Now its all about constructive PPPs: Deloittes boss

Source: The Economic Times

THE global financial crisis has changed the relationship between business and governments in a significant way. Jim Quigley, global CEO of auditing and consulting firm Deloitte Touche Tohmatsu, says the way to the new world is through constructive public-private partnership. Excerpts from an interview with ETs Nandini Sen Gupta.

What are businesses doing in the new world order with stricter controls

The only constant in business is change. The events that have occurred in connection with the recession and the financial crisis indicate that change isn’t the right word. I believe some of these changes are in the form of mere shifts and going by that, one of those shifts has gone on to create a new world. The relationship between business and governments has changed in a significant way. I am positive about the action taken by governments. I think it was essential and I complement the leaders of G-20 and the actions they took to prevent the economic crisis from turning into a depression that would have been more severe than what we experienced. Certainly, the intervention was timely and it helped in mitigating what was happening at that time.

The intervention changed the contours of business by dictating who should be on the board and who shouldn’t How are companies coping with that What companies have realized is that

there is a new stakeholder and they are now thinking about how they can meet the needs of all the stakeholders and maintain the relationships to conduct the business. What I believe is that we need a constructive public-private partnership and by that I just mean we need to collaborate, coordinate and then work forward.