Signs of a new era in economics emerge, bringing hope for real and systemic change. 

 The 2007-2009 financial crisis was a perfect "black swan" event: unexpected, a rarity, with broad and deep impacts; and, with the benefit of hindsight, it was also retrospectively rationalised by many "experts". We got it all "sensationally" wrong: bankers (like myself), policy-makers, supervisors, auditors, research analysts, economists, civil society itself. And even as the crisis was unfolding, many initially did not consider its seriousness. We saw dangers of shocks, but underestimated the confluence and impact thereof.  

Corporate leaders are challenged to step up to greater commitments on sustainability, and to ensure they have performance measures for behaviour directly linked to responsibility and trust if they are to succeed. With sustainability driving trust and innovation, companies are making it core to their strategies and activities, so having stand-alone CSR (corporate social responsibility) departments looks like a fast-declining trend. This is according to global reputation auditors Echo Research, in their latest report, "A World in Trust - Leadership and Corporate Responsibility" with the International Business Leaders Forum (IBLF).

The development of corporate integrated reporting (IR) standards has the promise to be one of the great business innovations of the 21st century, and could be pivotal in restoring public trust in business institutions, Harvard Business School Dean Nitin Nohria told a seminal gathering of IR key stakeholders at an HBS workshop last week.

Corporations face multiple, simultaneous pressures on profit growth and share price performance - at a time when environmental, social and economic issues challenge corporations' ability to stimulate growth from existing operations.