GUBERNA Economic Forum 2021
Upon our arrival at the Aula of ING, we found a strange atmosphere as our host ING had set up everything in full Covid Safe conditions. No audience in the room, instead 4 cameras and a full multimedia support team who were preparing the activities for a full livestream session. One hour later the speakers and panel members were ready on stage, and more than 130 GUBERNA members were connected.
Following a short introduction by Jo Benoit, Peter Vanden Houte, Chief Economist ING, shared his views on the economic trends for 2021 & beyond.
- Overall, the European recovery fund stimulus has a positive impact on the economy. End of 2022 we can expect that the growth rate will become stronger.
- High energy prices are the big inflation driver. In the US they have more stock, so this price increase is mainly for Europe. Maximum demand for oil is expected in 2030, for gas in 2040. The capital expenditure on fossil fuels is already declining, maybe this is too soon.
- Even if energy prices remain at the same high level, it will not have a further impact on the growth of inflation.
- Delays in maritime transport caused capacity shortages and higher transport prices. Once the current capacity lack of 12,5 will be solved, the prices will go down.
- Central banks move from easy to risk management approach.
Our second keynote speaker Wim Van Hyfte, PhD, Global Head of Responsible Investments and Research at Candriam focused on the evolution of the ESG landscape.
Download the Global Risk Report 2021
Mr. Van Hyfte covered the following topics:
- A Tsunami of new Regulations & Standards.
- Interconnected Regulations – Regulations advance at different speeds with a possible mismatch in implementation dates.
- Decarbonising the global economy by increasing efforts on various domains.
All components of the economy will be impacted by decarbonisation so that everybody will be forced to contribute to a green economy. - The European Taxonomy is a Unified Green/Sustainability Classification.
- The TEG has identified the activities that can make a substantial contribution to climate change mitigation.
Based on the content of the two keynote speakers the panel debate “The race to net-zero: what’s in for your board?” could start. The panel discussion, as well as the interaction with the audience at home, was an immense success. More than 30 questions were formulated.
- Moderated by Catherine Delanghe, GUBERNA Certified Director and Independent Board Member
- Peter Vanden Houte, Chief Economist ING
- Wim Van Hyfte, PhD, Global Head of Responsible Investments and Research at Candriam
- Prof. Dr. Bruno Colmant, Professor (UCLouvain, ULB and Vlerick), member of the Royal Belgian Academy
- Catherine Lenaerts, Managing director Febelauto and deputy CEO Watt4Ever
The prime responsibility for changing course lies with the stewards of every company’s future, namely, the board of directors. Collectively, corporate boards have more clout than many government leaders to accelerate the transition to a more sustainable world. Indeed, at GUBERNA we believe that the power of climate change lies within the boardroom, whatever the size, sector or maturity of the company.
Sandra Gobert, Executive Director GUBERNA, closed the session with a few wake-up calls. Recent research shows the status quo. An upgrade to the competition of your board becomes urgent. Awareness in the board of sustainable strategies is a must. The Board should take the lead to set up the right managers & training programmes.
Governance is in transition, and GUBERNA is preparing programmes to support these challenges.
Danny VandeVyver
