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Against the backdrop of the global credit crunch and turmoil in the financial markets, Mayor of London Boris Johnson today hosted the inaugural meeting of his International Business Advisory Council (IBAC) at City Hall. Chaired by WPP's Sir Martin Sorrell, around 30 members of the 58 strong Council of distinguished business leaders from around the world attended or were represented at today's meeting. Some of the key themes of discussion were: the need to continue improving the capital's transport infrastructure - looking at truly integrated modes of transport the need to make London a more affordable place to live the knock-on effects of the global economic trouble to ordinary Londoners the need to challenge the negative perception of the city by playing to its strengths and particularly the transformation that will be delivered by the 2012 Games to help attract investment the Mayor can show leadership by lobbying government to remove restrictive legislation and act as a voice for international investors The Mayor said: "Like many world cities, London's economy, its markets and its businesses are feeling the effect of the global credit crunch and it is essential we agree on decisive measure to minimise any long-term damage. Bringing some of the world's best business minds together at City Hall could not be better timed. "Great cities and great companies need each other. All companies need good people. And the best people are happiest in the best places. How we make London a more attractive place to do business and a better place to live for those who work here is my number one priority. It is a testament to this great city that during such a difficult period so many leading international business figures are prepared to invest their time in ensuring London comes through this period of turbulence in good shape. "It's clear from what I have heard that the government must rethink its strategy on taxation as many Council members reaffirmed that the current system is highly like to drive more great wealth creating enterprises like Sir Martin's WPP to base their headquarters overseas where they feel the tax demands are fairer. "Today has exceeded my expectations and I go away with some excellent and thought provoking ideas that I and my team will certainly use as we develop policies that will secure London as a number one destination to live, work and visit." Sir Martin Sorrell said: "This is a wonderful opportunity to engage with the Mayor of one of the world's most important cities. We are privileged to be able to share our thoughts and experiences to help him strengthen London which is something that that is very important to all us on the Council. The Mayor has an incredibly difficult job particularly in current circumstances and the Council is committed to help support him." The overall task for the IBAC is to advise the Mayor of London on policies, projects, lobbying efforts, initiatives - anything - that could make London an even more appealing place for companies, and company people, to live and work in. London frequently features at the top of league tables as a pre-eminent global city in which to do business. It retained its number one ranking in the City of London's most recent global financial centres index, although the recent crises in financial markets is likely to harm its lead in future. London is also home to a thriving creative industry and is the world's most popular city-based tourist destination. It is also the most cosmopolitan city in the world with a longstanding tradition of welcoming international companies and has business opportunities in almost every sector. However it often fails to reach the top 25 as a place to live; it was recently placed 38 in a Mercer HR Quality of Life Survey. Whilst quality of life rankings are often not given as much weight by business leaders as factors such as access to markets or regulative environment, business surveys have shown that ‘liveability' has grown in importance over the last 10 years, whilst other factors have shown little or no change. This suggests that ‘liveability' is becoming a vital ingredient for a successful city in an increasingly competitive market. In discussing liveabilty Council members were asked to consider the concept against a whole range of factors, including education, health care, housing, the environment, policing and safety, sport, culture, transport and travel. The following Council members attended the inaugural meeting: Marc Bolland CEO WM Morrison Supermarkets
Victor Chu Chairman First Eastern Investment Group
Richard Collier-Keywood Managing Partner, UK Price WaterhouseCoopers
John Connolly Senior Partner and Deloitte
Chief Executive
Annette Court CEO Europe Zurich Financial Services
General Insurance
Johan Eliasch Chairman Head NV
Orit Gadiesh Chairman Bain & Company
Jim Goodnight CEO SAS
Ian Hudson President EMEA Dupont
Yugo Ishida President and CEO Nomura International
Alexander Izosimov CEO AO VimpelCom
Will Lewis Editor in Chief Telegraph Media Group
Ian Livingston CEO BT Group
Lord Macdonald Chairman, IB Group EU Macquarie
Graham Mackay Chief Executive SABMiller
Trevor Mann Senior Vice President Nissan
David Morley Senior Partner Allen and Overy
John Neill Group Chief Executive Unipart Group
Lubna Olayan CEO Olayan Financing Company
RajendraPawar Chairman NIIT
Joerg Reinhardt CEO Novartis
Stuart Rose CEO Marks & Spencer Group
Paulo Scaroni CEO ENI
Jakob Stott Chief Operating Officer JPMorgan Chase
Solomon Trujillo CEO Telstra
Suresh Vaswani CEO, IT Business Wipro Ltd
Jacob Wallenberg Chairman Investor AB
Nicholas Walsh President of AIU AIG
Willie Walsh CEO British Airways www.london.gov.uk |
