why am I here what is the purpose of it all me being a philosopher you may now
all me being a philosopher you may now
all me being a philosopher you may now expect 50
expect 50
expect 50 it’s about metaphysics I’m even a
it’s about metaphysics I’m even a
it’s about metaphysics I’m even a sunday-school teacher on the side so you
sunday-school teacher on the side so you
sunday-school teacher on the side so you may expect me to delve into the meaning
may expect me to delve into the meaning
may expect me to delve into the meaning of life for the existence of God or
of life for the existence of God or
of life for the existence of God or what’s the meaning of life and death
what’s the meaning of life and death
what’s the meaning of life and death well I won’t I will be staying with
well I won’t I will be staying with
well I won’t I will be staying with something rather more every day but I
something rather more every day but I
something rather more every day but I will try to convey nonetheless quite an
will try to convey nonetheless quite an
will try to convey nonetheless quite an important idea to you and I will try to
important idea to you and I will try to
important idea to you and I will try to apply it to truly important global
apply it to truly important global
apply it to truly important global practice the practice of financial
practice the practice of financial
practice the practice of financial investments the idea I want to drive
investments the idea I want to drive
investments the idea I want to drive home to you is a rather simple one it
home to you is a rather simple one it
home to you is a rather simple one it may seem like common sense but I live by
may seem like common sense but I live by
may seem like common sense but I live by the motto that common sense is not so
the motto that common sense is not so
the motto that common sense is not so common so it can be good to think about
common so it can be good to think about
common so it can be good to think about that as well
that as well
that as well the idea is that we human beings most
the idea is that we human beings most
the idea is that we human beings most often act from several motivations at
often act from several motivations at
often act from several motivations at the same time we have several
the same time we have several
the same time we have several motivations or reasons for what we do
motivations or reasons for what we do
motivations or reasons for what we do and often one is not enough so it’s not
and often one is not enough so it’s not
and often one is not enough so it’s not one that is sufficient we need more
one that is sufficient we need more
one that is sufficient we need more together in order to do what we do so
together in order to do what we do so
together in order to do what we do so let me go back to my initial question
let me go back to my initial question
let me go back to my initial question why am I here and this time the quite
why am I here and this time the quite
why am I here and this time the quite concrete one of asking is there a two
concrete one of asking is there a two
concrete one of asking is there a two ball here I like that I like that on the
ball here I like that I like that on the
ball here I like that I like that on the side I like some musical accompaniment
side I like some musical accompaniment
side I like some musical accompaniment Rondon I might war to them as they say
Rondon I might war to them as they say
Rondon I might war to them as they say up here I’m here to give a TEDx talk is
up here I’m here to give a TEDx talk is
up here I’m here to give a TEDx talk is it because of the multi-million dollar
it because of the multi-million dollar
it because of the multi-million dollar fee that I come here not just joking we
fee that I come here not just joking we
fee that I come here not just joking we don’t get a fee to do you uh the TEDx
don’t get a fee to do you uh the TEDx
don’t get a fee to do you uh the TEDx talks and we’re very very happy and
talks and we’re very very happy and
talks and we’re very very happy and grateful to be here nonetheless I
grateful to be here nonetheless I
grateful to be here nonetheless I actually did give a talk recently which
actually did give a talk recently which
actually did give a talk recently which was paid and I said as a joke that I
was paid and I said as a joke that I
was paid and I said as a joke that I came here for the million dollar fee no
came here for the million dollar fee no
came here for the million dollar fee no one laughed and I thought shucks I
one laughed and I thought shucks I
one laughed and I thought shucks I should have asked for more sometimes of
should have asked for more sometimes of
should have asked for more sometimes of course I do give a lecture that pays a
course I do give a lecture that pays a
course I do give a lecture that pays a fee but I can assure you that it’s very
fee but I can assure you that it’s very
fee but I can assure you that it’s very rare that I come only for that it could
rare that I come only for that it could
rare that I come only for that it could be an interesting audience like here
be an interesting audience like here
be an interesting audience like here something I want to convey it could be
something I want to convey it could be
something I want to convey it could be the prestige sometimes or it can simply
the prestige sometimes or it can simply
the prestige sometimes or it can simply be that I can avoid a boring meeting at
be that I can avoid a boring meeting at
be that I can avoid a boring meeting at work actually this weekend here in
work actually this weekend here in
work actually this weekend here in trondheim is for me quite a good example
trondheim is for me quite a good example
trondheim is for me quite a good example because while I’m here obviously to give
because while I’m here obviously to give
because while I’m here obviously to give a TEDx talk we also have a daughter who
a TEDx talk we also have a daughter who
a TEDx talk we also have a daughter who lives here in Trondheim because she
lives here in Trondheim because she
lives here in Trondheim because she studies here so I’m here to visit her
studies here so I’m here to visit her
studies here so I’m here to visit her I must admit even though I’m very very
I must admit even though I’m very very
I must admit even though I’m very very grateful for the TEDx invitation
grateful for the TEDx invitation
grateful for the TEDx invitation probably would not have accepted it if
probably would not have accepted it if
probably would not have accepted it if it weren’t for the fact that I could
it weren’t for the fact that I could
it weren’t for the fact that I could also visit our daughter because it’s
also visit our daughter because it’s
also visit our daughter because it’s busy days at home there were lots of
busy days at home there were lots of
busy days at home there were lots of other things to do I had to admit to her
other things to do I had to admit to her
other things to do I had to admit to her as well but it probably wouldn’t have
as well but it probably wouldn’t have
as well but it probably wouldn’t have come just this weekend if it weren’t for
come just this weekend if it weren’t for
come just this weekend if it weren’t for the TEDx talk so the two come together
the TEDx talk so the two come together
the TEDx talk so the two come together perfectly don’t think okay enough about
perfectly don’t think okay enough about
perfectly don’t think okay enough about me my family the TEDx talks let me try
me my family the TEDx talks let me try
me my family the TEDx talks let me try to apply this line of thinking to the
to apply this line of thinking to the
to apply this line of thinking to the question of financial investments I had
question of financial investments I had
question of financial investments I had the great honor a bit more than ten
the great honor a bit more than ten
the great honor a bit more than ten years ago to work as a wireless head of
years ago to work as a wireless head of
years ago to work as a wireless head of corporate governance for what is now the
corporate governance for what is now the
corporate governance for what is now the largest sovereign wealth fund in the
largest sovereign wealth fund in the
largest sovereign wealth fund in the world more famously known as a Norwegian
world more famously known as a Norwegian
world more famously known as a Norwegian oil fund my task was to find out how
oil fund my task was to find out how
oil fund my task was to find out how this fund as an investor should be
this fund as an investor should be
this fund as an investor should be engaged some of you may own shares so
engaged some of you may own shares so
engaged some of you may own shares so you know what it means to be an engaged
you know what it means to be an engaged
you know what it means to be an engaged owner it means that you can all vote at
owner it means that you can all vote at
owner it means that you can all vote at the annual general meetings right you
the annual general meetings right you
the annual general meetings right you can propose shareholder resolutions you
can propose shareholder resolutions you
can propose shareholder resolutions you can write letters to the company you can
can write letters to the company you can
can write letters to the company you can team up with other investors you could
team up with other investors you could
team up with other investors you could influence the companies that you own so
influence the companies that you own so
influence the companies that you own so in what way should the Norwegian fund
in what way should the Norwegian fund
in what way should the Norwegian fund engage well our owner the finance
engage well our owner the finance
engage well our owner the finance ministry on behalf of the Norwegian
ministry on behalf of the Norwegian
ministry on behalf of the Norwegian people said that we are to be a
people said that we are to be a
people said that we are to be a responsible investor therefore we are in
responsible investor therefore we are in
responsible investor therefore we are in our engagement to take seriously what is
our engagement to take seriously what is
our engagement to take seriously what is known in the world of finance as the ESG
known in the world of finance as the ESG
known in the world of finance as the ESG that world is full of three-letter
that world is full of three-letter
that world is full of three-letter abbreviation and this one stands for
abbreviation and this one stands for
abbreviation and this one stands for environmental social and governance
environmental social and governance
environmental social and governance issues we as an investor should take
issues we as an investor should take
issues we as an investor should take into consideration how we impact our
into consideration how we impact our
into consideration how we impact our world we should be responsible and we
world we should be responsible and we
world we should be responsible and we should be ethical now comes the
should be ethical now comes the
should be ethical now comes the important point and the interesting one
important point and the interesting one
important point and the interesting one namely that when you look at the
namely that when you look at the
namely that when you look at the rational now for this the stated
rational now for this the stated
rational now for this the stated motivation it’s not that in terms of
motivation it’s not that in terms of
motivation it’s not that in terms of ethics or a better world but in terms of
ethics or a better world but in terms of
ethics or a better world but in terms of financial investments making a profit
financial investments making a profit
financial investments making a profit the papers say that we are to be a
the papers say that we are to be a
the papers say that we are to be a responsible investor because that
responsible investor because that
responsible investor because that secures financial returns in the long
secures financial returns in the long
secures financial returns in the long term so in short it’s described in terms
term so in short it’s described in terms
term so in short it’s described in terms of money and not ethics when it comes to
of money and not ethics when it comes to
of money and not ethics when it comes to the rationale so which is it do we do it
the rationale so which is it do we do it
the rationale so which is it do we do it in order to be good or do we do it in
in order to be good or do we do it in
in order to be good or do we do it in order to earn
order to earn
order to earn well in an ideal world we could answer
well in an ideal world we could answer
well in an ideal world we could answer the two are the same if you act well you
the two are the same if you act well you
the two are the same if you act well you will also earn more money and if you
will also earn more money and if you
will also earn more money and if you think about the right ways to earn money
think about the right ways to earn money
think about the right ways to earn money that will probably be what is also
that will probably be what is also
that will probably be what is also ethically right and I wish it were that
ethically right and I wish it were that
ethically right and I wish it were that simple but it’s not always is it because
simple but it’s not always is it because
simple but it’s not always is it because sometimes we disagree on what is right
sometimes we disagree on what is right
sometimes we disagree on what is right and what is ethical and not least
and what is ethical and not least
and what is ethical and not least sometimes we can earn a lot of money
sometimes we can earn a lot of money
sometimes we can earn a lot of money from actually doing what many people
from actually doing what many people
from actually doing what many people would consider the wrong thing in
would consider the wrong thing in
would consider the wrong thing in addition to that I would like to also
addition to that I would like to also
addition to that I would like to also stress that when you are a financial
stress that when you are a financial
stress that when you are a financial investor you actually have a tough job
investor you actually have a tough job
investor you actually have a tough job there are lots of things to look for and
there are lots of things to look for and
there are lots of things to look for and if at the same time you are supposed to
if at the same time you are supposed to
if at the same time you are supposed to be the Red Cross or Save the Children or
be the Red Cross or Save the Children or
be the Red Cross or Save the Children or do good you may put your eyes off the
do good you may put your eyes off the
do good you may put your eyes off the targets and forget the actual job you
targets and forget the actual job you
targets and forget the actual job you are going to do so what do we do well
are going to do so what do we do well
are going to do so what do we do well let me put before you the following
let me put before you the following
let me put before you the following question if you have a responsible
question if you have a responsible
question if you have a responsible investor which says that we take
investor which says that we take
investor which says that we take environmental hazards seriously we want
environmental hazards seriously we want
environmental hazards seriously we want to avoid the worst forms of child labor
to avoid the worst forms of child labor
to avoid the worst forms of child labor we want to invest in companies that are
we want to invest in companies that are
we want to invest in companies that are good and you ask them so why do you do
good and you ask them so why do you do
good and you ask them so why do you do it my thesis is that you would get a
it my thesis is that you would get a
it my thesis is that you would get a number of answers the first one could be
number of answers the first one could be
number of answers the first one could be that we want to live up to the wishes
that we want to live up to the wishes
that we want to live up to the wishes and values of our end owners we want to
and values of our end owners we want to
and values of our end owners we want to make money we want to stay within the
make money we want to stay within the
make money we want to stay within the law we want to maintain a good
law we want to maintain a good
law we want to maintain a good reputation and not end up on the first
reputation and not end up on the first
reputation and not end up on the first page of the wrong papers we want to
page of the wrong papers we want to
page of the wrong papers we want to avoid unnecessary financial risk we want
avoid unnecessary financial risk we want
avoid unnecessary financial risk we want to find objects for investment companies
to find objects for investment companies
to find objects for investment companies that are really solid and good and we
that are really solid and good and we
that are really solid and good and we can believe in them it may be quite a
can believe in them it may be quite a
can believe in them it may be quite a few would say I want to have a good
few would say I want to have a good
few would say I want to have a good conscience in what I do I want to go to
conscience in what I do I want to go to
conscience in what I do I want to go to bed and be able to sleep I want to make
bed and be able to sleep I want to make
bed and be able to sleep I want to make sure that I don’t destroy Mother Earth
sure that I don’t destroy Mother Earth
sure that I don’t destroy Mother Earth so which is it
so which is it
so which is it why do you really do it and as you can
why do you really do it and as you can
why do you really do it and as you can understand from our argument my
understand from our argument my
understand from our argument my relatively simple yet complex thesis is
relatively simple yet complex thesis is
relatively simple yet complex thesis is that we need to act from several
that we need to act from several
that we need to act from several motivations at the same time and they
motivations at the same time and they
motivations at the same time and they need to support each other why do I
need to support each other why do I
need to support each other why do I think this is so important well I would
think this is so important well I would
think this is so important well I would put it in this way this is important
put it in this way this is important
put it in this way this is important because investors can make a real
because investors can make a real
because investors can make a real difference investors
difference investors
difference investors engage whether they be from Norway or
engage whether they be from Norway or
engage whether they be from Norway or China or Abu Dhabi or wherever can
China or Abu Dhabi or wherever can
China or Abu Dhabi or wherever can actually make a difference if they use
actually make a difference if they use
actually make a difference if they use their influence on questions like labor
their influence on questions like labor
their influence on questions like labor rights children’s rights the climate
rights children’s rights the climate
rights children’s rights the climate water quality on all of these questions
water quality on all of these questions
water quality on all of these questions you can actually pressure companies into
you can actually pressure companies into
you can actually pressure companies into changing their attack and doing the
changing their attack and doing the
changing their attack and doing the things that you believe are right to do
things that you believe are right to do
things that you believe are right to do when I came to this job back in 2005 I
when I came to this job back in 2005 I
when I came to this job back in 2005 I stayed there for about three years I was
stayed there for about three years I was
stayed there for about three years I was supposed to be there one year but it was
supposed to be there one year but it was
supposed to be there one year but it was so interesting that I stayed on longer
so interesting that I stayed on longer
so interesting that I stayed on longer before I went back to Plato I actually
before I went back to Plato I actually
before I went back to Plato I actually landed a front page in Wall Street
landed a front page in Wall Street
landed a front page in Wall Street Journal it’s the first last time in my
Journal it’s the first last time in my
Journal it’s the first last time in my life I can assure you and it was in the
life I can assure you and it was in the
life I can assure you and it was in the joke column Norwegian fund hires
joke column Norwegian fund hires
joke column Norwegian fund hires philosopher ha ha and they put it in the
philosopher ha ha and they put it in the
philosopher ha ha and they put it in the following way here’s a philosopher with
following way here’s a philosopher with
following way here’s a philosopher with a problem how to manage one of the
a problem how to manage one of the
a problem how to manage one of the world’s largest investment funds
world’s largest investment funds
world’s largest investment funds ethically and I admit it’s a challenge
ethically and I admit it’s a challenge
ethically and I admit it’s a challenge it’s even often attention but I think
it’s even often attention but I think
it’s even often attention but I think one of the most dangerous things we can
one of the most dangerous things we can
one of the most dangerous things we can do in life is not to admit the tensions
do in life is not to admit the tensions
do in life is not to admit the tensions that are there I’ll add at this point
that are there I’ll add at this point
that are there I’ll add at this point the obvious disclaimer that I’m not
the obvious disclaimer that I’m not
the obvious disclaimer that I’m not speaking on behalf of the fund I don’t
speaking on behalf of the fund I don’t
speaking on behalf of the fund I don’t represent the fund what I’m saying is
represent the fund what I’m saying is
represent the fund what I’m saying is not the official fund policy but I think
not the official fund policy but I think
not the official fund policy but I think it’s a pretty good interpretation what
it’s a pretty good interpretation what
it’s a pretty good interpretation what such a fund is doing and what it should
such a fund is doing and what it should
such a fund is doing and what it should be doing because I think this is also
be doing because I think this is also
be doing because I think this is also about the future of our world and the
about the future of our world and the
about the future of our world and the future what we can broadly call the
future what we can broadly call the
future what we can broadly call the capitalist system if that is a system
capitalist system if that is a system
capitalist system if that is a system that only thinks about what generates
that only thinks about what generates
that only thinks about what generates profit it becomes immensely
profit it becomes immensely
profit it becomes immensely narrow-minded I think we need a wider
narrow-minded I think we need a wider
narrow-minded I think we need a wider ideal what it means to be an investor or
ideal what it means to be an investor or
ideal what it means to be an investor or a business man or woman the also based
a business man or woman the also based
a business man or woman the also based business for Peace Foundation has coined
business for Peace Foundation has coined
business for Peace Foundation has coined the term to be business worthy and I
the term to be business worthy and I
the term to be business worthy and I think that’s a quite good one what do we
think that’s a quite good one what do we
think that’s a quite good one what do we believe it takes to be a business worthy
believe it takes to be a business worthy
believe it takes to be a business worthy investor or company we have to think
investor or company we have to think
investor or company we have to think plurally we have to go beyond the
plurally we have to go beyond the
plurally we have to go beyond the one-track mind or the one core
one-track mind or the one core
one-track mind or the one core motivation and I’ll end there by trying
motivation and I’ll end there by trying
motivation and I’ll end there by trying to broaden it out to all of us because I
to broaden it out to all of us because I
to broaden it out to all of us because I think this doesn’t just apply to
think this doesn’t just apply to
think this doesn’t just apply to business or investment I think it
business or investment I think it
business or investment I think it applies to life
applies to life
applies to life I think a happy life is one where we
I think a happy life is one where we
I think a happy life is one where we feel that we can have several reasons
feel that we can have several reasons
feel that we can have several reasons and motivations for what we do ideally
and motivations for what we do ideally
and motivations for what we do ideally it’s a life we’re serving the other and
it’s a life we’re serving the other and
it’s a life we’re serving the other and being sure that we actually care about
being sure that we actually care about
being sure that we actually care about our environment and our fellow human
our environment and our fellow human
our environment and our fellow human beings is also a life where we feel that
beings is also a life where we feel that
beings is also a life where we feel that we lead the sort of life we want to lead
we lead the sort of life we want to lead
we lead the sort of life we want to lead that is good for you and good for me
that is good for you and good for me
that is good for you and good for me ideally I would say that such a life is
ideally I would say that such a life is
ideally I would say that such a life is one that generates gratitude that we are
one that generates gratitude that we are
one that generates gratitude that we are happy about each other that we do things
happy about each other that we do things
happy about each other that we do things for each other I’m reminded of the
for each other I’m reminded of the
for each other I’m reminded of the christian mystic meister eckhart who
christian mystic meister eckhart who
christian mystic meister eckhart who used to say that if the only prayer you
used to say that if the only prayer you
used to say that if the only prayer you ever say in life is thank you that’s
ever say in life is thank you that’s
ever say in life is thank you that’s enough and so say I thank you
”
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