On the sidelines of the Saint Petersburg Economic Forum, PwC chaired the session “Is modern business capable of implementing successful long-term strategies?”
Vladimir Gerasimov, First Deputy General Director, Executive Director, Interfax Information Services Group, acted as a moderator of the session.
Many experts believe that business today is overwhelmed with a focus on short-term results. The myopic desire to satisfy shareholders often overshadows company’s socially important purpose. Focusing on achieving a strong financial performance as soon as possible and at any cost deprives businesses of their ability to fathom what might happen later as a result of their operations – not only in the long term, but even in the medium term. Problems such as environmental pollution, climate change, and many others are too often ignored. The participants of the session discussed whether the successful long-term strategies exist and what should be done to ensure that global businesses reconsider their priorities.
Igor Lotakov noted that the guarantee of long-term business prosperity directly depends on the size of investment in human capital. Speaking of business as a whole, it is obvious that it is necessary to focus not only on profit and shareholder value. Contribution to the development of society should also be one of the priority issues on the agenda of modern business.
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