Jim Snabe, chairman of both Maersk and Siemens, joins leading World Economic Forum representatives and members, including Klaus Schwab, Founder and Executive Chairman, Bank of America CEO Brian Moynihan, and Royal DSM Hon. Chairman Feike Sijbesma, in asking the global business community to step up their coordination in the response to COVID-19.
In a written statement, they called on their peers to voice support for a set of Stakeholder Principles to manage the economic impacts from the public health emergency, and work towards economic recovery when the virus is defeated.
The Principles are based on the recognition that businesses’ coordinated actions today, including those to keep our business ecosystem up and running and our employees’ workplace protected, will help determine how fast the policy-shaped short-term economic standstill can be followed by a market-based economic recovery.
The Stakeholder Principles are meant to align business actions, including those to suppliers, customers and employees, to allow for business continuity once the health emergency subsides.
- To employees, our principle is to keep you safe: We will continue do everything we can to protect your workplace, and to help you to adapt to the new working conditions
- To our ecosystem of suppliers and customers, our principle is to secure our shared business continuity: We will continue to work to keep supply chains open and integrate you into our business response
- To our end consumers, our principle is to maintain fair prices and commercial terms for essential supplies
- To governments and society, our principle is to offer our full support: We stand ready and will continue to complement public action with our resources, capabilities and know-how
- To our shareholders, our principle remains the long-term viability of the company and its potential to create sustained value