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DTSTART;TZID=Europe/Moscow:20140120T080000
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SUMMARY:Sustainable Development for ‎Economies and Corporations
DESCRIPTION:R. Seetharaman\, Group Chief Executive Officer of Doha Bank‎\, delivered the first ‎CIRS ‎Monthly ‎Dialogue of 2014 with a lecture on “Sustainable Development for ‎Economies ‎and ‎Corporations”‎ ‎on January 20\, 2014‎. Drawing on his experience as the head of a major ‎financial institution\, he explained how\, as a result of the global financial crisis\, ‎economic ‎systems ‎all over the world ‏have been shaken to their core and forced to undergo massive ‎transformations ‎at a fundamental ‎level. These global financial institutions have had to align ‎themselves according to a new world ‎order of financial market re-regulation in the interest of ‎creating ‎more ‎conservative\, cautious\, and sustainable global economies. ‎ \n \n \nSeetharaman adumbrated the unprecedented circumstances that affected global financial systems ‎over the past few years\, including the liquidity crisis that turned into a funding and solvency ‎crisis where entire nations such as Greece and Iceland experienced far-reaching economic ‎collapse. In these cases\, he argued\, politics and economics did not speak to each other on the ‎level of convergence that they should have. The liquidity crisis was addressed by unstable and ‎short-term solutions\, such as printing more money to improve the cash flow and to stabilize stock ‎markets\, but this was ultimately unsustainable. The problem was patched up on a superficial level\, ‎but the fundamental roots of the economic crisis remained. Because “we live in an ‎interconnected\, interdependent world\,” currency markets and commodity markets are ‎intertwined\, and what affects one affects the other. ‎ \n \n \nReeling from years of global economic stagnation and recession\, governments\, corporations\, ‎and ‎financial institutions have realized that massive overhauls in the system are necessary\, ‎Seetharaman ‎explained. “This crisis is an opportunity for the new world order\,” he advised. The ‎type of rapacious corporate capitalism and market speculation that defined the last few ‎decades ‎of deregulated market economies have altered in form and substance. Similarly\, countries that ‎adhered to a socialist structure of economic governance have also ‎found it necessary to change ‎their financial structures\, and have been making concerted efforts to end their isolation and ‎connect with the global ‎economy. In fact\, Seetharaman said\, these two formerly oppositional ‎economic ‎philosophies are increasingly becoming intertwined for a more effective and sustainable ‎economic ‎reality. “Mixed economies are the game changers. We have seen the emerging markets ‎incrementally producing ‎over 60% of gross domestic product in terms of global growth\, and ‎these economies have to be an integral part of the order of inclusive growth. This is why the G7 ‎has become the G8\, and G8 has become G20\,” he said. ‎ \n \n \nBecause financial institutions operate as much on public money as they do on private shareholder ‎assets\, the public-private partnership model is the most sustainable way of moving forward\, ‎Seetharaman advised. Taking the example of Doha Bank\, Seetharaman argued that private ‎shareholder money accounts for approximately 11 billion\, and yet customer deposits account for ‎an enormous 35 billion. It thus becomes obvious that even if a financial institution is private\, it is ‎often\, in reality\, public. The global financial crisis revealed that the public is in fact an important ‎stakeholder whose investments must be protected and not gambled with. “Whether you run a ‎socially responsible mission as a corporate head or a country head\, you have to practice social ‎responsibility. That way\, you will take care of all the stakeholders\,” he explained.‎ \n \n \nIn conclusion\, Seetharaman argued that because of the increase in patterns of globalized ‎connectivity on all levels\, ‎whether in terms of financial markets or broader issues of climate ‎change\, governance systems all over the ‎world must attempt to adhere to the same ethical\, ‎socially-responsible\, and sustainable standards. At the universal level\, we need to “set new ‎initiatives that are responsive to see the ‎United ‎Nation‏‎’s ‎mission ‎for eradication of extreme ‎poverty\,‎‏ ‏gender ‎equality\, ‎‏economic ‎sustainability\,‎‏ ‏primary ‎healthcare\,‎‏ ‏education‏\,‏‎ global ‎collaborations‏‎\,” he concluded.‎ \n \n \nDr. R. Seetharaman (www.seetharaman.org)\, Group Chief Executive Officer of Doha Bank\, is ‎a ‎recipient of ‎multiple doctorates from leading universities of the world\, including a PhD in ‎Global ‎Governance by European ‎University and Doctorate of Laws by Washington College. He ‎is a ‎Chartered Accountant and holds certificates ‎in IT Systems and Corporate Management. He ‎has ‎been named “Best CEO in Middle East” and “World Leader ‎Business Person” and is a ‎recipient ‎of “The Gullands Excellence Award as a Phenomenal Banker.” A regular ‎commentator ‎on ‎international finance in global media outfits such as BBC\, CNN\, FOX\, CNBC\, Sky ‎News\, ‎ABC\, ‎and Bloomberg\, he has transformed Doha Bank as one of the best performing ‎Banks in the ‎Middle East region.‎Article by Suzi Mirgani\, Manager and Editor for CIRS Publications 
URL:https://cirs.qatar.georgetown.edu/event/sustainable-development-economies-and-corporations/
CATEGORIES:American Studies,Dialogue Series,Race & Society,Regional Studies
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