expectations arebeing placed on Latin America andAsia, and most clearly, on China.And CEOs are being very selectivein choosing specic markets,rather than adopting a shotgun

approach to entering emergingmarkets all at once.

Growth to come in emerging markets operations, regardless o location

Q: In the next 12 months do you expect your key operations in these regions to decline, stay the same or grow?

0% 100%

Africa

Asia-Pacific

CEE

Latin America

Middle East

North America

Western Europe

Africa Asia Austral-asia

EasternEurope

LatinAmerica

MiddleEast

NorthAmerica

WesternEurope

Companyheadquarters

Region of operations

93%

73%

80%

67%

70%

64%

72%

89%

88%

87%

86%

100%

94%

92%

33%

77%

83%

18%

50%

71%

57%

100%

40%

73%

59%

0%

67%

75%

100%

80%

80%

86%

0%

80%

86%

75%

70%

55%

47%

85%

73%

75%

29%

40%

71%

48%

25%

67%

55%

36%

32%

69%

31%

0%

51%

48%

Base: Respondents who reported operations in said region (168-672)

Note: Percentage o respondents who expect to grow their key operations in the region.



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The question each energy provider must consider is where it should position itself onthis spectrum of differing market requirements. How much focus should be placed on

supplying the growing needs of emerging economies using well-understood technologiesversus, let us say, joining the race for a superior future? Where energy companies positionthemselves on this spectrum is going to require them to make decisive strategic choices inthe years ahead.

Johannes TeyssenChairman and CEO, E.ON AG, Germany

Developed nations have competitive advantages

Q: Which countries, not including the country in which you are based, do you consider most important to your uture sourcing needs? Which o theollowing reasons apply or shiting sourcing to the countries you have just mentioned?

China USA India Germany Brazil

63%

15%

55%

13%

31%

11%

4%

13%

35%18%

10%

6% 6%

7%3%

How many CEOs

plan to shift theirsourcing to this country

37% 22% 15% 14% 11%

Cost

Quality

Innovation

Base: China (442), USA (261), India (178), Germany (172), Brazil (137)

Note: Top reasons why CEOs plan to shit their sourcing to these supplier nations


3. Does that meancompanies areabandoningdeveloped markets?

Absolutely not! Large developedeconomies still have theirattractions. The US was the secondmost popular choice (after China) fora growth market, with 21% of CEOsnaming the nation among the threemost important for growth. Another12% selected Germany.

We also asked CEOs which nationswould be most important for theirfuture sourcing needs. China

dominates the list, largely forreasons of cost competitiveness. Butquality control, risk proles,innovation capabilities, logistics andexisting relationships remain factorsto many CEOs. So, the US andGermany joined China, India andBrazil in the ranks of the mostimportant future suppliers.



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4.Havent emergingmarkets been

part of corporatestrategies for years?

To some degree. But change isaccelerating because of the multi-speed recovery. The vast majorityof CEOs (84%) say they are changingcompany strategies and a thirdof CEOs describe that change asfundamental. Investments aremore disciplined from the costperspective, and more targetedfrom the market perspective.To a large extent, these changes aredriven by this diverging picture

of global growth. Its a break fromthe recent past, when consumptionin developed markets drove globalgrowth. Now, its increasingly,emerging markets.

Looking ahead, there are going to be very large players that can do huge projects, andthen there are going to be the boutiques. The rms that are stranded in the middle are

going to struggle. At the moment were big enough, so Im not worried about the nextseveral years, or perhaps the next decade. But we will need to ensure that we remain large

enough to be signicant on a global scale. Partnering on projects with other rms is oneway ahead.

Philip DilleyGroup Chairman, Arup Group, UK

Strategies are responding to changes in demand

Q: To what degree has your companys strategy changed over the past two years? Which actor had the biggest impact on your need to changeyour strategy?

Economic growth forecasts or uncertainty

Customer demand

Industry dynamics

Competitive threats

Regulation

Attitude towards risk

Shareholder expectations

Capital structure/deleveraging

%

No change Somewhat changed Changed in fundamental ways

CEOs changing strategies Factors behind strategic change

51%

23

22

17

10

8

7

6

5

33%16%

Base: All respondents (1,201)



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Yes, and CEOs are watching outfor macro-economic risks; 71%report being somewhat or extremelyconcerned about economic uncertainty.Volatility in currency and bond

markets greatly complicate strategiesgeared towards more trade. Risingpublic sector decits is their numbertwo concern. There is a clearexpectation that governments inmature economies will have toraise taxes and cut spending.Nearly three-quarters of US CEOs,for example, believed their companystotal tax contribution will risebecause of their governmentsresponse to a rising public decit.The sentiment is shared in manyemerging economies as well.

The heightened awareness ofmacro-risks is working its way intothe boardroom. Risk management isincreasingly high on the agenda forboards and senior management,and incorporated in formal strategicplanning processes. CEOs are takinga long view of the evolving risks

in a global economy. Senior levelattention to this could strengthenthe linkage between operationaland strategic approaches to risk,and mitigate the impact ofanother crisis.

In the present environment, we see increased risk with regard to the viability of inputcosts. Theres also the possibility that government protectionism may slow the pace of

globalisation. In any case, we are living increasingly in a world that is more volatile.

Paul PolmanCEO, Unilever, UK

5. Isnt all that risky?Top risks relate to government policies and talent

Q: How concerned are you about the ollowing potential economic and policy/business threats to your business growth prospects?

Recession/economy

Overregulation

Low-cost competition

Scarcity of resources

Energy security

Protectionism

Security of supply chain

Technology disruption Security of supply chain

Recession/economy

Overregulation

Inflation


Recession/economy

Overregulation

Currency volatility

Economic imbalances


Protectionism

Protectionism

Recession/economy

Public deficit

Overregulation

Increasing tax burden

Exchange rate volatility

Shift in consumers

2008 2009 2010 2011

New options

Availability of key skills

Unstable capital markets

Energy costs



Energy costs




Energy costs

1

2

3

4

5

6

7

8

9

Base: 2008 (1,150), 2009 (1,124), 2010 (1,198), 2011 (1,201)

Note: Rank o top threats, by % o somewhat or extremely concerned




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Innovation, in the context of newpatterns of demand, is a clearstrategic focal point for CEOs

CEOs increasingly call for ashared agenda with governmentin areas deemed critical forbusiness growth

CEOs have three focal points as theychange their strategies to address the

multi-speed recovery. CEOs are responding to a rise of

middle-class consumers in emergingeconomies by developing productsand services tailored to those high-growth markets, while also lookingto serve the changed needs of moremature markets. So innovation,in the context of new patterns ofdemand, is a clear strategic focalpoint for CEOs.

Then theres talent. As they lookacross their organisations, CEOs fearthey wont have the right talent tocompete effectively as recoveriestake hold. A lot of investment intalent over the past few decades hasbeen made in economies that are nowslower growing. Whether that talentcan understand and adapt to therealities of faster-growing emergingmarkets remains to be seen.

Yet, CEOs dont necessarily wantto go it alone. CEOs increasinglycall for a shared agenda withgovernment in areas deemedcritical for business growth.Outcomes like improving the skillsof the workforce and improvinginfrastructure are best achievedthrough sustained collaborationbetween public and private sectors.

6. What are somecommon elements ofthose new strategies?


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People tend to see innovation strictly in terms of revolutionary, breakthrough products technologies to sequester carbon emissions or microchips that can process data 600 times

faster. Thats ne. But most innovations are the result of steady, continuous improvement.

Paul PolmanCEO, Unilever, UK

CEOs have a new commitment to innovation

Q: Which one o these potential opportunities or business growth do you see as the main opportunity to grow your business in the next 12 months?

0

10

20

30

40%

20112010200920082007

23%

31%

37%38%

29%

17%

15%

20%

17%

20%

19%15%

13%

14% 14%13%

10%11%

10%

13%

14%

21%

Increased share in existing markets New product/service development New geographic markets

Mergers and acquisitions New joint ventures and/or strategic alliances

Base: 2007 (1,084), 2008 (1,150), 2009 (1,124), 2010 (1,198), 2011 (1,201)

Note: Percentage o CEOs who see the ollowing as the main opportunity to grow their business in the ollowing 12 months


A lot. The rise in importance fornew products and services marks asignicant shift for CEOs in wheretheir best avenue for growth lies.

Innovation is high on the agendain virtually all industries, includingindustrial sectors such as metals,chemicals and manufacturing.Since 2007, business leaders haveconsistently reported that theirsingle best opportunity for growthlay in better penetration of theirexisting markets. Now theyre justas likely to focus on the innovationneeded for new products and services.

And theyre condent theirinnovations will succeed: 78%expect their development efforts togenerate signicant new revenueopportunities over the next threeyears. It wont be easy. But theyare making changes at all levelsof their organisations to makesure they can take advantage ofincremental innovations, as wellas breakthroughs.

7. What do CEOs expectfrom innovation?



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Today, nearly every new item we bring out was produced with at least one partnersomewhere in the world. For example, we co-locate scientists from partner organisationsand from our organisation in the same laboratory. Its amazing what you can do when youknock down the barriers in an organisation or the barriers between organisations.

Bob McDonaldChairman of the Board, President and CEO, The Procter & Gamble Company, US

First off, they start with thecustomer. Many are bringing their

innovation activities closer to theircustomers by giving customersa say in the design of offerings.Some CEOs are literally movingdevelopment processes to customerlocales, in order to get closer tothem. Theyre creating productsfor faster-growing markets,in those markets, and thendistributing worldwide.

Beyond that, a lot of ideas link to

the idea of open innovation,involving more employees, morepartners and even customers in thedevelopment process. A consumergoods business, looking to expandin India, for example, is focused notonly on shipping the best possibleproduct out of its facilities, but alsoon where it is best designed, and onhow to package, distribute and sellit into a changing marketplace.

Innovation can takes place at eachstage, with different partners.

8. What are theirapproaches toinnovation?

CEOs expect innovation to involve external partners

Q: To what extent do you agree or disagree with the ollowing statements about your expectations regarding your companys innovation over thenext three years?

1 An important part of our innovation strategy is to develop products

or services that are environmentally friendly

2 We expect the majority of our innovation to be co-developed

with partners outside of our organisation

3 We use M&A as a significant source of innovation

4 We expect the majority of our innovations to be developed in markets

other than the country in which we are based

5 We expect government assistance to boost our innovation output

Disagree strongly Disagree Agree Agree strongly

5

13

18

24

29 27 18 7

27 19 10

26 26 7

24 30 9

12 41 23

%


Note: Expectations regarding companies innovation over the next 3 years



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The best way to compete is to nd new and more efcient ways of accepting, processing,and delivering cargo. In that way, innovative technology helps position Globaltrans as aclient-focused company and that provides us with a competitive edge. It is very importantthat Globaltrans be at least a step ahead of the rest of the industry in offering new railwaylogistics solutions to the marketplace.

Alexander EliseevChairman of the Board of Directors, Globaltrans, Russia

CEOs are looking to gain bothefciencies and differentiation atthe same time: 80% of CEOs in thesurvey believe innovation will drive

efciencies and lead to competitiveadvantage, to go with the 78% whoexpect new revenues. Technology isone way of capturing both. Close to70% are investing in IT to reducecosts and become more efcient,while 54% are also funnellingfunds towards growth initiatives,including emerging technologiesin mobile devices, social mediaand data analytics.

Cloud computing, for example,can enable companies to managebusiness processes more efciently.But it can also empower entirely newbusiness models, for example onesthat connect supply chain partnersin a single differentiated offeringfor customers. In the survey, CEOstold us they are exploring bothpossibilities for technology, ingeneral, and for cloud computing,

in particular.

9. How doestechnology fit in?

IT investments are ambidextrous made or both cost efciency and growth

Q: To what extent do you agree or disagree with the ollowing statements about capital investments in strategic IT that your company is making overthe next three years?

Our IT investments are made primarily to reduce costs and becomemore efficient operationally

Our IT investments are made primarily to support growth initiatives andleverage emerging innovations, such as mobile devices and social media

Our IT investments are frequently the focus of boardroom discussions

Our IT investments are no longer necessary now that innovativesoftware is available as a service on the Internet

%

Disagree s tr ongly D isagree Agr ee Agr ee s tr ongly

113 48 21

185 38 16

2610 28 11

4334 8 2





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These nascent markets come with various uncertainties. One is the regulatory environment;another is talent-related. Finding the appropriate talent to take advantage of the growth

prospects of emerging markets is one of the biggest challenges we face.There is a high level ofeducation, theres a lot of enthusiasm, but there is a pretty steep learning curve as well. Its justa process, and it will take some time in some markets.

Louis Camilleri

Chairman and CEO, Philip Morris International, Switzerland/US

More companies expect to addjobs in 2011 than they did in 2010,

led by industrial sectors such aschemicals, automotive andmanufacturing. (For a detailed lookat which regions and industries areadding jobs, go towww.pwc.com/ceosurvey.) As more ready plans tohire, the talent shortage becomesmore apparent: two-thirds of CEOsbelieve theyre facing a limitedsupply of skilled candidates.

In high growth markets such as

China, India and parts of LatinAmerica, talent shortages are ascritical as and in some cases moreacute than the rest of the world.But talent shortages are not isolatedto emerging markets. Voluntaryturnover declined in matureeconomies during the recession,but historical trends demonstratethat it will return. As a result,talent is at the top of the agenda

for global CEOs.

10. Will CEOs have thetalent they need as

growth returns?

Talent is now on top o the CEO agenda

Q: In response to changes in the global business environment, to what extent do you anticipate changes to any o the ollowing areas o yourcompanys organisation or operating model over the next 12 months?

1 Strategies for managing talent

2 Approach to managing risk

3 Investment decisions

4 Organisational structure (including M&A)

5 Corporate reputation and rebuilding trust

6 Capital structure

7 Engagement with your board of directors

17

23 54 23

23 48 28

25 47 27

36 41 22

50 34 15

52 34 12

52 31

No change Some change A major change

%


Note: Anticipated changes in the companies organisation or operating model over the next 12 months



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Were building the next generation ofleadership to take International Paper to thenext level. We dont believe you can run aglobal business with expatriates. Youve got tohave local talent. They understand the localculture and how to do business there.

John V. FaraciChairman and CEO, International Paper, US

Most CEOs say they plan to use

more non-nancial rewards.These approaches can take manyforms, but often involve trainingand mentoring me: programmes,with a closer focus on careertrajectories. Instilling a deepersense of ownership by spreadingemployee stock ownership morewidely is another importantretention tool for CEOs.

Filling skills gaps begins withcompanies making themselvesmore attractive to potential andcurrent employees, and lookingfor better ways to develop anddeploy staff globally. Many oftodays multinationals areseeking greater independencefor managerial talent locally,to get closer to those markets.Yet, global sourcing of talentisnt a reality yet: over half of

CEOs are planning to sendmore staff on internationalassignments in 2011.

11. How are CEOsgetting the mostfrom theirkey staffers?



15/20


With Generation Y coming into the business, hierarchies have to disappear. Generation Yexpects to work in communities of mutual interest and passion not structured hierarchies.Consequently, people management strategies will have to change so that they look more like

Facebook and less like the pyramid structures that we are used to.

Vineet NayarVice Chairman and CEO, HCL Technologies, India

The scale of shortages, CEOsdescribe, is leading to some new

thinking around existingworkforces, particularly aroundtapping underused pools of talent.In virtually all markets, for example,many fewer women than men areactive in the labour market. Somecompanies have already taken note.But there is a lot further to go: only11% of CEOs globally are planningsignicant change to policies toattract and retain more of theirfemale employees today.

Older workers are anotherunderused pool of talent. Over halfof North American CEOs foreseechallenges as older workers retire,for example, but only 5% of NorthAmerican CEOs are planningsignicant changes to hold on toolder workers, and just 10% ofCEOs globally are doing so.Similarly, over half of CEOs (54%)

foresee challenges in recruitingand retaining younger employees.These three pools of talent areparticularly vital in thinner talentmarkets where skills are scarcer but they require specic strategiesto approach.

12. What else canthey do to address

skills shortages?

Retention and deployment fgure highly in CEOs talent strategies

Q: To what extent do you plan to change your people strategy in the ollowing ways over the next 12 months?

1 Use more non-financial rewards to motivate staff

2 Deploy more staff to i nternational assignments

3 Work with government/education systems to improve skills in the talent pool

4 Incentiviseyoung workers differently than others

5 Change policies to attract and retain more women

6 Increasingly recruit and attempt to retain older workers

7 Set compensation limits for executive talent

8 Grow our contingent workforce faster than our full-time workforce

9 Relocate operations because of talent availability

No change Some change Significant change

34

39

44

52

56

57

58

66

71 20 7

26 7

32 8

32 10

32 11

34 12

41 13

40 19

47 18

%


Note: Plan to change people strategy in the ollowing 12 months



16/20

Only in part. CEOs that told us askilled workforce is the top item on

the shared agenda between publicand private sectors. Fifty-fourpercent of CEOs plan to work withgovernment and the educationsystem to improve the talent poolavailable.

The role for business is wellrecognised when it comes toleadership development and on-the-job training. Whats newer is thatthe training and education systems

are becoming much more of anintegrated market with companiesand governments both looking tomeet workforce requirements.

13. Isnt workforcedevelopment a job

for the government?

Public education is a big issue and one where the private sector can ll the gaps thatgovernment often has a difcult time addressing. Its an issue that links back to how do wedene business success, because if we dont solve the education issue then the problem willeventually degrade the private sectors ability to recruit a capable workforce.

Tan Sri Dato Azman Hj. MokhtarManaging Director, Khazanah Nasional Berhad, Malaysia

CEOs see shared commitments with government to achieve public outcomes

Q: How much does your company plan to increase its commitment in the ollowing areas, to improve national competitiveness and social well-beingover the next three years? Which three areas should be the Governments priority today?

0 30 60%0

30

60%

Should be

the governments

priority

Private sector to raise

commitment significantly

Share

dprio

rity

Improving the countrysinfrastructure

Creating and fosteringa skilled workforceEnsuring financial

stability and accessto affordable capital

Reducing povertyand inequality

Generating innovationsand safeguarding IP

Maintaining the healthof the workforce

Securingnatural resourcescritical to business

Addressing the risksof climate change

Protectingbiodiversityand ecosystems

Protectingconsumers interests


Note: CEOs were asked how much their companies plan to increase commitments to achieve these outcomes; and what should be the governments priority.

The plot shows percentages o CEOs who chose each o these areas. Multiple choices were allowed




17/20


Indias administrative capabilities are notlike Chinas. Therefore, PPPs in healthcare,roads, education, ports, airports or railwayscan be a good alternative to the government

going it alone.Sajjan Jindal

Vice Chairman and Managing Director, JSW Steel Limited, India

Infrastructure is the secondhighest item on the shared agenda.Constrained budgets are forcingdifcult decisions on public sector

leaders, and CEOs are keen toprotect a shared priority that iscritical to business growth.Infrastructures importance comesthrough clearly for CEOs. Those ininfrastructure-related sectors suchas engineering and construction,and utilities, as well as banks,reported increased commitmentsof their own to infrastructuredevelopment.

While CEOs expect governmentsto take the lead, the role of privatecapital in nancing infrastructureis unavoidable: an estimatedUS$3 trillion per year needs tobe spent on infrastructure acrossthe globe in the coming decades.1The scale of this fundingrequirement means it is unlikelyto be met solely through publicnance, so theres a need for

governments to engage with theprivate sector, and tap a rangeof funding sources, potentiallythrough publicprivatepartnerships (PPPs).

14. What aboutinfrastructure?

1 Paving the Way: Maximising the Value of Private Finance in

Infrastructure, World Economic Forum (2010)


18/20

It never really went away.Multinational businesses, designedfor worldwide operations withinternational supply chains and

global talent pools, didnt retreatfrom globalisation during the crisis.

But CEOs are signalling a potentialchange in globalisations future. That72% of CEOs support good growththat is economically, socially andenvironmentally sustainable isrecognition that they would liketo see globalisation evolve in a waythat links economic growth andsocial development.

CEOs approaches to the three strategicfocal points address businessimperatives, but also shift towardsthis good growth stance. Developingtalent is a business imperative, butentire communities and countriesstand to benet as companies workwith governments to developworkforces, not just their ownemployees. Innovation is a long-termbuilding block for any company, butreverse innovation in emerging marketswill deliver products and services

that are better matched to thecultures they are sold to. The sharedagenda with government likewiseacknowledges how businesses areconnecting competitiveness andsocial well-being: they recognisethat equal commitments need to bemade by the public and privatesectors on issues such as climatechange and poverty reduction.

15. Are CEOs sayingglobalisation is back?

Our denition of value has always been characterised by a high level of responsibilitytowards our stakeholders, besides our shareholders, that goes far beyond nancial results

and investment returns. The community, the economies of the countries where we operate,our customers and our employees, feature prominently as stakeholders in our denition ofvalue, especially under the adverse economic conditions of recent years.

Efthimios BouloutasCEO, Marn Laiki Bank, Cyprus

For further information, please contact:

Sophie Lambin

Director of Global Thought Leadership

+44 20 7213 3160

[email protected]

www.pwc.com/ceosurvey

Suzanne Snowden

Global Thought Leadership

+44 20 7212 5481

[email protected]



19/20


20/20

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14th annual global ceo survey | pwc venezuela

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