January 28, 2021

Festa's January conference 2021

Upptökur frá Janúarráðstefnu Festu 2021 má nálgast hér:

The conference as a whole

The conference has been cut down, here you can access each program individually in a video clip



The title of Festa's January conference this year was A new beginning - The Great Reset, which is also the name of the World Economic Forum's initiative, where emphasis is placed on the sustainable development of societies and international cooperation following the pandemic. At the conference, we reflect on what a New Beginning means for Icelandic society, business life, investments and politics. The message is that now is a unique opportunity to start a New Beginning, but it is not a given that we will seize it. It became clear that time is short. We asked: What does it take?



The conference was electronic and recordings are now available, but there were over 3000 people who watched the live broadcast of the conference.



English stories have Icelandic text. The sponsors of Festa's January conference 2021 were: Landsbankinn, Íslandsbanki, Landsvirkjun, Vörður tiðarring and the Swedish Embassy in Iceland. Without their support, the conference would not have been so successful and open to all free of charge. Festa is extremely grateful to the sponsors and it is clear from the registration and viewing figures that interest in sustainability is very high.



The "Keynote" talks were delivered by a select team of international leaders in the field of sustainability: Halla Tómasdóttir, Nicole Schwab, Michele Wucker, Sasja Beslik and John McArthur.



Emphasis on the importance of long-term orientation and measurable goals, changes in attitudes and that capital is a key driving force in New Beginnings were evident in presentations and panel discussions. Short-term thinking, manifested for example in the attitude that quarterly accounts best describe the performance of managers and companies, would need to be reviewed and performance measurement based on scientific and measurable long-term sustainability goals. The links between sustainable operations, resilience, adaptability and constant innovation in companies also came clearly stated at the conference. The importance of innovation in administration and in public institutions was also underlined. The importance of fruitful dialogue and cooperation between companies and authorities was not overlooked. It was emphasized that we give ourselves space and time to part with what does not serve sustainable goals, have the courage to redesign or create new systems, products and services, in the New Beginning.



Festa thanks everyone who appeared, participated in discussions and worked with us on the implementation of the conference.



Halla Tómasdóttir forstjóri B Team setti fram fyrir okkur þrjá þætti sem nauðsynlegt væri að fyrirtæki hugi að í Nýju upphafi: langtímahugsun, mælanleg markmið tengd sjálfbærni og viðhorfsbreytingar. Það er hlutverk fyrirtæki að skapa virði fyrir alla hagaðila. Halla talaði þá um mikilvægi þess að við sjáum öll okkar hlutverk sem leiðtogar. – Leiðtogar sem móta framtíðina eins og við viljum sjá hana – leiðtogar sem sem þjóna heildinni.

John McArthur, director of the Center for Sustainable Development at the Brookings Institute, emphasized the role of the global goals in his speech; "The United Nations' global goals are a guiding light to find our way out of this fog, help us out of the crisis and into a better place." He also said that it is important to collaborate with young people to sharpen their skills to make decisions today that their generation relies on.

Michele Wucker, best-selling author and CEO of The Gray Rhino & Company talked about the huge, overlooked projects we face – which she calls the gray rhino. There is an enormous amount of work to be done to deal with challenges such as climate change and global inequality while they are relatively 'small baby rhinos', instead of waiting for these challenges to grow into large rhinos and become unmanageable and extremely costly.

Nicole Schwab, managing director of Nature Based solutions at the World Economic Forum, urged the conference attendees to move once and for all towards carbon-neutral, nature-positive economies. She told us that the World Economic Forum's 2020 Risk Report outlined that the top five risks facing businesses and societies were all related to the environment.

Sasja Beslik, who has worked for years in the field of sustainable investments, suggested that it is necessary to draw up a new social contract between financial institutions and society. Although the world's companies have a long way to go when it comes to averting climate change, we have reached the point where international investors are now looking for sustainable investment opportunities like never before.

Hrund Gunnsteinsdóttir framkvæmdastjóri Festu stýrði fundi og pallborðsumræðum.

"The United Nations Global Goals are a guiding light to find our way out of this fog, help us out of the crisis and into a better place. Certain roadmaps that can help so many people, each in their own place, to deal with the crisis, whether it is economic, social or environmental."



Leiðtogar úr íslensku atvinnulífi tóku þátt í pallborðsumræðum um hið Nýja upphaf í íslensku samhengi. 



Líkt og í “keynote” erindum var rauði þráðurinn tengdur því að hugsa til lengri tíma og mikilvægi þess að fyrirtæki setji sér gagnsæ og mælanleg markmið.



Minister of Innovation Þórdís Kolbrún R. Gylfadóttir emphasized the importance of strong cooperation between the public and private sectors and that the pandemic has reminded us of the value of having strong, excellent companies here. She also said that such cooperation is the basis of innovation and a sustainable future.

Árni Oddur Þórðarson, Marel's CEO, said that innovation with sustainability as a guiding principle is the key to success, resilience and the success of companies. "Innovation should be a constant goal, it must not be reduced even if the performance decreases temporarily," said Árni Oddur further. Georg Lúðvíksson, Meniga's managing director talked about the importance of thinking based on sustainability and being ready with a product when there is demand on the market, but Meniga's latest product is an example of that, as it helps home bank users measure their carbon footprint.

Lilja B. Einasdóttir, bankastjóri Landsbankans, lagði áherslu á það að fyrirtæki sem setja sér skýr markmið þegar kemur að sjálfbærni verði þau fyrirtæki sem munu ná langtíma árangri, önnur verði útundan. Stefanía G Halldórsdóttir frá Eyrir Venture Management tók undir þetta og sagði að nú væri tíminn fyrir fjárfestingarsjóði til að byggja upp eignasöfn sem fjárfesta í sjálfbærum fyrirtækjum, þetta megi ekki liggja bara á yfirborðinu. Jón L. Árnason framkvæmdarstjóri lífeyrissjóðins Lífsverks sem tók svo til orða að hans sjóðsfélagar séu ekki að leita eftir auka þúsund kalli í umslagði ef fórnarkostnaðurinn er að jörðin sé lögð í rúst. 



We need to have the courage to discuss these issues, no matter where we are on the road, said Birna Einarsdóttir, Bank Manager of Íslandsbanki - we should take on the role of cheerleader when it comes to sustainability. We need to let go of skepticism in the collaboration between the public and private sectors and remember that we are in this project together. Veritas CEO Hrund Rudolfsdóttir suggested that in the fight against Covid we have not only realized how vulnerable we are, we have also realized how strong and quick we can be to change the things we want. But we need to consciously work to maintain the positive changes we have achieved through the epidemic, otherwise we will fall into the same trap, said Grid CEO Hjálmar Gíslason and also emphasized that we activate the international cooperation and the scientific an approach that has benefited us in the fight against Covid, in the fight against climate change.

"CEOs should know the carbon footprint of their companies even as they know EBITA"



"Innovation should be a constant goal of companies, it must not be reduced even if the performance decreases temporarily"



At the conference, the turning point was celebrated that 10 years have now passed since the establishment of Festa. Tómas N. Möller and Hrund Gunnsteinsdóttir reviewed the last 10 years and looked forward to the next 10 years in their papers.

„Þegar Festa var stofnuð var megin verkefnið að sannfæra fyrirtæki og fjárfesta um virði samfélagsábyrgðar og sjálfbærni í rekstri og almennt að fræða atvinnulífið og almenning um hvað þessi hugtök fela í sér. Að útskýra að samfélagsábyrgð fjallaði ekki bara um að láta gott af sér leiða í gegnum góðgerðarstarf og styrki. Að samfélagsábyrgð og sjálfbærni fjallaði ekki um það hvernig fyrirtæki eyða peningum, heldur hvernig þau skapa verðmæti, ekki bara fyrir hluthafa heldur líka starfsfólk, frá framleiðslu vöru til sölu, nærsamfélag og náttúru. Skilningur á þessu hefur gjörbreyst,“ segir Hrund sem segir fólk almennt meta það svo að mest hafi breytingin verið á síðastliðnum fimm árum eða svo.

Tómas mentioned three things that need to be considered in the New Beginning. First of all, sustainability must be a key variable in the operation of companies, where the environment, society and the economy are looked at in an orderly manner. Secondly, we must take greater account of the so-called external effects when pricing products and services. It refers to various aspects of production that do not currently appear directly as costs in the sales price. Examples include the real costs of air pollution or waste disposal. And thirdly, we can do even better in directing investments to investment options that meet the requirements of sustainability.



Before the conference, all the chairmen, vice-chairmen and managing directors of Festa up to the present day and representatives of the six companies that founded Festa in 2011 were consulted. They were all asked the question: If you had to give the dream-sustainable-society a score of 10, what score would Iceland get? today and what needs to happen in the next 10 years for it to get a score of 10?

The result was that, compared to countries we like to compare ourselves to, Iceland gets a score of 5.5. We're right.

Á ráðstefnunni var einnig sagt frá því hvernig fjórum íslenskum fyrirtækjum gekk að ná markmiðum um hringrásarkerfið á síðastliðnum tólf mánuðum. Þetta eru fyrirtækin Orka náttúrunnar, Pure North Recycling, Klappir og Össur sem öll settu sér markmið á Janúarráðstefnu Festu árið 2020.

Í frásögn þessara fyrirtækja má heyra hvernig Covid breytti öllu. Heimsfaraldurinn hafi haft áhrif á öll samskipti við umheiminn, hvort heldur sem er í útrás, samningaviðræðum við erlenda hringrásar samstarfsaðila og fleira.



„En þrátt fyrir að í Covid hafi falist miklar áskoranir þá lágu þar líka tækifæri og upplifðu fyrirtækin aukna áherslu á sjálfbærni og hringrásarhagkerfið meðal samstarfsaðila sinna. Til að mynda þá fór öll framleiðsla Pure North Recycling á endurunnu plasti fram úr áætlunum, Orka náttúrunnar tók veigamikil skref þegar kemur að nýsköpun á sviði kolefnisförgunar, Össur tók í notkun hönnunar verkferla sem draga verulega úr kolefnisspori framleiðslu fyrirtækisins og setti á fót umbúðargagnabanka, Klappir héldu áfram að þróa leiðir til að mæla betur þróun í átt að hringrásarhagkerfi, t.d. með upplýsingabrú milli fyrirtækja og úrgangsvinnsluaðila,“ segir Hrund. (tekið úr viðtali við Hrund sem birtist á Vísi 27.janúar.)

Membership is a new fellowship program that Festa introduced last year, and at the conference the veil was lifted from the 10 candidates who will become Membership in 2021. See more here.

At the conference, we presented the results of the survey Icelandic managers on the Green Road, conducted by Deloitte last November, which surveyed the managers of the country's 300 largest companies. The aim of the survey was to assess the position of Icelandic companies in relation to actions in climate matters and to increase understanding of management's response to climate change.



Rakel Sævarsdóttir kynnti niðurstöðurnar og telur hún að þær gefi góða vísbendingu um stöðuna í dag. Í erindi hennar tók hún fyrir helstu niðurstöður þar sem meðal annars kemur fram að tveir þriðju stjórnenda svöruðu að þeir hefðu sett sér markmið um að draga úr losun gróðurhúsalofttegunda og nefnir hún það einmitt sem mjög jákvæðan punkt í lok erindisins. Aftur á móti lýsir hún því að aðeins helmingur stjórnenda hafa sett mælanleg markmið í loftslagsmálum sem, að mati Rakelar, ætti að vera hærra en mælanleg markmið er mikilvægt tæki í fyrirtækjarekstri við mat á árangri. Áhugavert var að af þeim stjórnendum sem hafa sett mælanleg markmið var ekkert þeirra með fjárhagslega umbun framkvæmdastjórnar tengda árangri í verkefnum tengdum loftslagsmálum.



Deloitte ætlar sér að taka púlsinn á aðgerðum fyrirtækja aftur að ári og nefnir Rakel í lokun þrjú atriði sem þau vonast til að sjá breytt á þeim tíma liðnum:

Firstly, that more companies set measurable goals in climate matters. Secondly, that investors show increased initiative and make demands on managers for actions in measurable goals, but it was found that when managers were asked which factors had the most influence on a company's response to climate change, investors had the least influence, while the company's reputation had the most influence. Thirdly, Rakel mentions that they hope to see a trend towards sustainability becoming part of the business model of more companies, but the business model reflects how companies create and maintain value through their supply of products and services. Only one-third of executives responded that sustainability is part of their company's business model.

"I would like to mention one very positive point at the end, that the results showed that close to 100% of managers believe they understand how their companies are affected by climate change."



Elísabet H. Brynjarsdóttir, project manager at Frú Ragnheiði, then closed a wonderful morning for us with a reminder about love for one's neighbor and sustainable well-being. Let's give Elizabeth the word:

"We all have our own essence that no one else can define for us.

Kjarnar okkar flækjast svo oft eftir því hvað gerist í lífinu eða þeim aðstæðum sem lífið býður því miður upp á – fátækt, mismunun, stéttaskipting, misskipting auðs eða að verða fyrir fordómum. Áföll eða mótvindur. Fer eftir því hvernig hver og einn einstaklingur horfir á það og skilgreinir fyrir sjálfan sig. En eitt af því sem ég hef lært, af öllum lærdóm mínum síðustu ár, er að ég get ekki ákvarðað kjarna hvers og eins fyrir manneskjuna. Ég get ekki verið í þínum sporum. Við erum öll manneskjur en líka einstaklingar sem verða að fá svigrúm til að finna mitt sjálfstæði, á mínum forsendum.



But that's where things sometimes get complicated. A person's position in society complicates matters. The country you were born in complicates matters. It's never black and white, just like everyone's reality is not black and white. But sometimes, even though we all have our core and we have a basic duty to nurture it in order to continue in life and against all that it offers us, we have to remember that our core belongs to a larger society with many different elected. A society facing climate change, increasing inequality, increased technology and the challenges that come with it, homelessness and the complex service needs of all who need support. And everyone's well-being."

We look forward to welcoming you at Festa's January conference 2022

"Strategic planning for a sustainable society is a long run, it calls for a good long-term vision, courage and patience"



Pictures of the panel discussions and Festa's administration: Valgarður Gíslason The conference was recorded at Vox Club The production company Sahara took care of all the recording and broadcasting The translator of foreign talks was Nanna Gunnarsdóttir

Theodóra Listalín Þrastardóttir helped Festa with communication and graphics related to the conference.