AdAsia 2011: More integrity=more transaction=more wealth

At the third session on Day Three of AdAsia 2011, panellists Duncan Goose and Anna Bernasek talked passionately about integrity and social consciousness in a world of capitalist mindsets.

Conscious Capitalism was the subject under discussion on the final day of AdAsia 2011. Speakers Duncan Goose, founder and managing director, Global Ethics, and Anna Bernasek, journalist and speaker, and the author of the book 'The Economics of Integrity', talked about integrity and social consciousness.

AdAsia 2011: More integrity=more transaction=more wealth

The session, which was moderated by Santosh Desai, managing director and chief executive officer, Future Brands, began on an interesting note. "Over the years, the role of the market has grown enormously. Freedom has been spoken in the language of markets," remarked Desai, saying that the future of the planet is dependent on the trajectory that consumption will take.

Comparing consumers of the earlier era to trainees within an organisation, Desai spoke about how both passively consumed information. "But, this is no longer the case. Consumers are the new community, they are getting together, and asking questions," he said, and handed over the stage to Bernasek.

Bernasek began her presentation with information on Joseph Williams, an employee of Bank of America in the 1950s, who came up with a revolutionary idea of credit cards. "Williams had said give everyone money and they will give it back to us later. The idea failed initially, but later turned out to be a great success formula for the bank."

Bernasek went on to say that a credit card establishes a relationship based on trust. "Integrity and trust form the bedrock of market economy," she said.

According to her, the relationship between integrity and trust should exist for all transactions in an economy. "More integrity=more transaction=more wealth," was how she structured her statement. Bernasek felt that this is what one will be exposed to after lifting the lid of market economy and seeing what lies beneath.

She was of the opinion that many companies do not invest in integrity and make it a priority.

Decoding the 'DNA' of integrity as disclosure, norms and accountability, she said, "Disclosure is critical, but you also need norms. Any market requires rules. Accountability means providing people with the perception that if they break rules, they will get caught. " She explained her statement citing the examples of the New York Stock Exchange and ebay.

Bernasek concluded her presentation by saying, "Building trust is limitless, and there are endless possibilities with building trust."

Goose got his presentation rolling with interesting examples from his two-year motorbike trip around the world. The former business development director and board director of a WPP subsidiary, claimed to have drawn his inspiration from this trip to start his own company, Global Ethics, in 2004.

The aim was to change the lives of people in the developing world. The company's innovative business model created a range of 'everyday consumables', profits from the sales of which were donated towards several humanitarian projects.

Goose said that the name of his company 'Global Ethics' is comprised of two very powerful words that are very difficult to live up to.

He began his 'conscious attempt' to fulfill his objective, with a bottled water brand that funded water projects in developing countries. Calling it 'One Water', he donated 100 per cent of the profits of the brand towards funding water projects in developing countries. "We deployed $1.6 million in East Africa, to keep 2,50,000 people alive," said Goose.

But, according to Goose, the company had a vision far beyond just the issue of water, and extended the portfolio to food, sanitation, and healthcare, with corresponding initiatives such as food funding and supply, proper sanitation, and healthcare facilities in developing countries.

Goose feels that consumers are changing and they are looking more towards giving than receiving. "The idea is simple -- try to connect everything that you buy, to life-changing impacts," he added.

He opined that the market is fundamentally good, and it is in the long-term self-interest of businesses to do the right thing.

Goose claims to have donated around $12.2 million of the net profit of his business to charity.

He concluded his presentation by saying, "I am in the business of not just making money, but giving away money."

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