Icelandic president: »Capitalism without care will make us collapse«

Iceland's newly elected president, Halla Tómasdóttir, visited Copenhagen Business School on Wednesday 9 October.

Halla Tómasdóttir and her husband, Björn Skulason, visited CBS on the second day of her state visit to Denmark. The Kiln Hall at CBS was filled to the brim and buzzing with expectation.

Here she met with CBS Chairman Torben Möger Pedersen and CBS President Peter Møllgaard – who later joined her for a fireside chat under the headline: Responsible leadership in a world of wicked problems.

The overall question was: How can we prepare the coming generations of leaders for the many difficult problems they will face?

Problems like climate change, geopolitical crises, AI, diversity and more.

At the end of the event, CBS' students participated in a Q&A session with Halla Tómasdóttir and Peter Møllgaard.

In this article you can read a brief summary of the day.

The Iceland/Denmark partnership is of great importance to our safety

CBS Chairman Torben Möger Pedersen started off by highlighting the importance of Iceland and Denmark’s strong collaboration.

CBS is proud to have many Icelandic students and researchers in our community

- Torben Möger Pedersen, CBS Chairman

“I want to highlight the special bond between Denmark and Iceland, two nations that share both history and values. CBS is proud to have many Icelandic students and researchers in our community,” he said, and added:

“Their contributions enrich our academic environment and foster strong academic and professional ties between our two countries. Through this collaboration, we aim to advance knowledge, innovation and sustainable solutions for the benefit of Denmark, Iceland and the wider world.”

He also touched upon one of the many wicked problems requiring responsible leadership to navigate.

“Our collaboration extends beyond education. Denmark and Iceland’s cooperation within NATO is crucial, especially in the Arctic region, where we face emerging geopolitical challenges. With growing tensions and the threat from Russia, it is more important than ever that our two nations work closely to secure peace, stability and mutual interests in this strategically vital area.”

You can read his full speech here

Icelandic president: We need a moral compass

During the financial crisis in Iceland, we learned that capitalism without care for the planet and each other will make us collapse.

- Halla Tómasdóttir, Iceland President

Ragnhildur Helgadóttir, President of Reykjavik University, held a short speech highlighting the concerning rate at which wicked problems develop, and CBS alumnus and CEO of Embla Medical Sveinn Sölvason showed an example of purposeful and responsible leadership with his own company, that develops mobility solutions.

Next up was the fireside chat between Halla Tómasdóttir and Peter Møllgaard on responsible leadership in a world of wicked problems.

Peter Møllgaard initiated the chat by asking Halla Tómasdóttir about the most valuable lesson she had learned during Iceland’s financial crisis in 2008.

“During the financial crisis in Iceland, we learned that capitalism without care for the planet and each other will make us collapse. I think we need a moral compass – just like the Nordic Nine at CBS,” she said.

The Nordic Nine is nine capabilities that CBS instills in every student in order to implement compassion and sustainability into business.

Two examples are:

• Nordic Nine #4 - You are competitive in business and compassionate in society
• Nordic Nine #5 - You understand ethical dilemmas and have the leadership values to overcome them

You can read more about the initiative here

The Nordic Nine concept aligned well with Halla Tómasdóttirs own approach to responsible leadership, as she talked about a ‘moral compass’ being essential:

“Business used to be about short term profit. But we realise that this is no longer sustainable. We have so many challenges in the world right now, and what we really need to navigate and solve them is a moral compass. Just like the Nordic Nine, I have worked on something called a leadership compass, and this compass places humanity at the centre,” she said.

“One such example of a wicked problem that needs responsible leadership is social media. The most shared content is either of abuse or misinformation, and no one takes responsibility. Without principles, social media will wreak havoc.”

Responsible leadership requires humility

But what exactly defines a responsible leader? What kind of values lie at heart along with compassion and humanity?

When Peter Møllgard asked Halla Tómasdóttir about her advice for young students that want to make changes to the world, she touched on one specific value that holds great importance in leadership:

“I will advise them to think differently about leadership. We need to rethink and reframe how to be a leader – it’s not just something you become, when you become the CEO – you are always a leader. New leadership is also about humility. And humility is not thinking less of yourself, but focusing on the impact you want to make in the world. Remarkable things happen when people start to work collectively to shift the norms,” she said.

One such example where a norm shift is needed according to Halla Tómasdóttir is the green transition:

“The people with fossil fuel still hold power, but only because we haven’t finished the green transition. We have an opportunity in the Nordics to show what is possible in a world that feels impossible,” she concluded.