Over 100 Indian CEOs, Deepika Padukone to visit Davos for 50th WEF meet

Over 100 Indian CEOs, several political leaders and select Bollywood stars including Deepika Padukone will be in the Swiss ski resort town of Davos in January for the 50th anniversary of the WEF Annual Meeting to discuss what requires to make it a 'cohesive and sustainable world'.
The annual jamboree of the rich and powerful from across the world is expected to be even a bigger affair this time because it would be its 50th anniversary and there are indications that several top global leaders might be present.

While the official list of public figures would be announced closer to the summit, slated for January 20-24, 2020, speculation is abound that US President Donald Trump as well as Russian President Vladimir Putin both might be there after both of them skipped last year's Davos.
Geneva-based WEF has selected 'Stakeholders for a Cohesive and Sustainable World' as the theme for its 2020 annual meeting, which will bring together 3,000 global leaders.
The WEF has said the 2020 meeting aims to give a concrete meaning to "stakeholder capitalism", assist governments and international institutions in tracking progress towards the Paris Agreement and the Sustainable Development Goals, and facilitate discussions on technology and trade governance.
Those who are registered from India include industry leaders Gautam Adani, Mukesh Ambani, Rahul and Saniv Bajaj, Kumar Mangalam Birla, N Chandrasekaran of Tata Group, Sajjan Jindal, Uday Kotak, Rajnish Kumar of SBI, Anand Mahindra, Sunil Mittal, Ravi Ruia, Pawan Munjal, Nandan Nilekani and Salil Parekh of Infosys, Ajay Piramal, Rishad Premji, Ajay Singh, Pirojsha Godrej and Tulsi Tanti.
Film star Deepika Padukone is also registered as founder of Live Love Laugh Foundation, which aims to reduce the stigma, spread awareness and change the way people look at mental health.
The foundation has been instrumental in creating a platform where people seek help for themselves or their loved ones, find comprehensive knowledge, connect with professionals and find comfort knowing that they are not alone in their battle with issues specifically stress, anxiety and depression.
Among others from the Indian film industry, Shahrukh Khan and Karan Johar have been in Davos for the WEF annual meetings in the recent years.
Among global business leaders, Michael Dell of Dell, James Dimon of JP Morgan, Deloitte's Punit Renjen, IBM's Ginni Rometty, Facebook's Sheryl Sandberg, Nokia's Rajiv Suri and UBS' Axel Weber are expected to be participate.
WEF Founder and Executive Chairman Klaus Schwab has said people are revolting against the economic 'elites' they believe have betrayed them, and the efforts to keep global warming limited to 1.5°C are falling dangerously short.
"With the world at such critical crossroads, this year we must develop a 'Davos Manifesto 2020' to reimagine the purpose and scorecards for companies and governments. It is what the World Economic Forum was founded for 50 years ago, and it is what we want to contribute to for the next 50 years," Schwab said.
The forum's first meeting in 1971 was established to further the idea put forward by Professor Schwab that business should serve all stakeholders -– customers, employees, communities, as well as shareholders.
It was reaffirmed in 1973 in the 'Davos Manifesto', a document that has shaped the work of the WEF ever since.
In a major update, this year's annual meeting will see the publication of a universal 'ESG scorecard' by the WEF's International Business Council, which is currently chaired by Brian Moynihan, CEO of Bank of America.

HBR's list of 10 best performing CEOs has 3 Indian-origin chief executives

Three Indian-origin CEOs have been featured in a list of world's top 10 best-performing chief executives.
'The Best-Performing CEOs in the World, 2019' list compiled by the Harvard Business Review (HBR) features 100 CEOs and has been topped by American technology company NVIDIA's CEO Jensen Huang.

Among the top 10 chief executives on the list, three spots have been occupied by the Indian-origin CEOs.
On the 6th spot is Adobe CEO Shantanu Narayen, followed by MasterCard CEO Ajay Banga, ranked 7th and Microsoft chief Satya Nadella on the 9th spot. The list also features India-born CEO of DBS Bank Piyush Gupta on the 89th spot. Apple CEO Tim Cook is ranked 62nd.
The list also includes Nike CEO Mark Parker ranked 20, JPMorgan Chase chief Jamie Dimon (23), Lockheed Martin CEO Marillyn Hewson (37), Disney CEO Robert Iger (55) and SoftBank head Masayoshi Son (96).
The HBR said since 2015, its ranking has been based not only on financial performance but also on environmental, social, and governance (ESG) ratings.
Amazon CEO Jeff Bezos, who has been the top CEO every year since 2014 on the basis of financial performance alone, failed to make this year's list owing to Amazon's relatively low ESG scores.
To compile the list of the world's best-performing CEOs, HBR said it began with the companies that at the end of 2018 were in the S&P Global 1200, which is an index that reflects 70 per cent of the world's stock market capitalisation and includes firms in North America, Europe, Asia, Latin America, and Australia.
The HBR took into account three metrics for each CEO's tenure - the total shareholder return (including dividends reinvested) adjusted by country and by industry and change in market capitalisation (adjusted for dividends, share issues, and share repurchases), measured in inflation-adjusted USD.
The 2019 list has four female CEOs in the top half of the rankings, up from three in 2018 and just two in previous years.
"Each year when HBR publishes this list, some readers protest the paucity of women; each year we respond by saying it's the result not of the performance of female CEOs but of how few women serve in the rolea phenomenon we, too, find regrettable," the magazine said.
On average, the executives on the list became CEOs at age 45 and have been in office 15 years.
"The CEOs who appear in this year's list display remarkable longevityand illustrate how happy boards are to allow a high-performing leader to stay in the job for many years," it said.
Three Indian-origin CEOs have been featured in a list of world's top 10 best-performing chief executives.
'The Best-Performing CEOs in the World, 2019' list compiled by the Harvard Business Review (HBR) features 100 CEOs and has been topped by American technology company NVIDIA's CEO Jensen Huang.

Among the top 10 chief executives on the list, three spots have been occupied by the Indian-origin CEOs.
On the 6th spot is Adobe CEO Shantanu Narayen, followed by MasterCard CEO Ajay Banga, ranked 7th and Microsoft chief Satya Nadella on the 9th spot. The list also features India-born CEO of DBS Bank Piyush Gupta on the 89th spot. Apple CEO Tim Cook is ranked 62nd.
The list also includes Nike CEO Mark Parker ranked 20, JPMorgan Chase chief Jamie Dimon (23), Lockheed Martin CEO Marillyn Hewson (37), Disney CEO Robert Iger (55) and SoftBank head Masayoshi Son (96).
The HBR said since 2015, its ranking has been based not only on financial performance but also on environmental, social, and governance (ESG) ratings.
Amazon CEO Jeff Bezos, who has been the top CEO every year since 2014 on the basis of financial performance alone, failed to make this year's list owing to Amazon's relatively low ESG scores.
To compile the list of the world's best-performing CEOs, HBR said it began with the companies that at the end of 2018 were in the S&P Global 1200, which is an index that reflects 70 per cent of the world's stock market capitalisation and includes firms in North America, Europe, Asia, Latin America, and Australia.
The HBR took into account three metrics for each CEO's tenure - the total shareholder return (including dividends reinvested) adjusted by country and by industry and change in market capitalisation (adjusted for dividends, share issues, and share repurchases), measured in inflation-adjusted USD.
The 2019 list has four female CEOs in the top half of the rankings, up from three in 2018 and just two in previous years.
"Each year when HBR publishes this list, some readers protest the paucity of women; each year we respond by saying it's the result not of the performance of female CEOs but of how few women serve in the rolea phenomenon we, too, find regrettable," the magazine said.
On average, the executives on the list became CEOs at age 45 and have been in office 15 years.
"The CEOs who appear in this year's list display remarkable longevityand illustrate how happy boards are to allow a high-performing leader to stay in the job for many years," it said.

CEOs of public banks empowered to stop wilful defaulters from fleeing India

To check wilful defaulters and fraudsters from fleeing the country, the government has now authorised CEOs of public sector banks (PSBs) to make request for issuance of look-out circulars (LOCs) against suspects.
The move comes against the backdrop of defaults by Vijay Mallya, Nirav Modi and Mehul Choksi and thereafter, fleeing the country.
The Ministry of Home Affairs (MHA) recently made changes in the circular by including CEOs of PSBs in the list of officials who can make request for issuance of LOCs to the ministry.
The inclusion by MHA was done following the recommendation of an inter-ministerial panel under Financial Services Secretary Rajiv Kumar that made a case for empowering the heads of PSBs to request for the opening of LOCs.
When asked about the changes made in the circular of MHA, Kumar said it was a continuation of the government's clean-up drive of the banking sector.
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Soon after the emergence of the PNB fraud and perpetrator Nirav and his uncle Choksi fleeing the country, the Finance Ministry asked PSBs to collect passport details of all those borrowers, who have borrowed loans of more than Rs 500 million.
However, possession of mere passport detail was not enough but this circular has empowered banks to take a decisive action against wilful defaulters and fraudsters by requesting for issuance of LOC by the concerned authority, thereby thwarting any move by them to flee the country, Kumar said.
"It will act as a big deterrent for wilful defaulters and also bring about fundamental change in the creditor-debtor relationship," he said.
The Department of Financial Services has also issued advisory to heads of all PSBs to take note of the changes in the circular and act as and when required in the specified manner.
ALSO READ: HC dismisses Vijay Mallya's plea against ED for removing 'fugitive' tag
Pursuant to the amendment of the MHA circular last month, the list now includes the chairman or managing director and CEO of all PSBs, the circular said.
Thus, the heads of PSBs have now been empowered to issue requests of opening of LOCs for wilful defaulters as per the above-mentioned guidelines of MHA against whom an FIR is yet to be filed, it said.
Earlier this year, the government formed an inter-ministerial panel to look into various issues, including how to put a check on wilful defaulters fleeing the country.
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Mallya had fled the country in March 2016 after defaulting on loans given to Kingfisher Airlines, which was promoted by his group.
Moreover, Parliament passed the Fugitive Economic Offenders Bill, 2018, giving authorities powers to attach and confiscate the proceeds of crime and properties of economic offenders, like bank fraudsters or loan defaulters fleeing the country.
The law is aimed at quickly recovering losses to exchequer or PSBs in cases of frauds.
Union Finance Minister Arun Jaitley had in his Budget speech for 2018-19 said the government was considering bringing a new law to confiscate assets of such absconders.