47th St. Gallen Symposium – Image brochure by St. Gallen Symposium

The dilemma of disruption / 47th St. Gallen Symposium / 3â&#x20AC;&#x201C;5 May 2017

THE DILEMMA OF DISRUPTION

#disruptiondilemma

WELCOME Benjamin Franklin dared to say, “an investment in knowledge always pays the best interest.” Its meaning can be interpreted in many ways, though one aspect seems obvious – the desire to strive for knowledge. In today’s fast-paced world, it has become all the more important to acquire knowledge through intense discourse with people who hold different opinions. The best place for such exchanges is in intimate settings that provide space for deliberate exchange and personal encounters. It is our obligation to create exactly this setting, and we cannot wait to welcome 1,000 guests across generations and disciplines and from all corners of the world to join the 47th St. Gallen Symposium. At the upcoming symposium, The dilemma of disruption forms the epicentre of our debates. We think it is high time to break the tired narrative conjured by the ubiquitous buzzword, “disruption”. Although disruption is a powerful force for change – and certainly not always for the good – it is time to take the concept beyond the realm of business. Hence, the symposium provides a fantastic occasion to shed a differentiated light on disruption and we will have the right people to do so. For nearly half a century, we have been provoking critical but constructive discussions between current and future leaders. Merging the wisdom of our Leaders of Today with the fresh spirit and ideas of our Leaders of Tomorrow, we are able to create a breeding ground for inspiration and change. It goes without saying that our student initiative would simply not exist without the long-standing support of our benefactors, friends, and supporters. We are very much looking forward to a moving 47th edition of our symposium and, on behalf of the entire 47th ISC-Team, look forward to welcoming you in St. Gallen in May 2017.

Raphael Burger, Christian Sutter, and Vinzenz von Teufenstein Heads of the Organising Committee

5 CONTENT â&#x20AC;&#x201C; 47th St. Gallen Symposium

CONTENT

To improve is to change, to be perfect is to change often. Winston Churchill

THE DILEMMA OF DISRUPTION In one way or another, we are all affected by disruption. Although the theoretical framework of disruptive innovation is by no means unchallenged, even critics acknowledge that the sudden demise of industry leaders and political systems is occurring with growing frequency.

When Apple launched the iTunes software 15 years ago, the company knew what its consumers wanted, long before the latter realised the need themselves. And within just a decade, the recording industry had been completely reshaped. The launch of the App store in 2007 with only 500 applications was just the beginning of the next Apple-driven revolution. Less than a decade later, the platform now offers over two million applications, downloaded more than 130 billion times. Services like Skype or Twitter have revolutionised the way we communicate. Platforms like Uber or Airbnb have transformed the way we travel. And networks like Facebook or LinkedIn are changing the way we connect privately as well as professionally. Disruptive innovations alter the way we live and pose a real danger to established companies and business models. The phenomenon of outsiders quietly rewriting the rules and suddenly attacking established systems is not a phenomenon restricted to business. The fall of the Berlin Wall in 1989 was a response to rising societal pressure which ultimately heralded the rebirth of democracy in Central Europe. More recently, democracy itself has surprised the world: British voters’ decision to exit the European Union called into question the idea of the EU itself, and might soon fundamentally change Europe. In one way or another, we are all affected by disruption, a term introduced by Clayton Christensen in the 1997 book The Innovator’s Dilemma. Two decades later, Christensen’s theoretical framework is by no means unchallenged. But even critics ac-

knowledge that the sudden demise of industry leaders and political systems is occurring with growing frequency. The debate around disruption shows three things: First, disruption is happening more often and affecting areas which had been spared from radical changes in the past, such as the healthcare industry or the financial world. Second, there is no simple answer to the question of whether disruption is good or bad. While pioneering progress in the healthcare industry is appreciated by the vast majority of our society, radical changes in political systems that jeopardise balance and stability might be dangerous. And third, what we are witnessing at the moment might be just the tip of the iceberg: The age of real disruption might be right around the corner. Few management theories have had as much influence on the business community and our society as the concept of disruption. The 47th St. Gallen Symposium will take up the theme under the headline The dilemma of disruption, looking at the breeding grounds for radical change, assessing the tough decisions that come with it and directing participants’ gaze beyond the strict business definition.

7 CONTENT – 47th St. Gallen Symposium

THE BREEDING GROUNDS For any change to happen, a receptive environment plays a vital role. In this context, three elements seem important: First, political and personal freedom are prerequisites for progress as well as for flexible and adaptive reactions to change. Second, mobility of goods, money, labour, people, and ideas across borders are key promoters of disruption. And third, society’s ability to question itself might be the most important factor in creating the basis for innovations such as education and healthcare delivered at a fraction of the cost charged by today’s market leaders. TOUGH DECISIONS Established companies often lack the ability to embrace new ideas and abandon past successes. This especially applies when it comes to choosing between sticking with existing markets and getting better incrementally or entering new markets by adopting new business models and embracing new technologies. While some companies, like IBM, successfully managed to reinvent themselves, others – like Blockbuster or Polaroid – are about to vanish or already have disappeared. Since the year 2000, over half of the companies in the Fortune 500 have either gone bankrupt, been acquired or ceased to exist.

BEYOND THE BUSINESS DEFINITION Although the concept of disruptive innovation is deeply rooted in management theory, identical tendencies and radical changes have been seen in media, politics, academia and society. Electoral systems, which are more open and less predictable than ever before, are fundamentally transforming politics. At the same time, demographic change – said to be no ordinary disruption but still posing similar challenges – is one of the most pressing issues our society faces. Ageing populations will transform everything from healthcare to real estate. Workplaces will be reinvented by a labour force dominated by Millennials. Cities’ economic and public policy clout will increase through urbanisation. And last but not least, migration will have profound impacts on labour markets and economic development.

Dies ist eine Bildlegende welche von einer auserwählten Person geändert wird.

A Leader of Tomorrow asking a bold question in one of the symposium’s Plenary Sessions.

9 CONTENT – 47th St. Gallen Symposium

THE DISRUPTION OPPORTUNITY Christensen and Anthony give valuable advice on why it is crucial to understand the mechanisms of disruptive innovation.

CLAYTON CHRISTENSEN (US) Christensen is the Kim B. Clark Professor of Business Administration at Harvard Business School. He is the author of nine books, including his latest, Competing Against Luck: The Story of Innovation and Customer Choice. He is the cofounder of four companies, including the growth strategy consulting firm, Innosight. In 2011 and 2013, Christensen was named as the most influential business thinker in the world by Thinkers50.

SCOTT D. ANTHONY (US) Anthony is the Managing Partner of Innosight, a growth strategy consulting firm. Based in the firm’s Singapore offices since 2010, he has led Innosight’s expansion into the Asia-Pacific region as well as its venture capital activities. A prolific writer on the topics of innovation and growth, his most recent book is The First Mile: A Launch Manual for Getting Great Ideas Into the Market.

Disruption. The word tends to inspire fear education, or clean water. We have to figure among business and political leaders. Exec- out how to feed, house, and gainfully emutives in incumbent firms worry about the ploy the close to 10 billion people that will upstart that will emerge, seemingly out of populate the Earth by 2050. We have to nowhere, and disembowel their business. achieve these goals without destroying our Political leaders worry about economic and planet. social dislocations from disruption. Even Market leaders are increasingly showing saying the word disruption causes one’s how to bend disruptive innovation to their mouth to contort uncomfortably. advantage. A decade ago, Amazon.com Leaders are only looking at one side of the translated an internal project to improve IT disruption story. The essence of disruption is productivity into a cloud computing offermaking the complex simple and the expen- ing that generates billions in revenues tosive affordable. It is the mechanism by which day. Singapore’s SingPost more than doubled markets expand, bringing valuable products revenues from 2005-2015 in the face of sysand services to broader populations. Yes, it temic declines in its core business by develoften upends business models, but it always oping a range of logistics and ecommerce grows market. Newton’s third law holds that solutions. By including disruptive payment every action has an equal and opposite reac- offerings in its WeChat messaging platform, tion. In the same vein, every disruptive threat China’s Tencent has become the most valuable company in Asia. creates an equal, if And Janssen, the not greater, opporOur world needs to harness pharmaceutical arm tunity. the positive power of Johnson & JohnConsider photoof disruptive innovation. son is in the early graphy. Digital imstages of disrupting aging clearly disrupted printed imaging. Former market disease itself, by “intercepting” diseases leader Eastman Kodak filed for bankruptcy rather than treating and managing them. More than 20 years of research and approtection in 2012. Did people stop taking pictures? Of course not. More people take plied work has crystallized how to identify more pictures than at any point in human the potential for disruption early, and to history. They aren’t printing them, howev- manage some of the inevitable dilemmas er. Rather, they are sharing them on Line, that accompany it. Leaders who understand Snapchat, Facebook, Instagram, and more. the mechanisms and implications of disrupKodak certainly could have caught this tive innovation can create and own the future, rather than be disrupted by it. wave of new growth. Our world needs to harness the positive power of disruptive innovation. Hundreds of millions of people lack access to healthcare,

DISRUPTION – A SOLUTION WRAPPED IN A DILEMMA Hough shares his opinion on why disruption is happening more frequently to large organisations.

Disruption has an emotive taint. It has of communication. This approach has been become a millennial battle cry. It also con- formalised in the methodologies of holnotes a post-2008 schadenfreude-filled at- acractic organisations and agile software titude towards large institutions. This emo- development amongst others. At its core the disruption dilemma is not tion makes it difficult to discuss the cardinal question of why disruption is happen- us-versus-them. It is not a dilemma – it is ing more frequently to large public and an opportunity disguised as one. It is not private institutions. technological – it is The accelerated frevery human. It is inDisruption connotes a post-2008 quency can be attribherently about the schadenfreude-filled attitude type, quality and freuted to the growtowards large institutions. ing lag between inquency of interaction at a large institution. novation cycles in technology and decision-making and execu- This is not something that just happens to tion cycles at large institutions. By the time large organisations: interaction is something a new business model-enabling technolo- that can be addressed and improved upon. gy has matured, large institutions are still waiting to take a course of action. When one assumes that information is open to all participants, this inability to formulate a plan or develop public policy that supports innovation points towards flaws in the decision making process itself. More specifically, it points towards the way in which decision makers interact with each other and with new technologies. Although top-down structures have their merits, with regards to specialization and stable performance delivery, they are not a breeding ground for disruption. Disruption comes from organisations that firstly create an organisational blank slate on a per-project basis (startups do this naturally due to it being the company’s first project). These organisations then populate the slate with self-organising teams. These teams work iteratively while experimenting in sandboxes while keeping open lines

GYS HOUGH (NL) Hough is Payment Consultant at Innopay and Leaders of Tomorrow community member of the St. Gallen Symposium. He is currently applying his international work experience and diverse academic background to the application of blockchain technology to the transactional industries. He believes that blockchain has all the makings of a technology that can enable disruptive business models.

11 PEOPLE â&#x20AC;&#x201C; 47th St. Gallen Symposium

PEOPLE

I am the winning entry to the St. Gallen Wings of Excellence Award. I am a driver picking up students at Zurich Airport. I am the Topic Leader who raises a question, and the speaker who raises more questions. I am the listener who looks for an answer. I am a Leader of Today, and a Leader of Tomorrow. I am a member of the Support Crew, and the 760 ISC Team members before me. I am your host at a Social Session. I am the spirit of St. Gallen. I am a member of the Circle of Benefactors. I am the 34 members of the ISC. I am the dialogue between a student and a head of state, and the entrepreneur who failed, and failed, and failed, and succeeded. I am the professor who turned into a student, the executive who became an entrepreneur, and a participant of the 47th St. Gallen Symposium.

13 PEOPLE – 47th St. Gallen Symposium

COMMUNITIES

FACULTY

The St. Gallen Symposium is all about the dialogue between the Leaders of Today and Tomorrow. We welcome internationally recognised figures from the business, academic, social and political arenas and devote a lot of time and effort to attracting participants from all over the world and all walks of life. Chosen from the upper echelons of business and politics, participants exhibit great engagement when entering into a dialogue with the Leaders of Tomorrow.

International speakers will exchange ideas, theories and experiences with participants in various meeting formats and debate the symposium’s topic – The dilemma of disruption – on the occasion of the 47th St. Gallen Symposium. Following extended plenary discussions with the audience, the participants then explore the ideas that come out of the Plenary Sessions in-depth in smaller Work Sessions, under the guidance of the relevant speaker and an assigned Topic Leader. Instead of just addressing an audience, our speakers have the unique experience of being involved in a direct exchange with Leaders of Today and Tomorrow.

TOPIC LEADERS

LEADERS OF TOMORROW

Topic Leaders act as ambassadors of the St. Gallen Symposium. Through their presence and role, they promote dialogue between the generations – between the Leaders of Today and Tomorrow. Whether as session hosts, as someone to ask thought-provoking questions or as interesting discussion partners, the role of Topic Leaders is to build bridges between the various groups throughout the event. Each year, the symposium invites 20–30 renowned experts to perform this role. Many of them have been coming to the symposium for many years and are therefore familiar with the setting and the high expectations placed on them.

It is the Leaders of Tomorrow who make the symposium unique. Young, inspirational and ready to embrace the world from their own point of view, the Leaders of Tomorrow come from a truly global and diverse background. Students are required to show their proficiency through a demanding essay competition, and the top hundred contributors are invited to St. Gallen. A further hundred Leaders of Tomorrow are selected from a rich field of young researchers, entrepreneurs, and politicians who have already proven their skills.

LEADERS OF TODAY

Xavier Bettel, Prime Minister of Luxembourg, speaking exclusively to the symposiumâ&#x20AC;&#x2122;s Circle of Benefactors in May 2016.

15 PEOPLE – 47th St. Gallen Symposium

LEADERS OF TOMORROW 200 outstanding young talents under the age of 30 from all corners of the world attend the symposium to help shape the debates on relevant topics. They become part of a global community which nurtures their friendships, ideas and initiatives over the long run.

Each year, young leaders from up to 60 countries are carefully chosen, representing 120 universities, start-ups and other organisations worldwide. They all qualify based upon merit and get selected through two different approaches:

The Knowledge Pool is a diverse group of 100 hand-selected academics, entrepreneurs, politicians and scientists. They are chosen based on referrals from within the symposium’s global network. These leaders have achieved extraordinary things at a relatively young age and are capable of contributing to the debates with fresh insights and new ideas.

The St. Gallen Wings of Excellence Award is a global student competition on the topic of the symposium. The authors of the 100 best essays, as judged by an independent jury are chosen to attend the symposium. Since its launch in 1989, tens of thousands of young academics from more than 1,000 universities in 120 countries worldwide have competed for this award.

COMMUNITY

OPINION

The symposium maintains a global alumni community with more than 1,000 active members. Leaders of Tomorrow meet regularly in cities around the world. They get involved in various symposium initiatives and support the ISC wherever they can. Some of them return to the symposium in new capacities. The community stays connected constantly using the symposium’s community app.

An annual review of the top contributions to the symposium’s global essay competition as well as a global survey among young talents quantifies the opinions of the next generation of potential leaders. Leaders of Tomorrow also provide quality content that is spread via the symposium’s global media channels.

PARTICIPATION

IMPACT

The St. Gallen Symposium provides the world’s brightest young talents with a global platform. They get involved in session formats that allow them to express their opinions prominently. Attending the symposium is the beginning of a long-lasting journey that goes far beyond the symposium experience.

The Leaders of Tomorrow get involved in various projects to support the symposium’s stakeholders solve some of their most pressing issues. These talents get inspired in St. Gallen and meet the people who can help them commence their own entrepreneurial endeavours.

Leaders of Tomorrow present and defend their ideas in front of the symposiumâ&#x20AC;&#x2122;s global audience.

Leaders of Tomorrow Talk with former Leader of Tomorrow Bertrand BadrĂŠ, Managing Director and Group Chief Financial Officer, World Bank Group, at the symposium in 2015.

17 PEOPLE – 47th St. Gallen Symposium

LEADERS OF TODAY The Leaders of Today at the St. Gallen Symposium represent companies as well as political and academic institutions from all over the world. Both participants and speakers belong to the upper echelon of decision makers.

For nearly 50 years, the St. Gallen Symposium has built a reputation for involving the business, political and academic elite. This is the result of the extraordinary efforts made by the International Students’ Committee (ISC), which embarks on a global roadshow every year to meet with decision makers in business and academia. It is this single-minded approach and the impressive exchange between the students and those who co-shape world affairs that has secured the loyalty of the St. Gallen peer group over the years. When they flock to St. Gallen in May, it is the ISC’s turn to provide excellent content and warm hospitality. The same applies to the speakers at the symposium. If not for their unusual openness and their willingness to engage with business participants and Leaders of Tomorrow, the symposium would never have developed into a world-class platform for open and honest dialogue between generations. A glimpse at the selection of former speakers on the next page shows how big St. Gallen’s footprint has become. When such luminaries engage with top business participants and remarkable young leaders over the hot topics of our time, then the symposium’s mission is accomplished.

The Leaders of Today at the symposium belong to the upper echelon of decision makers. Pictured: Larry Harvey, Founding Board Member and Chief Philosophic Officer, Burning Man Project.

A SELECTION OF PAST SPEAKERS Each year, a distinguished faculty of eminent international personalities explores and develops its views on present and long-term issues in business, politics and society. Here is a selection of speakers from recent years.

PAST SPEAKERS

Christine Lagarde (FR)

Dambisa Moyo (GB)

Tidjane Thiam (CI/FR)

Managing Director

International economist & Author

Chief Executive Officer

International Monetary Fund

Credit Suisse Group AG

Dominic Barton (CA)

Prof. Thomas Jordan (CH)

Cesar Purisima (PH)

Global Managing Director, McKinsey & Company

Chairman of the Governing Board,

Secretary of the Philippine

Swiss National Bank

Department of Finance

Donald Kaberuka (RW)

Raghuram G. Rajan (IN)

President, African Development Bank Group

Governor, Reserve Bank of India

Paul Kagame (RW)

Anders Fogh Rasmussen (DK)

President of the Republic of Rwanda

Former Secretary General, NATO

Laurence A. Tisch Professor of History,

Jack Ma (CN)

Gerhard Roiss (AT)

Harvard University

Founder, Chariman & CEO, Alibaba.com

Former Chairman of the Executive Board &

Laurence D. Fink (US)

Joseph Muscat (MT)

Chairman & CEO, BlackRock

Prime Minister of Malta

Ivan Glasenberg (AU)

Kumi Naidoo (ZA)

Chief Executive Officer, Glencore plc

Executive Director,

Xavier Bettel (LU) Prime Minister of Luxembourg Sergio P. Ermotti (CH) Group CEO, UBS AG Prof. Niall Ferguson (GB)

Chief Executive Officer, OMV AG Prof. Philippe Sands (FR/GB) Professor of International Law,

Greenpeace International Ulrich Grillo (DE)

University College London Severin Schwan (AT) CEO, F. Hoffmann-La Roche AG

President, Federation of

Ngozi Okonjo-Iweala (NG)

German Industries (BDI)

Minister of Finance for the Federal

Tony Tan Keng Yam (SG)

Republic of Nigeria

President of the Republic of Singapore

Nick Hayek (CH) President of the Executive Group,

Paul Polman (NL)

Swatch Group

CEO, Unilever N.V.

> www.symposium.org/highlights

19 PROGRAMME â&#x20AC;&#x201C; 47th St. Gallen Symposium

PROGRAMME

21 PROGRAMME â&#x20AC;&#x201C; 47th St. Gallen Symposium

PROGRAMME

WEDNESDAY / 3 MAY 2017

MORNING

LEADERS OF TOMORROW

THURSDAY / 4 MAY 2017

FRIDAY / 5 MAY 2017

PLENARY SESSIONS

WORK SESSIONS

BACKGROUND

SESSIONS

PLENARY SESSIONS

SOCIAL SESSION

PROGRAMME

LUNCH

AFTERNOON

EVENING

DINNER FOR THE CIRCLE OF BENEFACTORS

CONTRIBUTE – DEBATE – CREATE From Plenary Sessions addressing a large audience to Work Sessions providing an intimate exchange of ideas among a small selection of participants, the St. Gallen Symposium offers a wide range of discussion formats.

PLENARY SESSIONS The Plenary Sessions take place in front of a large audience. In Keynote Addresses, distinguished speakers explain their ideas and consider the questions at hand in concise speeches. A constructive exchange of views is fostered through participation from the assembly, moderated by a Topic Leader. In Keynote Panels, under the guidance of an experienced moderator, a group of three to five speakers engages in a lively debate on a specific topic. The panellists articulate their positions from different angles and enlarge upon the topic in distinct ways. The panel is opened up afterwards to questions from the audience. Finally, the One-on-One distinctively differs from the other Plenary Sessions as it is an investigative question-andanswer session pairing a high-profile speaker with an experienced Topic Leader. In a One-on-One, the speaker is challenged on specific topics and is asked critical questions about his positions. WORK SESSIONS The Work Sessions are the core element of the symposium programme. They are the most suitable format for a direct and unre-

stricted discussion between speakers and participants. Work Sessions complement the Plenary Sessions and allow participants to directly exchange their opinions and experiences. This may happen either through plenary speakers who wish to expand on their remarks in a smaller setting, or through speakers who exclusively provide their expertise on a topic that deepens the overall symposium theme. In groups of 30–50 participants, the Work Sessions create the opportunity to participate in intense debates with the aim of developing solutions.

BACKGROUND SESSIONS The Background Sessions convey content on issues not directly related to the annual topic of the St. Gallen Symposium. They address both current affairs and questions from ongoing debates in the fields of business, politics, and society. The Background Sessions give participants the opportunity to acquire knowledge in a compact form. In contrast to other sessions, most Background Sessions are open to the public, giving the speaker the opportunity to address an interested audience beyond the symposium’s participants.

SOCIAL SESSIONS While the meeting formats provide food for thought and the opportunity to engage in moderated discussions, the informal atmosphere of the Social Sessions is equally important. On the St. Gallen Symposium’s piazza, covered by impressive awnings, the ISC does everything possible to make speakers and participants feel at ease. Overlooking the idyllic city of St. Gallen and with a stunning view of the nearby mountains, the piazza encourages people to enter into relaxed discussions. The lounge on the University’s rooftop is perfect for personal meetings, and a full programme of evening events provides for entertainment. The vibrant settings range from informal gatherings in student flats to exquisite Dinner Nights on campus or in the city of St. Gallen.

23 ABOUT â&#x20AC;&#x201C; 47th St. Gallen Symposium

ABOUT

CIRCLE OF BENEFACTORS

The ISC is thankful to be able to count on the support of its Circle of Benefactors, which includes approximately 400 major companies around the world. The circle plays

a pivotal role in financing the St. Gallen Symposium as well as in advising the students. It ensures the continuity of the initiative through long-term partnerships with

the ISC based on a shared commitment to the basic idea of cross-generational and interdisciplinary dialogue.

MAIN PARTNERS

is an official main partner of the St. Gallen Symposium

is an official information technology partner of the St. Gallen Symposium

is the official document services provider of the St. Gallen Symposium

MAIN PARTNERS LEADERS OF TOMORROW

is the official technology consultant of the St. Gallen Symposium

is an official transport services partner of the St. Gallen Symposium

is an official information technology partner of the St. Gallen Symposium

is the official financial services supplier of the St. Gallen Symposium

25 ABOUT – 47th St. Gallen Symposium

123 2Xideas 360 Treasury Systems AG A ABACUS Research AG ABB Ltd. Abraxas Informatik AG Accenture (Schweiz) AG Dr Josef Ackermann a-connect (group) ag ACXIT Capital Partners Adecco Management & Consulting S.A. ADM International Adveq Management AG Aepli Metallbau AG AFG Arbonia-ForsterHolding AG Akris AG Albers & Co AG ALDI Suisse AG Alfa Treuhand- und Revisions AG ALID AG Allgemeines Treuunternehmen Allholding Beteiligungsverwaltungs GmbH Allianz SE Alpha PetroVision Holding AG Altium Capital AG Alu Menziken Extrusion AG Alwys Holding AG Amann & Söhne GmbH & Co. KG Ameropa Holding AG AMS Österreich ANA HOLDINGS INC. Arcron AG Argon Asset Management ASH Group Audemars Piguet AUGUSTIN QUEHENBERGER GROUP GmbH Autoneum Holding AG Avaloq Group AG

C B.Grimm Group Baker & McKenzie Zurich Bank Julius Baer & Co. Ltd. Banque de Luxembourg S.A. Banque Internationale à Luxembourg S.A. Bär & Karrer AG Barandun von Graffenried AG Barclays Wealth and Investment Management Barry Callebaut AG Basellandschaftliche Kantonalbank BASF SE Bauwerk Parkett AG Bayerisches Staatsministerium für Wirtschaft und Medien, Energie und Technologie BB Biotech BDO AG BearingPoint Beekeeper AG Beiersdorf AG Beisheim Holding GmbH Belimo Holding AG Bellevue Asset Management AG Berenberg Bank (Schweiz) AG Bewital Holding GmbH & Co. KG Bilfinger SE BKW AG Blasto AG BlueOrchard Finance Ltd. BMW (Schweiz) AG BNP Paribas (Suisse) SA The Boston Consulting Group BRAINFORCE AG Bratschi Wiederkehr & Buob AG Brauerei Locher AG BSI S.A. bta first travel ag b-to-v Partners AG Bucher Industries AG Bühler Management AG Bystronic Group

Capgemini Schweiz AG Capvis Equity Partners AG Careerplus AG Cargolux Airlines International S.A. Cat Aviation AG CEAMS CE Asset Management CEWE Stiftung & Co. KGaA CF&C Finance Suisse SA Jenny Chiam China Construction Bank Christian Fischbacher Co. AG Cisco Systems (Switzerland) GmbH Clariant International AG Cofra Holding AG Commerz Real AG Conova Consulting AG Dr Philipp Cottier Credence Partners Pte Ltd. Crédit Agricole (Suisse) SA Credit Suisse Group AG CRIF AG Crypto AG CSL Behring AG D Danzer AG Dätwyler Holding AG DBAY Advisors de Sede AG Deloitte AG Deutsche Apotheker- und Ärztebank eG DMG MORI AG Dr. Bjørn Johansson Associates AG Dr. J. Bollag & Cie. Dreyfus Söhne & Cie AG, Banquiers E E. Gutzwiller & Cie. Banquiers Ecolab Europe GmbH Dr Pierre Edelmann Egon Zehnder elea Foundation for Ethics in Globalization Elcotherm AG

Elcotherm AG ElringKlinger AG Emil Capital Partners Emil Frey Gruppe Energie 360° AG EQT Ericsson AG Ermenegildo Zegna Group Ernst & Young AG Esselte Leitz GmbH & Co. KG Evaluglobe AG EVRY

Greenhill & Co. Europe LLP GRENKELEASING AG Groz-Beckert KG Guldborg International Toyoo Gyohten

Japan Tobacco Inc. Jaquet Technology Group Jebsen & Co. Ltd. JENOPTIK AG Johnson & Johnson JT International S.A. Jung Technologies Holding AG Jura Elektroapparate AG

H Habib Bank AG Zurich Halcyon Agri Corporation Limited Halfmoon Bay Capital Limited Hälg Building Services Group Hathon Holding AS Haufe-umantis AG HAWE Hydraulik SE Haws Switzerland AG HBM Partners AG Heidrick & Struggles Helbling Holding AG Helsinn Healthcare S.A. Helvetia Holding AG Hesta Services AG Hewlett Packard Enterprise Hewlett Packard (Schweiz) GmbH Hexagon AB HIAG Immobilien High Meadows Foundation Hilcona AG HILTI AG Homburger AG HOPI HOLDING a.s. HSG Alumni Hans Huber Huber + Suhner AG Hublot SA Hyposwiss Private Bank Genève SA

F F. Hoffmann-La Roche AG Falcon Private Bank Ltd. Falke KGaA Farner Consulting AG Ferring Pharmaceuticals SA Festo AG & Co. KG Finyon Consulting AG Fis Organisation AG Flughafen Zürich AG Fondazione Fidinam Forbes Marshall Private Limited Forma Futura Invest AG Fresenius Medical Care AG & Co. KGaA Fritz Carl Wilhelm Stiftung furrerhugi. ag G Gallus Holding AG Geberit International AG Gebrüder Weiss GmbH Generali CEE Holding B.V. Georg Fischer AG Georg Haag AG Givaudan SA Glatz AG Glen Fahrn AG Glencore International AG Global Law Office Goba AG, Mineralquelle und Manufaktur Goldbell Corporation Pte Ltd. Goldman Sachs International Golien Ltd. Graubündner Kantonalbank

I IBM Schweiz AG IKEA Foundation IMD Industriellenvereinigung Wien Infosys Consulting AG ING-DiBa AG InterGlobe Aviation Limited (IndiGo)

K KABA AG Kienbaum AG KIND Hörgeräte GmbH & Co. KG Dr Karl-Heinz Kipp Dr Sonja Kiss Klingelfuss & Cie. KPMG AG KUHN RIKON AG KUKA Aktiengesellschaft Kuoni Travel Holding Ltd. L LafargeHolcim Ltd. Landesbank Baden-Württemberg Landewyck Tobacco S.A. Le Freeport Luxembourg Leader’s Solutions AG LEGIC Identsystems AG Leister AG Lenz & Staehelin Lenzing Aktiengesellschaft Leonteq Securities AG Lephatsi Investments (Pty) Ltd. Lexzau, Scharbau GmbH & Co. KG LGT Group Foundation Lidl Schweiz Liebherr-International AG Lilienberg Unternehmerforum Linz Textil Holding AG Lombard Odier & Cie Lyreco Switzerland AG

27 ABOUT – 47th St. Gallen Symposium

M Maerki Baumann & Co. AG Malun LB GmbH MANN+HUMMEL GMBH Manor AG Marcol Capital Europe S.A. Martel AG St. Gallen Pierre-Alain und Monika Mathier Max Schmidheiny-Stiftung Mazars S.A. McKinsey & Company Medela AG medienwerkstatt ag Merifin Capital Microsoft Schweiz GmbH Mikron Holding AG MLS Dr. Max Schnopp AG Mobiliar Versicherungen Dr Christoph Müller Müller-Möhl Foundation Mutschler-Gruppe My Drop in the Oceans

Novartis AG Novozymes A/S O Oettinger Davidoff AG Oki Matsumoto OMV Aktiengesellschaft Omya Management AG One North Capital Pte. Ltd. Orell Füssli Holding AG Orifarm Group A/S Osim International Otto (GmbH & Co. KG) P Papyrus Deutschland GmbH & Co. KG PartnerRe Ltd. Partners to Leaders Paul Hartmann AG Pictet Prager Dreifuss AG PRE Management Group Premchand Roychand & Sons PricewaterhouseCoopers AG Private Client Bank AG PSP Group Services AG

N NEOPERL International AG Nespresso Suisse Nestlé Skin Health Neue Zürcher Zeitung Neutrik AG Niederer Kraft & Frey AG Nikko Asset Management Europe Limited NIMO Holding AG Norddeutsche Landesbank – Girozentrale Notenstein La Roche Privatbank AG

Raiffeisen Schweiz Remi Finanz- und Verwaltungs AG Richter + Frenzel Rieter Management AG Rivella AG Robert Bosch AG Robert Bosch GmbH Roland Berger AG Rolex SA Rosenbauer International AG Rothschild Bank AG Rotronic AG RP - Sanjiv Goenka Group RUAG Holding AG Russell Reynolds Associates RWE Ceská republika a.s.

Q Quadriga Capital Beteiligungsberatung GmbH Quinn Emanuel Urquhart & Sullivan, LLP Quittenbaum GmbH R Rahn + Bodmer Co., Banquiers

S Saab AB Sabinum AS Salt Mobile SA Sammelstiftung Vita SAP (Schweiz) AG Schellenberg Wittmer AG, Rechtsanwälte Schenck Process Holding GmbH Schenker Storen AG Andreas Schmid Schneeberger Holding AG Schroder & Co Bank AG Schöffel Schweiz AG Joachim Schoss Monika und Wolfgang Schürer SCOR Services Switzerland Ltd.

Scott Sports SA Securitas AG Sefar Holding AG Sennheiser Elektronic GmbH & Co. KG SFS Holding AG Siegfried Holding AG Dr Gralf Sieghold Siemens AG Sika AG Silverhorn Investment Advisors Limited Sitecore Deutschland GmbH SIX Skyadvisory AG smARTec Veranstaltungstechnik AG Sonova AG Sopra Steria GmbH Southern Capital Group SpotMe St. Galler Kantonalbank AG St. Galler Tagblatt AG Stadt St. Gallen Staiger, Schwald & Partner AG Starrag Group Holding AG Stiftungsfonds Deutsche Bank Gertrud Stoll-Fein Sulzer Ltd. Yuji Suzuki Swiss Life AG Swiss Prime Site AG Swiss Re Swissmem swisspartners Investment Network AG SYMA-SYSTEM AG

T Tamedia AG TCI Consult GmbH The Tokyo Club ThinxNet GmbH Transformation Partner TRL Krosaki Refractories Limited TÜV SÜD AG U u-blox Holding AG UBS AG Umdasch Group AG Underberg AG Unilever Schweiz GmbH Union Bancaire Privée Universitätsspital Basel Universitätsspital Zürich upc cablecom GmbH USM U. Schärer Söhne AG V Valcambi sa Valincor Management AG Valora Holding AG Vaudoise Assurances Vetropack Holding AG Victorinox AG VISCHER AG voestalpine AG VP Bank AG W Weisse Arena Gruppe Wellershoff & Partners Ltd. Wendel S.A. Wenger Plattner

Wicor Holding AG Willy Bogner GmbH & Co. KGaA Winton Capital Management Limited Würth International AG Dr Peter A. Wuffli X, Y Xerox AG XL Catlin Ypsomed AG Z Zehnder Group International AG Zentis GmbH & Co. KG ZF Friedrichshafen AG Dr Heinz Zimmer Zimmer Germany GmbH Zühlke Engineering AG Zumtobel AG Zürcher Kantonalbank

29 ABOUT – 47th St. Gallen Symposium

PATRONS

The Leaders of Tomorrow contribute to the success of the St. Gallen Symposium not only during the two days in May, but also in various initiatives throughout the year. We

would like to express our sincere gratitude to our Leaders of Tomorrow Patrons who enable the empowerment of the next generation through all of St. Gallen’s initiatives and

123 2Xideas

F F. Hoffmann-La Roche AG Festo AG & Co. KG FISBA AG Friedli Corporate Finance Fritz Carl Wilhelm Stiftung furrerhugi. ag

A ABACUS Research AG ABB Ltd. Abraxas Informatik AG Accenture (Schweiz) AG Albers & Co AG Allgemeines Treuunternehmen AMS Österreich Autoneum Holding AG Avaloq Group AG

Galactic Energy Ventures (Pty) Ltd. Christophe R. Gautier Geberit International AG Georg Fischer AG Globus SB-Warenhaus Holding GmbH & Co. KG Graubündner Kantonalbank H Helsinn Healthcare SA Friedrich-Wilhelm Hempel HIAG Immobilien Homburger AG HR Matching AG Hupac S.A.

C Cat Aviation AG China Taiping Life Insurance (HK) Company Limited Cathrina Claas-Mühlhäuser Credit Suisse Group AG D Dätwyler Holding AG de Pfyffer & Associés Dreyfus Söhne & Cie AG, Banquiers E

J Jung Technologies Holding AG K, L Kasikornbank Public Company Limited Lephatsi Investments (Pty) Ltd. M

elea Foundation for Ethics in Globalization Emil Capital Partners Ericsson AG

Müller-Möhl Foundation Munksjö Oyj Mutschler-Gruppe N, O Notenstein La Roche Privatbank AG Österreichische Nationalbank

B BDO AG BearingPoint Belimo Holding AG BSI S.A. Bucher Industries AG Bühler Management AG

projects that involve our Leaders of Tomorrow worldwide.

Manor AG Michelin S.C.A. Mobiliar Versicherungen Max Müller

P Pargesa Holding SA P.T. Surya Toto Indonesia Tbk. Projects Intelligence PSP Group Services AG R, S Raiffeisen Schweiz Sammelstiftung Vita SIX swisspartners Investment Network AG Swiss Re U, V Union Bancaire Privée USM U. Schärer Söhne AG Valcambi sa Valora Holding AG Anoop Vasisht W, X, Z Wellershoff & Partners Ltd. Wenger Plattner Würth International AG Xaxera GmbH XL Catlin ZF Friedrichshafen Zürcher Kantonalbank

31 ABOUT – 47th St. Gallen Symposium

INTERNATIONAL STUDENTS’ COMMITTEE (ISC)

The International Students’ Committee (ISC) is an independent student initiative at the University of St. Gallen. Each year, a team of approximately 30 student volunteers for nine months. Their challenging task: organising an outstanding St. Gallen Symposium. Responsibilities are split up between the team mem-

bers. Some students are responsible for fostering contacts with members of the Circle of Benefactors, selected speakers and leaders from the fields of business, science, politics and society. Others maintain contacts with the best universities in the world or supervise long-term projects in the fields of communica-

MEMBERS OF THE 47TH ISC-TEAM

HEADS OF THE ORGANISING COMMITTEE

Lasse Balster (DE) Johannes Bernstorff (DE) Sonam Bhuka (DE/CH) Anastasija Bosshard (CH/RU) Daniil Bulat (CH/DE/RU) Jannik Burth (DE) Lasse Dabelstein (DE) Julian Frings (DE) Guillaume Gauthier (CH/FR) Pia Goehringer (DE/MX) Selina Halusa (CH/DE) Marc Hew (CH) Annika Hochstrasser (CH/DE) Xenia Huber (CH/DE) Michael Karadjian (DE) Johannes Kempf (CH) Kaspar Koechli (CH) Doron Lande (CH) Nelson Locher (CH) Dan Sharell (DE/FR) Daniel Stadelmann (CH/DE/PE) Sascha Stehrenberger (CH) Anna Strohmeier (AT) Joel Tinguely (CH) Yannick Weber (CH/DE)

tion and information technology. All team members are involved with the development of the conceptual framework and content of the St. Gallen Symposium as well as designing and planning the conference.

Raphael Burger (CH) Christian Sutter (CH) Vinzenz von Teufenstein (CH)

The members of the 47th International Students’ Committee (ISC).

ST. GALLEN FOUNDATION FOR INTERNATIONAL STUDIES

The activities of the International Students’ Committee (ISC) are guided by the St. Gallen Foundation for International Studies. This combination of student responsibility and professional guidance is vital for the longterm success of the St. Gallen Symposium. The foundation assists the ISC-Team in its task

of developing the symposium’s conceptual framework and content and also guarantees the strategic development of the symposium. Moreover, the Board of Trustees supervises the deployment and efficient use of available resources. Beside its commitment to the St. Gallen Symposium, the foundation devotes

its attention to other international projects at the interface between business and society.

BOARD OF TRUSTEES

FOUNDATION TEAM

SPECIAL ADVISORS

Chairman Peter R. Voser (CH) ABB Ltd. Vice Chairman Karin Keller-Sutter (CH) Canton of St. Gallen, St. Gallen Prof. Dr Thomas Bieger (CH) University of St. Gallen, St. Gallen Prof. em. Dr Peter Gomez (CH) University of St. Gallen, St. Gallen

Chief Executive Officer Philip W. Erzinger (CH/DE) Chief Operating Officer Dominic Baumann (CH) Vice President Rolf Bachmann (CH) Vice President Claudia Rapp (DE) Relationship Manager Faculty Stefano Saeger (DE/IT)

Bénédict G. F. Hentsch (CH) Walter Kielholz (CH) Swiss Re, Zurich Dr Christoph Loos (DE) Hilti AG, Schaan Dr Ralph Schmitz-Dräger (DE) Arcron AG, Zurich Dr Gerhard Schwarz (CH) Honorary Chairman Dr Josef Ackermann (CH)

Project Manager Innovation & Technology Fabian Karst (DE) Project Manager Leaders of Tomorrow Eveline Leupi (CH) Project Manager Communication Tobias Rordorf (CH)

Singapore Alexander C. Melchers (CH/DE/SG) C. Melchers GmbH & Co. Japan Yuji Suzuki (JP) Credit Suisse (Japan) Securities Ltd. China Dr Jianzhong Yao (CH/CN) Asia Capital Reinsurance Group

33 ABOUT – 47th St. Gallen Symposium

REGISTRATION & SERVICES

Participation in the symposium is based on invitation only. Information about how to register follow upon invitation. To ensure every conceivable comfort and convenience for the participants at the St. Gallen Symposium, the International Students’ Committee (ISC) provides the following services: Airport welcome Conference and networking app Banking services First-class catering Private office rooms Transport service ...and many more

We are glad to be at participants’ disposal not only during the event, but also before and after the St. Gallen Symposium. Further information concerning the upcoming St. Gallen Symposium and its topic can be found on our website www.symposium.org which contains speeches as well as impressions of past symposia. Or visit us on: Facebook Twitter Youtube LinkedIn

During the St. Gallen Symposium, the campus of the University of St. Gallen is turned into a stunning venue including a piazza under white awnings and a rooftop lounge with a breath-taking view of the Swiss Alps and Lake Constance.

35 ABOUT – 47th St. Gallen Symposium

IMPRINT

Publisher International Students’ Committee (ISC) P.O. Box 1045 9001 St. Gallen Switzerland Phone +41 71 227 20 20 Fax +41 71 227 20 30 info@symposium.org www.symposium.org

Text Editor Andrew Curry

Photography St. Gallen Symposium

Print medienwerkstatt ag Steinackerstrasse 8 8583 Sulgen Switzerland

Paper Printed on PlanoJet Offset, white FSC by Papyrus