Salzburg Global Forum on Finance in a Changing World » Overview

The Salzburg Global Forum on Finance in a Changing World is an annual high-level program convened by Salzburg Global Seminar that addresses issues critical to the future of financial markets and global economy in the context of key global trends.

Established in 2011, the Forum offers senior and rising leaders from the financial industry and public sector an opportunity for in-depth, off-the-record conversations on how to build inclusive, open and resilient financial systems and set an agenda for the future.

The Forum’s overarching goal is to facilitate critical analysis of the changing financial landscape and regulatory environment, comparison of practical experience around the world, understanding of technology-driven transformations, and open dialogue on issues of trust and ethics. Each summer, it convenes an internationally representative group of leaders from financial services firms, supervisory and regulatory authorities, consultancies, auditors, law firms and other professional service providers who share a belief that inclusive, efficient and stable financial systems are essential for sustainable growth, shared economic opportunities and prosperity. Going forward, the Forum will continue to explore key developments, strategic shifts and tipping points in global finance, and to help participants learn practical lessons and share international insights.


Salzburg Global Board Member Andreas Dombret Recognized for his Services to Austria
Andreas Dombret (left) is presented with the Great Golden Medal for Services to the Republic of Austria by Governor Ewald Nowotny (Photo: Niesner/OeNB)
Salzburg Global Board Member Andreas Dombret Recognized for his Services to Austria
Oscar Tollast 
Salzburg Global Seminar board member Andreas Dombret has been presented with a prestigious medal honoring his services to Austria. Dombret, a member of Deutsche Bundesbank's executive board, has been awarded the Große Goldene Ehrenzeichen für Verdienste um die Republik Österreich (Great Golden Medal for Services to the Republic of Austria). He was presented with the accolade earlier this month by fellow Salzburg Global board member, and Governor of Oesterreichische Nationalbank (OeNB), Ewald Nowotny, at the Oesterreichische Nationalbank in Vienna. Governor Nowotny, who has served as a board member for Salzburg Global since November 2008, said, "Andreas Dombret has been closely associated with Austria for many years and is distinguished by his strong commitment to Austrian interests. This is particularly helpful in those international bodies where Austria is not directly represented, such as the Basel Committee on Banking Supervision or the G20." Dombret has been a member of the executive board of the Deutsche Bundesbank since May 2010. He is responsible for directorates general banking and financial supervision; economic education, University of Applied Sciences and technical Central Bank cooperation; risk control; and the Bundesbank's representative offices abroad. As a representative of the Bundesbank, Dombret has taken part in numerous international committees and has used this opportunity to represent Austria's interests. Dombret has been a board member for Salzburg Global since January 2016.
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Salzburg Global Explores How Radical Technology-Driven Changes are Impacting Financial Markets and Economies
Salzburg Global Explores How Radical Technology-Driven Changes are Impacting Financial Markets and Economies
Salzburg Global Seminar 
Salzburg Global Seminar helped cap off the Securities Commission Malaysia’s (SC Malaysia) latest World Capital Markets Symposium with a candid conversation on how technology is changing the financial services industry. The program, which took place immediately after this year’s World Capital Markets Symposium, was convened by Salzburg Global and the SC Malaysia at the Hotel Mandarin Oriental in Kuala Lumpur. Guest speakers included Benjamin Glahn, vice president at Salzburg Global; Masamichi Kono, deputy secretary-general at the OECD; Douglas Flint, former chairman of HSBC and a member of the Salzburg Global Forum on Finance Advisory Committee; Junko Nakagawa, executive vice president, executive managing director and chief risk officer at Nomura Asset Management; and David Wright, chair of EUROFI, a partner at Flint-Global, former secretary general of IOSCO, and a member of the Salzburg Global Forum on Finance Advisory Committee. Around 40 securities regulators, investors, bankers, and market practitioners engaged in the program and were welcomed by Ranjit Ajit Singh, chairman of the SC Malaysia. Following Singh’s remarks, Glahn, Kono, Flint, Nakagawa, and Wright engaged in discussion and debate about the topic of the 2018 Salzburg Global Forum on Finance in a Changing World, The Promise and Perils of Technology: Artificial Intelligence, Big Data, Cybercrime, and FinTech. The annual Forum, which is off-the-record, takes place at Schloss Leopoldskron, in Salzburg, Austria each June. Public and private sector thought leaders are invited to take part in the two-day gathering, which focuses on issues critical to the future of financial markets and global economic growth and stability, and aims to stimulate important conversations on major trends unfolding across today’s financial landscape, including their implications and the responses they necessitate. The 2018 Forum will assess how radical technology-driven changes may impact societies, economics and financial markets around the world, what this means for policy, regulation, and practitioners in the short and longer term, and how technology can be utilized positively. Speaking after the discussion, Benjamin Glahn said, “This was a highly engaging panel and debate, and I would like to extend our sincere thanks to the Securities Commission Malaysia and Ranjit Ajit Singh for co-hosting this panel at the conclusion of a very successful World Capital Markets Symposium. I would also like to express our gratitude to each of our panelists who shared their time and expertise following the conclusion of the World Capital Markets Symposium. “Artificial intelligence, big data, cryptocurrencies, fintech, and cybercrime heavily featured in this year’s World Capital Markets symposium, and in the discussion afterward there was an interest to engage in this area further. It’s critical for us to understand the implications and responses to the changes taking place in global financial markets, and everyone agreed that the 2018 Forum on Finance in a Changing World will be a perfect place to continue these discussions in June.”
View full set on Flickr The Salzburg Global Seminar session, The Promise and Perils of Technology: Artificial Intelligence, Big Data, Cybercrime, and FinTech, will take place at Schloss Leopoldskron, Salzburg, Austria, between June 24 and June 26, 2018. For registration information, please click here.
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A Message from Our Vice President and Chief Program Officer
A Message from Our Vice President and Chief Program Officer
Clare Shine 
As 2018 gets underway, I would like to express my sincere gratitude for your continued engagement with Salzburg Global Seminar. In reflection of a landmark year celebrating Salzburg Global Seminar’s 70th anniversary, I wanted to look back on the journey traveled, new projects and horizons. Our 2017 theme of “Courage” resonated throughout this turbulent year. The 1947 vision of Salzburg Global’s founders – a “Marshall Plan of the Mind” to revive dialogue and heal rifts across Europe - felt fresh as ever. Cracks widened in societies and institutions across the world, compounded by a mix of insecurity, disillusionment, and isolationism. Yet the world should be in a better position than ever to tackle common challenges. There is an open marketplace for ideas, innovation, and invention, and opportunities to engage and collaborate are growing fast. In Salzburg, we are privileged to meet individuals from all walks of life who have the courage to tell truth to power, confront vested interests, express artistic voice and freedom, build coalitions for change, and see through tough choices. In divided societies, people need courage to stay true to their beliefs. Leaders need courage to curb their exercise of power. Together, we need courage to rekindle our collective imagination to rebuild society from the bottom up and the top down.Three strategies guide our own work for this purpose.1. Given Salzburg Global’s roots in conflict transformation, our programs seek to bridge divides: Our American Studies series – a discipline born at Schloss Leopoldskron – focused on Life and Justice in America: Implications of the New Administration, including the roots of economic and racial division;The Salzburg Academy on Media and Global Change had its highest-ever participation on Voices Against Extremism: Media Responses to Global Populism and published an interactive playbook “Against Populism”;Our Holocaust Education and Genocide Prevention series is now applying tools developed in previous years to promote pluralism and tolerance and address issues of radicalization and violent extremism. Pilot projects to test these approaches are under way in five countries (Pakistan, Rwanda, South Africa, Morocco, and Egypt) with the potential to expand to other countries;The Salzburg Global LGBT Forum marked its fifth anniversary with a major report assessing the influence and personal impact of a cross-sector network that now spans more than 70 countries and has inspired new partnerships and cultural initiatives. 2. Salzburg Global Seminar aims to inspire new thinking and action on critical issues to transform systems, connecting local innovators and global resources: Our high-level leadership programs address fundamental components of dynamic and inclusive societies. We now have three annual series - Forum on Finance in a Changing World, Salzburg Global Corporate Governance Forum, and the Public Sector Strategy Network – and have begun a new collaboration with major foundations on Talent Management for Effective Global Philanthropy. We have expanded our work on Health and Health Care Innovation with ambitious initiatives, including the five-year Sciana Health Leaders Network which marks a groundbreaking crossborder partnership with The Health Foundation (UK), Bosch Stiftung (Germany) and Careum Stiftung (Switzerland), and a major partnership with the Robert Wood Johnson Foundation aimed at building a shared culture of health.Education for Tomorrow’s World is going global! As an outcome of our 2015 and 2016 work on innovation for social and emotional learning, we are convening meetings over 15 months in Latin America, the Middle East and Gulf, and North America. These will inform a synthesis session in Salzburg in December 2018 to frame lessons learned for decision-makers in the education sector and other key stakeholders. 3. Salzburg Global seeks to expand collaboration by fostering lasting networks and partnerships: The Young Cultural Innovators Forum, created in 2014, now has 18 city/country hubs across the world, and held its first US inter-city meeting in Detroit;We’re expanding alliances in Asia with long-standing and new partners. The Asia We Want: Building Community through Regional Cooperation is laying foundations for a bottom-up innovation network for A Clean and Green Asia. November saw our first-ever program with the Hong Kong Federation of Youth Groups and the Hong Kong Jockey Club on Leadership for Inclusive Futures in Hong Kong, focused on 30 rising leaders across the public, private and civil society sectors.The Salzburg Statement on The Child in the City: Health Parks and Play (Parks for the Planet Forum) was showcased at the World Congress on Public Health in Australia and will feature in webinars for US city leaders, working with the National League of Cities and the Children in Nature Network. After six years living in Schloss Leopoldskron and meeting the most diverse and talented people imaginable, I often hear myself describe Salzburg Global Seminar as “deeply human.” 2017 brought many reminders of the special bonds forged during our lifetime and the enduring need to advance trust and openness around the key issues facing today’s world.  Thank you again for your commitment and recognition of Salzburg Global’s importance in your professional and personal development. We hope you will consider joining other Fellows who have already made a donation to Salzburg Global this year. Please click here to learn more. With very best wishes from everyone at Salzburg Global Seminar, and we hope to welcome you back to Schloss Leopoldskron in the near future.
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Salzburg Global Board Member Chris Lee Named as "Director to Watch"
Salzburg Global Board Member Chris Lee Named as "Director to Watch"
Salzburg Global Seminar 
Salzburg Global Board Member Chris Lee has been included in Directors & Boards' "Directors to Watch" list. Lee, who also sits on the advisory committee for the Salzburg Global Forum on Corporate Governance, was selected as someone exemplifying "the very best of board service" as well as someone bringing racial and ethnic diversity to their boardrooms. Directors & Boards is a quarterly journal that covers issues surrounding leadership and corporate governance. Lee is a senior partner at FAA Investments, a private investment group focusing on real estate and early-stage companies. He is co-founder and managing partner at Star Magnolia Capital (Hong Kong) Limited, an alternative investment firm conducting in-depth research on hedge funds and private equity managers. In addition to his role as a board member for Salzburg Global, Lee also serves as an independent board member with Matthew Asia Funds and The Asian Masters Fund (ASX: AUF). Lee has attended the past two sessions of the Salzburg Global Forum on Corporate Governance. In 2017, he also attended the Salzburg Global session, Global Challenges, Regional Responses: How Can We Avoid Fragmentation in the Financial System? Speaking to Directors & Boards, Lee says, "Directors must bring both a global strategic perspective and a focus on near-term priorities. An important role for boards is to guide a company’s strategic direction in our fast-expanding global marketplace. To improve corporate governance, directors must evaluate international best practices, such as the UK Stewardship Code, on long-term strategy incorporating all stakeholders’ values, not just shareholders! Strong directors are courageous leaders who look ahead for ways to benefit both the peoples of our planet and company's profit growth." Read the article in full here.
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Salzburg Global Seminar Mourns the Death of Peter Sutherland
Salzburg Global Seminar Mourns the Death of Peter Sutherland
Salzburg Global Seminar 
Salzburg Global Fellow Peter Sutherland has passed away at the age of 71 following an illness. Sutherland, known as the “father of globalization,” died on Sunday, January 7 at a Dublin hospital. He held a distinguished career, serving as director general of the World Trade Organization (WTO), a European Union (EU) commissioner, and Ireland’s attorney general. He also served as chairman for BP and Goldman Sachs International. Sutherland took part in programs at Salzburg Global Seminar on two occasions. He first attended Schloss Leopoldskron as a guest speaker for the June Board of Directors Weekend in 2008. He returned just under four years later to deliver the keynote speech at the session, The Future of the Multilateral Trading System and the World Trade Organization. Sutherland joined government officials, trade negotiators, lawyers, academics, and business sector representatives for the session at a time when the Doha Development Agenda (DDA) had grounded to a halt. Participants assessed how talks in the Doha Round could be resumed and how stumbling blocks could be overcome. They also looked at how the WTO’s functions which had proven to work well could continue if the Doha Round failed. Sutherland, who attended while chairman of Goldman Sachs International, spoke on “Generating Political Support and Leadership.” In an interview with Salzburg Global at the time, Sutherland said, “The key stumbling block is the inadequate global leadership that is being provided. The last time in the Uruguay Round – which was itself a ground-breaking round, not least because it created the WTO – there was a basic, broad consensus, which was real in the leadership of the developed economies and the leading developing economies; they wanted the round concluded. I do not see evidence of any such will this time.” Sutherland said then that new thinking was required on issues like plurilateral agreements within the WTO framework. He added, “We can do a lot of things, I think, to improve the WTO and the way it functions. For an example, we should have annual meetings of ministers; we should raise the political profile also by having every five years a meeting of the heads of government of member states. Leaving the entire discussion at a bureaucratic level in Geneva, which is unnoticed and unremarked in national capitals, is disgraceful.” Sutherland was born in Dublin, Ireland, in 1946. He studied at University College Dublin and the Honorable Society of the King’s Inn before practicing as a lawyer at the Irish Bar. In 1981, he was appointed as Ireland’s youngest attorney general. He was reappointed to the same role again between December 1982 and December 1984. After being nominated as Ireland’s EU commissioner in 1985, Sutherland took on responsibility for the competition portfolio at a time when the EU’s single market was coming to fruition. He was the first commissioner to receive the Gold Medal of the European Parliament. In 1995, Sutherland became the first director general of the World Trade Organization, having previously served as director general of its predecessor, the General Agreement on Tariffs and Trade (GATT) since 1993. While at GATT, Sutherland received plaudits for his handling of the Uruguay round of world trade talks, which led to more than 100 countries reaching an agreement on rules that governed trade in areas concerning agriculture, textiles, services, and intellectual property, and the creation of the WTO. Sutherland stepped down from the WTO in the same year of its creation and became chairman of Goldman Sachs International, a position he would hold until 2015. He also chaired BP between 1997 and 2009. Toward the end of his life, Sutherland served as the UN’s representative for international migration. Between 2006 and 2017, he helped lead initiatives to encourage cooperation on issues such as protecting migrants affected by crises and ensure migration was taken into account in the follow-up to the 2030 Agenda for Sustainable Development. Speaking after Sutherland’s death, European Commission President Jean-Claude Juncker paid tribute to his life and career. In a statement, he said, “In every sense of the word Peter Sutherland was a true European. He believed strongly in the work of the European Union and other international organizations and their importance for cooperation and international dialogue. He … was instrumental in shaping our internal market in the early days and competition policy as we know it today.” Taoiseach (Irish Prime Minister) Leo Varadkar said, "Peter Sutherland was a statesman in every sense of the word; an Irishman, a committed European and a proud internationalist. He played a very important role in Irish public life throughout the 1980s, first as Attorney General and then as EU commissioner. Among his achievements was the creation of the Erasmus exchange program which allows European students to study in other EU countries and which celebrated its 30th anniversary last year.” Sutherland leaves his wife Maruja and three children.
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Salzburg Global Fellow Jerome Powell nominated to chair US Federal Reserve
Jerome Powell speaking at the Salzburg Global Forum on Finance in Changing World in June
Salzburg Global Fellow Jerome Powell nominated to chair US Federal Reserve
Salzburg Global Seminar 
Salzburg Global Fellow Jerome Powell has been nominated by President Donald Trump to be the next Chair of the US Federal Reserve. Powell, who has served as a member of the Federal Reserve Board of Governors since 2012, was announced as a nominee during an afternoon ceremony in the Rose Garden yesterday. In a statement, the White House said, "Today, President Donald J. Trump nominated Jerome H. Powell of Maryland to be Chairman of the Board of Governors of the Federal Reserve System for a term of four years beginning February 3, 2018. "As a member of the Federal Reserve’s Board of Governors since May 2012, Mr. Powell has demonstrated steady leadership, sound judgment, and policy expertise. Mr. Powell will bring to the Federal Reserve a unique background of Government service and business experience." His appointment to the position is subject to Senate confirmation. Analysts and media alike will now be examining his recent public remarks for indications on what sort of Chair he will be if confirmed. Powell attended this year's Salzburg Global Forum on Finance in a Changing World - Global Challenges, Regional Responses: How Can We Avoid Fragmentation in the Financial System? During this session, Powell gave a speech on five key areas of focus for regulatory reform and the need to be vigilant against new risks that may develop. On regulation, he said, “We have substantially increased the capital, liquidity, and other prudential requirements for large banking firms. These measures are not free. Higher capital requirements increase bank costs, and at least some of those costs will be passed along to bank customers and shareholders. But in the longer term, stronger prudential requirements for large banking firms will produce more sustainable credit availability and economic growth.” Powell joins Randal K. Quarles as another Salzburg Global Fellow to have been nominated by President Trump for a federal position this year. In July, Quarles was nominated to serve as the Federal Reserve's vice chairman for supervision. Last month he won confirmation by a 65-32 vote in the Senate. If Powell is confirmed, he will be the second Salzburg Global Fellow to have chaired the Federal Reserve. Former chair Paul Volcker has led three sessions at Salzburg Global, including Session 492 - Financial Regulation: Bridging Global Differences - in 2012. Powell currently serves as a member of the Board of Governors alongside Lael Brainard, who spoke at the fifth annual Salzburg Global Forum on Finance in a Changing World - The Future of Financial Intermediation: Banking, Securities Markets, or Something New? - in 2015. Prior to his appointment to the Federal Reserve Board of Governors, Powell was a visiting scholar at the Bipartisan Policy Center in Washington, DC, where he focused on federal and state fiscal issues. Between 1997 and 2005, he was a partner at The Carlyle Group. He also served as an assistant secretary and as undersecretary of the Treasury under President George H. W. Bush.
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Bharat Doshi – "In changing and turbulent times, life is all about awareness, anticipation and agility”
Bharat Doshi speaking at one of the plenaries during the third session on corporate governance.
Bharat Doshi – "In changing and turbulent times, life is all about awareness, anticipation and agility”
Mirva Villa 
Having initially worked in a period of strict government economic regulation before experiencing the freedom of competitive markets, Bharat Doshi, chairman of Mahindra Intertrade, has witnessed freedom for business and corporate governance develop in India through changing times. “Life is all about awareness, anticipation and agility,” said Doshi, speaking to Salzburg Global at Session 582 – The Courageous Director: Can Corporations Better Serve People, Planet, and Profit? This mantra, one which emits a certain air of expertise, is something which Doshi appears to have followed closely. One look at Doshi’s resume reveals the extent of experience he has amassed and the recognition he’s received along the way. Doshi worked for over 40 years for the Mahindra Group, reputed for its high standards of ethics and values, engaged in the manufacture and provision of products and services including automobiles, farm tractors, IT services, financial services, and holiday timeshare resorts. He served as the executive director and group chief financial officer of Mahindra & Mahindra Limited, the parent company, for 21 years and one year as president of Bombay Chamber of Commerce and Industry. In 2016, he was nominated by the government of India as a director on the central board of the Reserve Bank of India. At Salzburg Global, Doshi was one was one of 40 corporate leaders and executives from around the world brought together to draw on their internationally diverse business, legal and academic backgrounds and reflect on the challenges facing corporate governance. In the first 18 years of Doshi’s career, the government in India had a large control over the industrial environment. Licenses were not only needed for the location of the company but were also required to specify how much of a product would be produced and what kind of product it would be. Doshi said, “Somebody in the government would do supply and demand analysis  and would look at how many players are in the field and decide, ‘Okay, you’re a car company, but you can only manufacture 4-Wheel Drive Utility Vehicles, or you can manufacture only trucks, and you will do no more than 20,000 Vehicles. This was often described as “Licence Raj”.” For Doshi and others, grabbing a briefcase and taking a trip to Delhi to obtain approval for business plans was a frequent occurrence. This continued even in the eighties when regulations were relaxed for minimum economic size and for the production of exports. In 1991, however, significant economic reforms were launched in India. Industrial licensing was abolished with a strike of a pen and rules on concentration of economic power were relaxed, “liberalizing the whole economic scenario”. “This was a major change and thereafter we were free to operate, collaborate and proceed with plans that made economic sense,” said Doshi. From a corporate governance perspective, during the strict licensing period pre 1991, some of the industrial corporations demonstrated undesirable skills to “manage” the government, according to Doshi. This changed completely in the competitive markets post liberalization and benefitted companies like the Mahindra Group which believed in its core values. He added that India, now, despite the competitive market environment, has sufficient labor laws and sufficient mechanisms to encourage social responsibility. For example, the amended Company Law has a new clause on corporate social responsibility, which came into effect in 2014, requiring companies in India to spend at least two percent of their profits on social development monitored under the principle of 'comply or explain'. The law has been criticized by some but the spend for social and environmental causes of the private sector did increase in the two years after its introduction. In addition to this measure, there are also requirements in place for 50 percent of the company board to be independent – if the chairman is independent, a third will suffice. Doshi sees this measure as a good thing and a sign that the business culture is becoming more transparent. “I believe getting different and external viewpoints on the table improves governance,” said Doshi. On the subject of increase in the level of disclosures in annual reports, Doshi commented that requirement of disclosures leads to discussion and therefore a conversation, which by itself has its merits.  He however cautioned against voluminous disclosures which become ‘weapons of mass distraction’ and may be undesirable. To stay competitive in a global market, a business director has to adapt with the times and have the courage to change from what they’re familiar with. While it is important to refine practices, Doshi said it is important for professionals to know their core values – values which they won’t give up under any circumstances. “I learnt in my career that you should be agile, you should be flexible, but your set of values are like the North Star. They should remain steadfast,” said Doshi. Many participants at this year’s Salzburg Global Forum on Corporate Governance were making their first trip to Schloss Leopoldskron. Doshi, on the other hand, was retracing his steps and following a path trodden twice before. Doshi had a “wonderful experience” in 2000 as a participant of Session 384 – Asian Economies: Regional and Global Relationship. He said, “I still have a few friends from that group of 30 with whom I am in regular touch with, and that bond and sharing memories also makes a difference.” In 2015, he made his second visit, attending Salzburg Global’s first session on corporate governance. What makes him keep coming back? “Salzburg Global Seminar is where your mind is free from your day-to-day world and you are able to concentrate your thoughts on a defined topic, you are able to understand and appreciate global practices and above all, you are able to evolve in your own mind the principles and the theory behind the topic you are discussing.” Bharat Doshi attended The Salzburg Global program The Courageous Director: Can Corporations Better Serve People, Planet, and Profit?, which is part of the multi-year series, the Salzburg Global Forum on Corporate Governance. The session is being supported by Shearman & Sterling LLP, BNY Mellon, UBS, Barclays, CLP Group, Goldman Sachs, and Teledyne Technologies. More information on the session can be found here.
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