The October edition of Business Chief North America is now live!
Welcome to the October issue of our new North America Edition of Business Chief
Our cover feature this month is an insightful interview with Mark McClain, Chief Executive Officer at identity governance company, SailPoint. Following on from the company’s decision to debut on the New York Stock Exchange, McClain discusses the importance of keeping tabs on data access and the company’s journey from US startup to a billion-dollar multinational corporation.
Technology has also transformed the financial sector. As society becomes cashless and emerging markets demand financial access, Business Chief spoke to CEO of IDEX, Stan Swearingen, to find out how the business is poised to revolutionise the way we pay.
With this in mind, companies are beginning to look at existing production tax credits (PTC) which expire in 2019. Supporting businesses in sourcing ways to fill the incentive gap, Blair Loftis, Vice president and National Director, Power Generation & Transmission at Terracon, discusses how the business works to provide cost effective solutions, particularly within the construction cycle of wind farms.
Turning towards the Canadian insurance sector, Director of Technology at PBL Insurance, Joey Faraone, explains how technology has become central to the company’s strategic plans, where it has overhauled outdated legacy systems and transformed its insurance solutions for Canadian citizens.
Similarly, with the rising number of data breaches and cybersecurity threats, the data center market has exploded at an exponential rate. This month, CIO Advisory at PricewaterhouseCoopers (PwC), Don O’Neil notes how the company is working with businesses, in order to adapt and invest in the security of their networks.
Our City Focus this month is Victoria, Canada and we also list the top 10 Chief Operating Officers in North America, based on published annual revenues.
Finally, don’t miss our exclusive digital reports feature interviews with mining juggernaut, Goldcorp and Align Construction
G7 Summit guide: What it is and what leaders hope to achieve
Unless you’ve had your head buried in the sand, you’ll have seen the term ‘G7’ plastered all over the Internet this week. We’re going to give you the skinny on exactly what the G7 is and what its purpose on this planet is ─ and whether it’s a good or a bad collaboration.
Who are the G7?
The Group of Seven, or ‘G7’, may sound like a collective of pirate lords from a certain Disney smash-hit, but in reality, it’s a group of the world’s seven largest “advanced” economies ─ the powerhouses of the world, if you like.
The merry band comprises:
- The United Kingdom
- The United States
Historically, Russia was a member of the then-called ‘G8’ but found itself excluded after their ever-so-slightly illegal takeover of Crimea back in 2014.
Since 1977, the European Union has also been involved in some capacity with the G7 Summit. The Union is not recognised as an official member, but gradually, as with all Europe-linked affairs, the Union has integrated itself into the conversation and is now included in all political discussions on the annual summit agenda.
When was the ‘G’ formed?
Back in 1975, when the world was reeling from its very first oil shock and the subsequent financial fallout that came with it, the heads of state and government from six of the leading industrial countries had a face-to-face meeting at the Chateau de Rambouillet to discuss the global economy, its trajectory, and what they could do to address the economic turmoil that reared its ugly head throughout the 70s.
Why does the G7 exist?
At this very first summit ─ the ‘G6’ summit ─, the leaders adopted a 15-point communiqué, the Declaration of Rambouillet, and agreed to continuously meet once a year moving forward to address the problems of the day, with a rotating Presidency. One year later, Canada was welcomed into the fold, and the ‘G6’ became seven and has remained so ever since ─ Russia’s inclusion and exclusion not counted.
The group, as previously mentioned, was born in the looming shadow of a financial crisis, but its purpose is more significant than just economics. When leaders from the group meet, they discuss and exchange ideas on a broad range of issues, including injustice around the world, geopolitical matters, security, and sustainability.
It’s worth noting that, while the G7 may be made up of mighty nations, the bloc is an informal one. So, although it is considered an important annual event, declarations made during the summit are not legally binding. That said, they are still very influential and worth taking note of because it indicates the ambitions and outlines the initiatives of these particularly prominent leading nations.
Where is the 2021 G7 summit?
This year, the summit will be held in the United Kingdom deep in the southwest of England, with Prime Minister Boris Johnson hosting his contemporaries in the quaint Cornish resort of Carbis Bay near St Ives in Cornwall.
What will be discussed this year?
After almost two years of remote communication, this will be the first in-person G7 summit since the novel Coronavirus first took hold of the globe, and Britain wants “leaders to seize the opportunity to build back better from coronavirus, uniting to make the future fairer, greener, and more prosperous.”
The three-day summit, running from Friday to Sunday, will see the seven leaders discussing a whole host of shared challenges, ranging from the pandemic and vaccine development and distribution to the ongoing global fight against climate change through the implementation of sustainable norms and values.
According to the UK government, the attendees will also be taking a look at “ensuring that people everywhere can benefit from open trade, technological change, and scientific discovery.”