Governors of the World Economic Forum for Retail and Consumer Goods

China and India present a wealth of opportunities for manufacturers and retailers given their size and rate of change.

The retail and consumer goods sector, situated as it is at the interface between business and the consumer, is a highly visible part of the world economy. The fast paced industrialisation of the food industry, and one of its principle partners the agricultural sector, have provided the customer with a better choice, quality and value of product than ever before. But at the same time the food and agricultural industries now run risks which are commensurate with the size of their mass production: when a problem occurs it takes on massive proportions. Food and beverages are not considered by the public as luxuries: they are essentials. That is why scrutiny of the sector is probably closer than in any other area of the economy, and that is why the retail and consumer goods sectors have to take a lead in revisiting corporate governance, ensure total transparency and thereby reinforce public trust.

This paper focuses on certain issues that are connected to three major factors underpinning this new communication challenge: consumer confidence, ethics and corporate values. Today's sophisticated consumer needs to feel confident about the way personal data and financial payments are handled in the on line world. Today's informed and demanding stakeholders have to be convinced that the products and services that they buy are produced according to certain sustainable, environmental and social norms. They have to feel that the companies they work for, invest in, and buy products and services from promulgate values in which they believe and with which they can identify.