Greetings from the Fortune Innovation Forum in Hong Kong. There have been plenty of discussions about artificial intelligence so far, both in terms of the generative AI that’s dominated headlines and the AI that’s already been transforming business for years. But there have also been fascinating debates about another type of innovation: the ability to disrupt your business and yourself by reimagining and reinventing what you do.
For that, I was struck by a conversation at the Fortune Most Powerful Women breakfast that was moderated by my colleague, Claire Zillman. While the push for gender parity is slow, inspired leaders can produce remarkable results. From Yum China CEO Joey Wat’s decision to extend health insurance to the parents of regional general managers to Trip.com CEO Jane Sun’s move to help women plan their families and their careers, there are meaningful actions that leaders can take to help women move into positions of leadership. For more, here’s a wrap-up of the session.
One of the fastest ways to achieve diversity, of course, is to mandate it. Earlier this month, Bonnie Chan became the first woman CEO of the Hong Kong Exchanges and Clearing Ltd. HKEX is the first international exchange to ban companies with single-gender boards from listing. When the rule passed in early 2022, about 850 companies, or almost a third of the total, had single-gender boards. Now, there are fewer than 500–a number that Chan predicts could radically shrink during the upcoming annual general meeting season as the year-end deadline looms. “We’ll have to think about how to punish those who don’t comply,” says Chan. “To start, we’ll probably name and shame.”
Hong Kong Financial Secretary Paul Chan spoke with Fortune’s editor-in-chief, Alyson Shontell, about the role that Hong Kong can play in being a common ground for business in an age of escalating tensions between the U.S. and China. Since transitioning from British rule in 1997, this special administrative region of China has struggled to retain its reputation as a global hub for business amid a clampdown on dissent. Chan addressed the impact of a new national security law, which has prompted criticism and reflection on Hong Kong’s status under Chinese control.
Having lived in Hong Kong at the start of my career, I think it still feels like an international gateway. Some of the changes in travel patterns may be as much due to the pandemic as to politics. Dane Cheng, the executive director of the Hong Kong Tourism Board, noted that it’s become harder to dislodge people from their homes to hit nightclubs or return the city to its status as a shopping destination. In a world that’s become more accustomed to e-commerce, those challenges similarly impact New York, London, and other global centers.
More to come on the economy and next wave of innovations from this region. Until then, here’s an update on other news.
Diane Brady
diane.brady@fortune.com
TOP NEWS
BlackRock boss: It’s ‘crazy’ for retirement age to be 65
Blackrock’s chair Larry Fink has warned of a global “retirement crisis” as people live longer but cannot “afford” to pay for it. In his annual letter to shareholders of the investing company overseeing $10 trillion in assets, Fink said that capital markets can help alleviate the problem—but that people may need to rethink their planned retirement age. “No one should have to work longer than they want to,” he said. “But I do think it’s a bit crazy that our anchor idea for the right retirement age, 65 years old, originates from the time of the Ottoman Empire.” CNBC
CEOs head to China
Around 100 global chief executives, including Apple’s Tim Cook, Pfizer's Albert Bourla and HSBC’s Noel Quinn, have flocked to Beijing for China’s version of Davos —the China Development Forum. While there, some U.S. leaders have met with China’s President Xi Jinping who aims to restore confidence in the economy, woo back foreign investors, and keep relations between the world’s two largest economies on a stable footing. Financial Times
Greenwashing agreement
Millions of consumers in the U.K. will no longer have to worry about false eco-friendly promises when shopping. That’s because major fast fashion retailers, including the $570 million global giant ASOS, have just signed a landmark pledge to use only "accurate and clear" claims, after a 20-month probe into greenwashing by a regulator. Now, the firms must stop using vague terms like responsible or sustainable, in favor of words like organic or recycled. BBC
AROUND THE WATERCOOLER
Clinging to hybrid working has a price—it’ll take $22,000 off your paycheck according to new study by Orianna Rosa Royle
Worsening tensions between China and the U.S. will make Hong Kong and its ‘unique status’ even more important, says the city’s top financial official by Nicholas Gordon
Google’s founders didn’t market test Alphabet’s name before launching the now $1.9 trillion juggernaut. Here’s the advice Steve Jobs gave Larry Page by Sasha Rogelberg
There are two kinds of companies–those that strengthen democratic capitalism and those that undermine it by Bruce Shaw
How a park bench meeting led to Aflac’s $200 million mascot idea by Sydney Lake
This edition of CEO Daily was curated by Orianna Rosa Royle.
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