Autumn 2020 Introductions Introductions
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THE MAGAZINE OF THE WORSHIPFUL COMPANY OF INTERNATIONAL BANKERS The International Banker Challenges and opportunities CLIMATE, COVID, CYBER... AUTUMN 2020 INTRODUCTIONS INTRODUCTIONS AUTUMN 2020 Contents The Master’s Message From the Immediate Past Master ‘Freeman, Liveryman, Master’ 04 Reflections on my year as Master 05 LOOKING OUTWARDS CHARITY AND EDUCATION The Worshipful Company Banking on 2040 Alderman & Sheriff Professor The Brokerage What do companies need to do to Of International Bankers Michael Mainelli looks into his crystal ball 06 move towards a better future? 26 Banks: this time part of the solution Supporting School-Home-Support through A WCIB panel asks whether things are different the pandemic crisis Tom Newman, Immediate-Past EDITORIAL PANEL from the last crash 08 Chairman of the Charity And Education Committee, with two of many success stories 29 Katrina Arnold The climate challenge: Bankers will Max Asmelash From the Editor save the planet Alderman Sir Roger Gifford, the The art of the pitch Ali Miraj, new Chairman John Bennett MBE (Senior Warden) City’s cheerleader on green and sustainable finance 11 of the Charity And Education Committee, on an innovative Nigel Brigden We’ve had a challenging spring, video-based scheme to bring new Mark Cazaly (Deputy Editor) summer, and autumn. Now is Leapfrogging sustainability: ESG and charities to the company’s attention 31 Moorad Choudhry the winter of our discontent. We the fourth industrial revolution Angela Greenough have the pandemic, we have the The view from two emerging markets leaders 12 Lockdown legacy: responding to the Simon Hills recession, we have the borrowings, personal challenges faced by the young Tim Jones we have a deeply-divided America. Ground-breaking steps towards global Jean Stevenson reports on the role of mentoring in Robert Merrett (Master) And towering above these four climate reporting standards supporting young people whose lives are Ali Miraj challenges – and there are more, like Deloitte’s global head of international standards disrupted by the pandemic 32 Jason Van Praagh (Middle Warden) Brexit – we have climate change. issues a clarion call for coordinated reportings 14 Karina Robinson (Immediate Past Master) This issue of The International Banker Lessons from a top spymaster on securing Alexander Rottenburg is brimming with challenges, and the financial realmSir David Omand, former head John Ryan opportunities. The climate threat is of GCHQ, with four key steps to stemming the cyber LOOKING INWARDS Jean Stevenson the perfect example: an existential threat 16 John Thirlwell (Deputy Editor) threat to our grandchildren’s well- The Membership Committee’s virtual Lewis Worrow (Deputy Editor) being, but a huge opportunity for Central Bank Digital Currencies and summer Tim Skeet, Chairman of Membership Pinar Yetgin banking and finance to come to the end of dollar hegemony ‘CBDCs’: Committee 33 the fore in delivering solutions. they’re coming, and they’re coming soon, One of President-Elect Joe Biden’s ahead of them, at scale. Their says a leading academic 18 Communications, communications... THE WORSHIPFUL COMPANY first promises was a $US2 trillion optimism, though, shines through. Tim Jones, Chairman of the Communications Committee, OF INTERNATIONAL BANKERS clean energy and infrastructure Managing through a stress event: on how lockdown meant anything but 34 12 AUSTIN FRIARS, LONDON EC2N 2HE plan, and a commitment to rejoin It is of course hard to follow in why diversity of thought is important the Paris Agreement and a goal of the footsteps of my good friend Moorad Choudhry on a major cultural challenge New Freemen John Thirlwell welcomes two new CLERK: NICHOLAS WESTGARTH net-zero emissions by 2050. One Christopher Bond, an excellent editor for banks 19 Freemen to the Company 35 DIRECT LINE: 020 7374 0212 of our own, Past Master Sir Roger of this magazine for seven years. He is FAX: 020 7374 0207 Gifford, is leading the charge for missed. But I have great support from a Ken Clarke: a life at the heart of power 20 From breakfasts to podcasts to webcasts EMAIL: [email protected] the City here – see page 11. team of Deputy Editors. John Thirlwell in six weeks – Zoom to the rescue in the in particularly deserves my huge Steam Valve: Is our ultimate incompetence pandemic The company’s thriving events programme Be encouraged therefore when you thanks for encouragement, practical inevitable? Members express their views - curated over summer and autumn 2020 36 read about our world in the eyes support, and the proper command by Alex Rottenburg 22 of the next generation, the bright of English grammar which I lack. From the Clerk The Company demonstrates Ambassadors from The Brokerage – Back to the office resilience during the pandemic crisis 39 one of the Company’s chief charities George Littlejohn Opinions differ on this divisive issue 24 – on page 26. These young people have Editor – The International Banker Forthcoming events 40 both challenges and opportunities [email protected] Finding purpose in finance CBP004599 Simon Hills of UK Finance on the quest for purpose as we build back better 25 2 THE INTERNATIONAL BANKER / AUTUMN 2020 THE WORSHIPFUL COMPANY OF INTERNATIONAL BANKERS 3 INTRODUCTIONS INTRODUCTIONS From the Master From the Immediate Past Master “FREEMAN, LIVERYMAN, MASTER” REFLECTIONS ON MY YEAR AS MASTER I had a dream. A dream to be a great can remain connected, up-to-date on My son gave me a pink unicorn when forces. Engraved in my memory is a energy at its centre. Exploring how this International Banker. current topics of interest, committed I became Master of the Worshipful freezing cold winter weekend spent can be done is one of our missions, to the charitable aims that we set for Company of International Bankers with the 306 Hospital Support regiment as we did in an online conversation When I was much younger I was always the IBCT, and wanting to be Freemen and said he hoped I would sprinkle my somewhere up north. My partner between two luminaries of the fascinated by commerce, finance, of the WCIB. magic over the City. Neither he, nor Charles and I wondered at the sharp environmental sector, Sir Roger Gifford banking… But then I had an accident, anyone, realised that from March 2020 intake of breath when the organising and Laura Sandys in October. almost breaking my neck, with severe Liveryman is because we will be it would be difficult to sprinkle anything officer heard that we would happily residual problems. celebrating our 20th Anniversary in over a world struck by Covid-19 and sleep in the barracks accommodation And as a Company which is a 2021 as a Livery Company. Plus every its appalling health and economic rather than staying in a nearby hotel. microcosm of the City, I know individual So I decided then that life was too Liveryman is part of a much larger consequences. Shared showers. Plastic covers on the members will be helping deal with debt short, and I went back-packing around family of livery companies and the camp beds. Elaborate instructions on restructurings, with loans to small and the world, which turned out to be wider City of London family. Hence I Yet the pandemic has underlined the what to do with sheets that took three medium sized enterprises, and with one of the best things I have ever will be organising various inter-livery importance of community, of fairness readings and a degree in quantum figuring out how finance can best play undertaken in my life! My horizons networking events so that all our and of key workers, all issues which are physics. its supporting role in the downturn and totally opened up to the international Liverymen and Freemen can network central to the WCIB. the recovery. world in which we all live. From Hong amongst a truly unique family in the City Kong to New York, with the wonders of London. The first of these was a joint This was apparent in the way the For everything we’ve done on Diversity of the Great Barrier Reef, the Grand event with The Engineers in November Company pulled together to support & Inclusion, charity, cross-mentoring, Canyon, and so many more places in when we discussed the future and online events, produce our first Yet it was the most uplifting the Talk & Toast breakfasts, our between. financing for Space Technology. I look promotional video, and bolster our experience of my whole year. communication…there are so many forward to some WCIB and IBCT events charities. The Brokerage, the City social helpful members and I owe so much On returning to the UK I wrote down next year when we can celebrate our We also need to be very realistic given mobility charity which receives the main The regiment is made up of to so many. I fear the only solution is what I wanted to be – an International 20th anniversary – including, hopefully, the current pandemic situation. A world bulk of our funds, pivoted its offering full time doctors and nurses to thank you all for helping make my Banker. I still have that piece of paper. by meeting again in person! wide health crisis has also become a to teaching employability skills online year hugely special and to leave my pink That was my dream. So I got myself a severe economic crisis for so many. A to its students who are mainly from from hospitals and surgeries unicorn with our splendid Master and job and trained as a banker. Since then Master because it really is a great large number of people are having a disadvantaged BAME backgrounds. all over the country who Wardens. I have led acquisition and structured honour to be elected as your difficult time, whether through lack spend a number of their free finance transactions through the 20th Master.