No Trust, No Business: Collaboration in the Intelligent Age

By Sibylle Barden

As the world undergoes seismic shifts—technological, social, and geopolitical—one truth becomes increasingly clear: Klaus Schwab , Founder and Executive Chairman of the World Economic Forum (WEF), has called this moment in history the “Intelligent Age,” a time shaped by converging technologies like artificial intelligence, quantum computing, and biotechnology. But as Schwab wisely observes, “This is a societal revolution, one that has the power to elevate humanity - or indeed to fracture it.”

Stakeholder capitalism, a model that prioritizes long-term value for all stakeholders, not just shareholders, provides the guiding framework for navigating this transformation. By balancing the needs of people, planet, and profit, it offers a path to rebuild trust and drive meaningful, lasting collaboration. This year’s WEF Annual Meeting in Davos gathers global leaders under the theme “Collaboration for the Intelligent Age.” It's five priorities -Rebuilding Trust, Reimagining Growth, Investing in People, Safeguarding the Planet, and Industries in the Intelligent Age- are not abstract goals. They are interlinked imperatives that require urgent, collective action.

Trust as the Foundation of Collaboration

Trust in an era of misinformation, geopolitical tension, and institutional skepticism, is increasingly scarce. Siemens Chairman Jim Hagemann Snabe put it succinctly during our podcast conversation:

“Trust is not an abstract ideal but a strategic necessity.”

Trust reduces friction and enhances efficiency in collaborative efforts, enabling partners to focus on innovation and long-term goals rather than defensive measures or oversight. By fostering open communication and mutual confidence, trust creates the conditions necessary for scalable, impactful collaboration. At 西门子 , trust forms the foundation of scaling climate technologies and forging partnerships that deliver tangible impact. Without trust, even the most innovative technologies falter.

áslak Holmberg, President of the Saami Council provided a poignant example of trust’s fragility. Representing 80,000 Indigenous Saami in Europe, Holmberg described how their rights to land, water, and traditional livelihoods are being systematically denied.

“Trust cannot exist when one side is only interested in exploitation,”

he remarked, highlighting the urgent need for systems that respect and empower all stakeholders—a principle at the heart of stakeholder capitalism.

Complexity and Collaboration: Can They Coexist?

Some argue that businesses can collaborate without trust, relying instead on shared goals and robust systems. In such cases, collaboration may succeed in the short term, particularly in transactional contexts like mergers or acquisitions, where contracts and incentives align interests. However, this approach often sacrifices long-term systemic resilience. While transactional success can be achieved, it is trust that fosters deeper innovation, adaptability, and the sustained progress needed to navigate complex challenges.

Consider water governance as an example of trust-dependent collaboration. Henk Ovink , formerly the world’s first Special Envoy for International Water Affairs, described how water scarcity, impacting over 2.2 billion people worldwide, necessitates trust to mediate disputes, align incentives, and build sustainable systems.

“No water, no climate, no survival,”

Ovink stated during our conversation. He highlighted how the Netherlands, a global leader in water management, demonstrates that trust-driven collaboration can transform crises into opportunities. Ovink’s work aligns with the World Economic Forum ’s #GlobalWaterInitiative, which fosters international partnerships to ensure equitable and transparent management of shared resources. These efforts exemplify stakeholder capitalism in action, proving that trust and collaboration are critical to tackling systemic challenges.

Collaboration Across Stakeholders

To rebuild trust, we must also embrace a more inclusive and collaborative mindset. During my interview with María Mendiluce , CEO of the We Mean Business Coalition , she emphasized how public-private partnerships are essential for achieving global climate targets. “Alignment across sectors amplifies impact,” she said, pointing to successful decarbonization initiatives driven by corporate transparency and cross-sector collaboration—a hallmark of stakeholder capitalism.

Sanda Ojiambo , CEO of the United Nations Global Compact , brought another compelling perspective during our conversation. She emphasized how businesses can align their strategies with the Sustainable Development Goals (SDGs), which she called the “North Star for business.”

“Achieving the SDGs requires trust among stakeholders and a commitment to transparency,”

she noted, highlighting the role of the UN Global Compact in fostering accountability and collaboration across industries.

Fashion activist Runa Raay echoed this sentiment, demonstrating how Indigenous knowledge and sustainable design practices can serve as catalysts for systemic change. Her work shows that innovation often lies at the intersection of tradition and modernity—a place where collaboration flourishes when trust is present.

Helle Bank J?rgensen, GCB.D, NACD.DC , founder and CEO of Competent Boards , exemplifies the role of trust in building long-lasting impact. In our conversation, she described how trust was foundational in creating a company dedicated to empowering leaders to navigate the complexities of sustainability and governance. Her work highlights how trust enables the cultivation of stewards for the future, aligning with the principles of stakeholder capitalism.

Emmanuel Faber , as Chair of the International Sustainability Standards Board (ISSB) , brought another perspective to the table. In our conversation, he emphasized the need for standardized sustainability reporting to rebuild trust in global markets.

“Without transparency, businesses cannot be held accountable.”

His leadership in establishing clear, global standards underscores how stakeholder capitalism fosters accountability and collaboration.

Reimagining Growth and Investing in People

Klaus Schwab’s call to reimagine growth is a challenge to move beyond GDP as the sole measure of success. Stakeholder capitalism provides a more holistic framework, prioritizing human and environmental capital alongside economic metrics. Emmanuel Faber , when he was running 达能 , exemplifies this mindset. Under his leadership, Danone became a certified B Corporation, balancing profit with purpose and proving that businesses thrive when they serve all stakeholders, not just shareholders.

Investing in people is another cornerstone of progress. Martin Wolf, Chief Economics Commentator at the Financial Times , posed a provocative question during our conversation:

“Is the West’s democratic capitalism the optimal system to address the world’s interconnected challenges?”

His analysis suggests that governance models must evolve to be more inclusive and equitable if they are to meet the demands of a volatile, interconnected world—a transformation that stakeholder capitalism facilitates.

Tom Plümmer , CEO of WINGCOPTER , shared a vision of growth powered by technology and collaboration. His drone technology has redefined logistics in remote areas, delivering critical supplies like medicine and food. “Trust in innovation is what allows us to create meaningful impact, especially in underserved regions.” His work illustrates how stakeholder capitalism enables technological advancements to address global inequities.

Fragility of Systems

The fragility of systems like linear economies or monocultures arises from their inability to adapt to complexity. Stakeholder capitalism, by embracing diverse inputs and long-term thinking, fosters resilience against such vulnerabilities. The planet’s future hinges on trust and collaboration.

Take the example of the Cavendish banana, which accounts for 95% of global banana exports. Its vulnerability to disease starkly illustrates the fragility of systems that prioritize short-term efficiency over long-term resilience. In my essay The One-Banana-System and Capitalism, I argued that diversification and circular economies are essential for sustainable growth. These principles extend beyond agriculture to all industries navigating the challenges of the Intelligent Age.

Thomas Jorberg , former CEO of GLS Bank Europe’s most sustainable bank, expanded on this idea during our conversation. He stressed the importance of integrating ethical principles into finance.

“Finance without trust cannot serve the planet,”

he argued, highlighting how GLS Bank’s transparent and socially responsible approach builds long-term resilience while addressing global challenges.

Industries in the Intelligent Age

The Intelligent Age demands new approaches to industry. Philippe Schaus , the outgoing CEO of Mo?t Hennessy , articulated how luxury must adapt by prioritizing sustainability and authenticity. “Luxury should preserve and celebrate the world’s beauty and resources for future generations.” His vision reflects how stakeholder capitalism redefines industries, ensuring they create value for society as a whole.

Trust as Strategy

As I reflect on my conversations with 37 pioneers of transformation for my podcast #DerGro?eNeustart, my #research on stakeholder capitalism, and the #books I have written over the past decade, one lesson is clear: trust is the cornerstone of collaboration, and collaboration is the key to systemic change. The priorities outlined at #Davos25—trust, growth, people, planet, and industry—are interconnected and urgent. Tackling them requires not just vision but commitment, transparency, and inclusion.

Klaus Schwab writes,

“We have already crossed the threshold into the Intelligent Age. It is up to us to determine whether it will lead to a future of greater equality, sustainability, and collaboration—or deepen divides that already exist.”

Stakeholder capitalism provides the cohesive framework to achieve this vision, balancing trust and collaboration to create lasting value for people, planet, and profit. Specific mechanisms include transparent sustainability reporting standards, like those championed by the ISSB, public-private partnerships to address climate goals, and initiatives such as the WEF’s Global Water Initiative, which integrates equitable resource management into systemic solutions. Examples throughout this essay demonstrate its practical implementation: Siemens fosters trust to scale climate technologies; GLS Bank integrates ethical principles into finance; and the Netherlands leads in water management through collaborative governance. These cases illustrate how stakeholder capitalism aligns diverse interests to drive systemic resilience and innovation. The choice is ours. Without trust, there is no business. Without collaboration, there is no future. Let us choose trust, and through it, build a world worth inheriting.

#WEF25 #trust #collaboration #stakeholdercapitalism #intelligentage