Infosys CEO Kris Gopalakrishnan is guest blogging for CNBC at WEF. Here are some of his thoughts he related to us as the event gets underway, including what he hopes to see from the sessions, what his company discloses on banks and what he hopes to see at the buffet table.
What Can WEF Achieve this Year?
The world has completely changed from last year. Clearly after Sept. 15 it's a different world with economic turmoil.
This provides an opportunity for us to look at what the things are that we need to do in three areas.
1. Crisis of confidence. How do we restore trust, confidence in institutions so that economic activity can come back?
In this regard, I also believe we have to look at how companies embrace values. Regulators can only do so much.
2. Defining success. If it's defined only in financial terms, then you will have these situations repeating in the future. The solution includes society, it includes the environment, it includes a balance between short-term and long.
3. The concept of risk itself. In some sense it's related to the second outcome of success. Risk will have to be defined better, with an understanding of the implications from a long-term perspective.
Innovations are necessary for creating new business. But if the long-term implications are going to be negative we need to protect ourselves.
What are the ways we can protect ourselves from the negative implications of innovation?
What's New this Year?
I am a vegetarian, so I hope there will be more choices available to vegetarians.
Also, it's good for the environment. Vegetarians use less carbon and I'm happy to be a vegetarian. Also this year there is more participation from political leaders. It's going to be interesting.
Perhaps it's a reflection of more government ownership. I hope it's not a long-term trend!
On Scandal at Satyam
Definitely if there are gaps in regulation the government will have to act. But there are other things to do especially in the area of transparency.
We voluntarily disclose the banks in which we have money and the balances we have in each of those banks. People who want to invest with us can actually call up the bank and find out if the money is there or not.
Ultimately good behavior, corporate governance are all a mindset issue. If someone wants to deliberately do something bad, sometimes things slip through the cracks. The punishment has to be there so that it acts as a deterrent.
The government in India is already acting on regulation and deterrence.