Under embargo until 25 January 2012                                      15th Annual Global CEO Survey 2012               ...
In 2012, CEOs face                                            Telling the CEO survey story    rising uncertainty in    the...
Short-term confidence has declined – but remains well above the levels seen in 2009 and 20101. How is 2012                 ...
CEOs to remain vigilant over costs    2. So CEOs are                                           Q: Which, if any, of the fo...
Growing customer bases is far from the only objective of CEOs in their key overseas markets3. How, then, can CEOs         ...
CEOs are focusing on a mix of large emerging and developed markets    4. Will there be a                                  ...
A modest decline in cross-border M&A is expected in 20125. Does that mean                          Q: Which, if any, of th...
Pulling away from an export mindset to meet local demand    6. So the plan is to step                                Q: Fo...
Many industries see significant pressure for both process innovations and radical innovation7. Doesn’t this put            ...
Global economic uncertainty remains the top threat to growth prospects     8. Let’s come back to                          ...
Talent constraints have impacted costs – but also factor in lost opportunities9. Don’t CEOs always                      Q:...
Half of CEOs expect to raise their headcount in 2012     10. Where are talent                                     Q: What ...
CEOs are more focused on recruiting local talent and developing and promoting from within11. So what are CEOs             ...
A minority of CEOs get comprehensive reports on their workforce     12. What do CEOs hope                                 ...
Most CEOs plan to increase their investments in skilling the workforce13. Are they also                       Q: How much ...
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Etude mondiale de PwC sur les priorités des chefs d'entreprise en 2012

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15e édition de l’étude annuelle de PwC sur les priorités et préoccupations de 1258 chefs d’entreprise dans 60 pays.
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Etude mondiale de PwC sur les priorités des chefs d'entreprise en 2012

  1. 1. Under embargo until 25 January 2012 15th Annual Global CEO Survey 2012 Executive Summary Delivering results Growth and value in a volatile world www.pwc.com/ceosurvey
  2. 2. In 2012, CEOs face Telling the CEO survey story rising uncertainty in the global economy, as developed economies struggle to sustain 1. How is 2012 shaping up? .................................................................................................. 3 recoveries. 2. So CEOs are preparing for the worst? .............................................................................. 4 In the PwC 15th Annual Global CEO Survey, we asked CEOs how they see the 3. ................................................................................. 5 global economy evolving this year and beyond, and how they expect to deliver 4. Will there be a rush into fast-growing, emerging economies?............................................ 6 business results in this environment. We surveyed 1,258 business leaders 5. Does that mean we’ll see more M&A this year? ................................................................. 7 in 60 countries from September to December 2011, and conducted further 6. So the plan is to step up exports instead? ......................................................................... 8 in-depth interviews with 38 CEOs. We found a growing sense of 7. Doesn’t this put a big emphasis on innovation? ................................................................. 9 preparedness and a surprising optimism: chief executives were nearly three times 8. Let’s come back to risk. Didn’t you say uncertainty is on the rise?.................................... 10 this coming year as they were in the 9. Don’t CEOs always talk about the ‘war for talent’? .......................................................... 11 global economy’s growth. Their strategies to achieve this success centre around addressing three areas: 10. Where are talent constraints most acute? ..................................................................... 12 balancing global capabilities 11. So what are CEOs doing about it? ................................................................................. 13 and local opportunities resilience to global disruptions 12. What do CEOs hope to do more of? .............................................................................. 14 and local risks the talent challenge 13. Are they also thinking outside the box? ........................................................................ 15 in the CEO Survey. Please go to www.pwc.com/ceosurvey to read the full report and explore other online tools.2 15th Annual Global CEO Survey 2012 – Executive summary
  3. 3. Short-term confidence has declined – but remains well above the levels seen in 2009 and 20101. How is 2012 Q: How confident are you about your company’s prospects for revenue growth over the next 12 months? Yearly comparison. shaping up? 60% 52% 50% 50 48% crisis and uncertainties are mounting: just 15% of CEOs expect 41% the global economy to improve this 40 40% CEOs across all regions, except for 30 the Middle East and Africa. Yet while 31% 31% CEOs don’t think growth will be 26% Very confident about company’s easy, they do believe they’re more 20 prospects for revenue growth 21% ready for turbulence. As a result, over the next 12 months 10 for revenue growth in their own companies in the next 12 months. 0 Improved cost structures, continued 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 strength in cross-border ties and Base: All respondents (2012=1,258; 2011=1,201; 2010=1,198; 2009=1,124; 2008=1,150; 2007=1,084; 2006 (not asked); 2005=1,324; 2004=1,386; 2003=989) the rise in investment and commerce Note: Percentage of CEOs who are very confident about their companies’ prospects for revenue growth Source: PwC 15th Annual Global CEO Survey 2012 to and from emerging economies are lending considerable support to business optimism. The world may problems but this structural shift is potentially bigger than the institutional problems and depressed growth in developed economies. Dimitrios Papalexopoulos Half of CEOs based in developed CEO, TITAN Cement SA, Greece markets believe that emerging economies are more important to their company’s future, as do 68% of CEOs who are themselves based in emerging markets. Tidjane Thiam Group Chief Executive, Prudential Plc, UK 15th Annual Global CEO Survey 2012 – Executive summary 3
  4. 4. CEOs to remain vigilant over costs 2. So CEOs are Q: Which, if any, of the following restructuring activities have you initiated in the past 12 months, or plan to initiate in the coming 12 months? preparing for Implemented/Implement a 75 the worst? cost-reduction initiative 66 Entered/enter into a new strategic 38 alliance or joint venture 49 CEOs are paring down ambitions in Outsourced/outsource a 35 business process or function the near term as recoveries in Europe 33 and the US disappoint. Volatile input Completed/complete a cross-border merger or acquisition 20 28 Insourced/insource a previously outsourced 20 continue to pressure margins in business process or function 16 many sectors. Thus many CEOs are Divested/divest majority interest in a 18 holding back their cash reserves as a business or exited a significant market 14 buffer against an economic pullback: Ended/end an existing strategic alliance or joint venture 17 12 fewer CEOs are planning a ‘major 10 change’ to capital investment Don’t know/refused 11 strategies this year than did in 2011. % Similarly, CEOs are keeping vigilant Initiated in the past 12 months Plan to initiate in the coming 12 months watch over their operating costs: 66% plan to initiate cost cuts in Base: All respondents (1,258) Source: PwC 15th Annual Global CEO Survey 2012 2012, with CEOs in healthcare and the forestry and paper industries most likely to pare costs. Jouko Karvinen CEO, Stora Enso Oyj, Finland Michael Thaman Chairman of the Board and CEO, Owens Corning, US4 15th Annual Global CEO Survey 2012 – Executive summary
  5. 5. Growing customer bases is far from the only objective of CEOs in their key overseas markets3. How, then, can CEOs Q: Which of the following objectives do you hope to achieve in the next 12 months? (Top five countries mentioned by CEOs in ‘Which countries, excluding the one in which you are based, do you consider most important for your overall growth prospects over the next 12 months?’) be confident? China USA Brazil India Germany This is where it gets more interesting. 61 61 Almost a third of CEOs globally 55 46 32 believe that their biggest 55 54 27 46 26 30 22 31 32 opportunities for growth lie in 24 79 71 83 79 developing new products and 72 services to differentiate themselves 30 14 17 23 33 11 38 12 10 16 and remain competitive. 30% are 34 19 31 31 14 determined to expand share in existing markets. Above all, CEOs Build R&D/innovation capacity or acquire intellectual property Build internal service delivery capacity are looking to grow outside their Build manufacturing capacity Access local talent base home base, and are simultaneously Access raw materials or components Grow your customer base building local capabilities in each of Access local source of capital their important markets. They are extending operational footprints, Base: China (383); USA (275); Brazil (188); India (176); Germany (152) building strategic alliances and Source: PwC 15th Annual Global CEO Survey 2012 creating networks that include research and development (R&D), manufacturing and services support. Building manufacturing capacity, for example, is important for many CEOs in each of their key markets, so China faces increasing competition Douglas R. Oberhelman Chairman and CEO, Caterpillar Inc., US Brian Duperreault President and CEO, Marsh & McLennan Companies Inc., US 15th Annual Global CEO Survey 2012 – Executive summary 5
  6. 6. CEOs are focusing on a mix of large emerging and developed markets 4. Will there be a Q: Which countries, excluding the one in which you are based, do you consider most important for your overall growth prospects over the next 12 months? continued rush into fast-growing, China 30 emerging economies? USA 22 Brazil 15 India 14 Not entirely. Emerging economies Germany are an increasingly important source 12 of growth for most CEOs, whether Russia 8 these markets are close to home UK 6 or 5,000 miles away. Yet developed France 5 and emerging economies alike Japan are considered destinations that 5 CEOs believe are critical for their Australia 5 organisations. Over 60 different % economies were named by CEOs as Base: All respondents (1,258) key overseas markets. Solid growth Source: PwC 15th Annual Global CEO Survey 2012 and rising domestic spending power in more economies around the world, like Indonesia, Colombia and Turkey, for example, are propelling “Our goal is to maintain market share in the mature markets. CEOs past a mindset focused solely Those markets generate a lot of earnings so we have no plans to on the BRICs. The US and Germany were among Keith McLoughlin most CEOs, and mentioned as President and CEO, AB Electrolux, Sweden economies where they are expanding capabilities. Nearly equal numbers of CEOs from developed and emerging as important. China presents a important to 37% of CEOs based in developed economies versus 24% of CEOs based in emerging economies. Nancy McKinstry CEO and Chair of the Executive Board, Wolters Kluwer, The Netherlands6 15th Annual Global CEO Survey 2012 – Executive summary
  7. 7. A modest decline in cross-border M&A is expected in 20125. Does that mean Q: Which, if any, of the following restructuring activities do you plan to initiate in the coming 12 months? Responses of ‘Complete a cross-border merger or acquisition’. we’ll see more M&A this year? 40% 110 This year, acquisitions are more % of CEOs anticipating M&A Number of deals (100 = 2008) likely to be a component of strategies 30% 100 for CEOs based in developed consolidation in mature economies: 15% say M&A offers the main 20% 90 opportunity for growth for their companies versus 10% in emerging economies. CEOs in developed markets were active deal-makers 10% 80 in 2011, with 26% completing a cross-border transaction, and were also more likely to have divested an 0 70 operation. But responses this year 2008 2009 2010 2011 2012F indicate the potential of a modest % of CEOs anticipating M&A (left axis) pull-back on international deal- Number of deals (right axis) making over the next 12 months: 28% of CEOs globally plan to complete a Base: All respondents (2012=1,258; 2011=1,201; 2010=1,198; 2009=1,124; 2008=1,150) cross-border deal in 2012, a decline Note: Number of deals is all completed deals where final stake is greater or equal to 20%. Source: PwC 15th Annual Global CEO Survey 2012; Dealogic from the 34% who agreed last year. Ajay G. Piramal CEO, Piramal Group Ltd, India Yoshio Kono President and CEO, The Norinchukin Bank, Japan 15th Annual Global CEO Survey 2012 – Executive summary 7
  8. 8. Pulling away from an export mindset to meet local demand 6. So the plan is to step Q: For each of the countries that you intend to grow your customer base, which of the following three statements best describes your approach to product and service development? (The top 10 countries mentioned by CEOs in ‘Which countries, excluding the one in which you are based, up exports instead? do you consider most important for your overall growth prospects over the next 12 months?’) % 100 In every major geographic market 30 25 20 are avoiding a simple export model. 37 34 31 32 33 29 37 Substantial proportions, between 75 17% and 36%, say they are designing 46 markets. The balance is surely 50 30 46 42 43 changing as companies increasingly 39 34 42 49 50 operate in dissimilar markets and learn to segment better. 25 The advantages (and expense) of 36 30 27 26 managing a uniform brand across 20 22 17 24 24 19 many markets are being weighed 0 against the different needs, Germany US France Brazil Japan Australia UK Russia China India cultures and price points of different Products and services are the same as in our headquarters’ market customer bases and, in many cases, Products and services are modified to meet local market needs found wanting. But businesses Products and services are developed specifically for local market requirements innovating locally need to reach Base: China (302); USA (195); Brazil (156); India (139); Germany (110); Russia (88); UK (63); France (50); Japan (50); Australia (45) Source: PwC 15th Annual Global CEO Survey 2012 global and regional operations still have an important role in the mix. David Cote Chairman and CEO, Honeywell, US Michael White Chairman, President and CEO, The DIRECTV Group Inc., US8 15th Annual Global CEO Survey 2012 – Executive summary
  9. 9. Many industries see significant pressure for both process innovations and radical innovation7. Doesn’t this put Q: To what degree are you changing the emphasis of your company’s overall innovation portfolio in the following areas? Responses of ‘significantly increase’. a big emphasis 50 on innovation? Global average 19 40 Cost reductions to existing processes Cost reduction remains an important driver of innovation, but the drive to 4 6 get ahead by fostering innovation is 30 1 5 7 2 12 unmistakable. With strong balance 3 8 9 11 13 20 sheets supporting investments to 10 14 15 16 17 18 20 grow future business, over half of CEOs (56%) who are changing innovation strategies are pursuing 10 opportunities in new business models. CEOs in the communications, and media and entertainment 0 sectors, facing swiftly changing 0 10 20 30 40 New business models dynamics in their industries, are the most active on all fronts, whether it 1 Banking & Capital Markets 6 Metals 11 Chemicals 16 Pharma & Life means refocusing innovation efforts 2 Business and Professional Services 3 Healthcare 7 Industrial manufacturing 8 Retail 12 Forestry, Paper & Packaging 13 Global 17 Insurance 18 Technology for existing products and services or 4 Automotive 9 Consumer Goods 14 Construction/Engineering 19 Communications for entirely new products in new 5 Transportation & Logistics 10 Hospitality & Leisure 15 Asset Management 20 Entertainment & Media models. Those in industries with a Base: All respondents (29-245) historical dependence on innovation Source: PwC 15th Annual Global CEO Survey 2012 are still among the most likely to change approaches. A third of CEOs in pharmaceutical and life sciences expect ‘major change’ to R&D and innovation capacities in their companies, as patent expirations and low R&D productivity are leaving Antonio Rios Amorim many large pharmaceuticals with Chairman and CEO, Corticeira Amorim SGPS SA, Portugal uncertain revenue streams. Yang Yuanqing Chairman and CEO, Lenovo, China 15th Annual Global CEO Survey 2012 – Executive summary 9
  10. 10. Global economic uncertainty remains the top threat to growth prospects 8. Let’s come back to Q: How concerned are you about the following potential threats to your business growth prospects? risk. Didn’t you say uncertainty is on North America Western Europe Asia Pacific Latin America CEE Middle East/Africa the rise? Uncertain or volatile Uncertain or volatile Uncertain or volatile Uncertain or volatile Uncertain or volatile Uncertain or volatile economic growth economic growth economic growth economic growth economic growth economic growth Public deficits Public deficits Exchange rate Increasing tax Exchange rate Exchange rate volatility burden volatility volatility Absolutely. There’s broad consensus that uncertain or volatile economic Over-regulation Unstable capital Unstable capital Over-regulation Unstable capital Availability of markets markets markets key skills growth in the coming year is the chief concern, and that risk is having Unstable capital Shift in consumers Increasing tax Availability of Increasing tax Public deficits markets burden key skills burden Many other risks differ in their Availability of Increasing tax Public deficits Exchange rate Public deficits Over-regulation importance by region. For example, key skills burden volatility three-quarters of CEOs in Western Europe are concerned about Shift in consumers Over-regulation Availability of key skills Public deficits Over-regulation Bribery and corruption instability in capital markets and Increasing tax Exchange rate Over-regulation Bribery and Shift in consumers Unstable capital burden volatility corruption markets crises. Many in North America also Exchange rate Inability to Energy costs Inadequacy of Availability of Inflation a threat, although they’re the least volatility finance growth basic infrastructure key skills concerned about rising taxes. Protectionism Availability of Shift in consumers Unstable capital Bribery and Increasing tax Exchange rate volatility and unstable key skills markets corruption burden capital markets are potential New market Energy costs Inflation Protectionism Energy costs Shift in consumers constraints on expansion in both entrants Rising taxes and over-regulation Energy costs loom large for CEOs in Latin America. And exchange rate Business threats Economic and policy threats Denotes equal ranking volatility is high among the concerns Base: North America (236); Western Europe (291); Asia Pacific (440); Latin America (150); CEE (88); Middle East/Africa (53) of CEOs in the Middle East and Note: Rank of top threats, by % of somewhat or extremely concerned Africa – as is the availability of key Source: PwC 15th Annual Global CEO Survey 2012 skills. In fact, the availability of key skills is a common concern across most regions. Andy Green CEO, Logica Plc, UK10 15th Annual Global CEO Survey 2012 – Executive summary
  11. 11. Talent constraints have impacted costs – but also factor in lost opportunities9. Don’t CEOs always Q: Have talent constraints impacted your company’s growth and profitability over the past 12 months in the following ways? talk about the ‘war for talent’? Our talent-related expenses rose more than expected 43 We weren’t able to innovate effectively 31 We were unable to pursue a market opportunity 29 Yes – but now they’re telling us it’s having a real impact on growth. We cancelled or delayed a key strategic initiative 24 One in four CEOs said they’ve had to We couldn’t achieve growth forecasts in overseas markets 24 cancel or delay a strategic initiative We couldn’t achieve growth forecasts in the country where we are based 24 because of talent constraints: 40% of Our production and/or service delivery quality standards fell 21 CEOs in the technology industry say % they’ve missed a market opportunity. And, above all, rising pay packages Base: All respondents (1,258) Source: PwC 15th Annual Global CEO Survey 2012 are impacting faster-growing economies: talent costs are a constraint for 53% of CEOs in China and Hong Kong, 58% in Brazil and 67% of CEOs in South East Asian nations. Look ahead and the problem gets worse. More CEOs (47%) are revenue growth in the next three years than CEOs who are ‘very Michael White Chairman, President and CEO, The DIRECTV Group Inc., US access to the talent needed to execute over the same period. Tidjane Thiam Group Chief Executive, Prudential Plc, UK 15th Annual Global CEO Survey 2012 – Executive summary 11
  12. 12. Half of CEOs expect to raise their headcount in 2012 10. Where are talent Q: What do you expect to happen to headcount in your organisation globally over the next 12 months? constraints most Healthcare 6 6 38 31 9 acute? Business services 5 6 23 17 18 Technology 4 2 11 20 18 19 Even industries that have Communications 7 14 24 12 19 retrenched workers in large Chemicals 1 11 34 11 10 numbers, such as banking, are still Automotive 3 4 7 26 16 10 struggling to get the right people: 22 15 41% of CEOs in banking and Global 3 4 11 23 14 14 capital markets say it’s become Insurance 3 3 10 25 13 12 industry, versus only 18% who Entertainment & Media 5 4 10 24 6 20 believe it’s become easier. CEOs in Industrial manufacturing 3 3 6 19 18 12 the US and Canada are more likely Banking and Capital markets 7 7 11 25 8 15 to face the greatest challenges in Asset management 5 6 21 hiring skilled production workers; 6 13 13 senior management teams are Consumer goods 4 4 15 20 18 9 proving more challenging for CEOs Construction/Engineering 4 4 13 17 10 19 in the Middle East and Africa. Retail 4 3 17 22 13 11 Rising compensation and changing Pharmaceuticals & Life sciences 1 5 12 20 12 11 skills requirements are factors, Transportation/Logistics 5 1 12 17 10 12 but for more CEOs, there is simply Metals 3 5 15 13 18 5 Hospitality & Leisure 3 17 7 17 3 14 especially in healthcare and Forestry, Paper & Packaging 8 10 18 10 14 8 technology, where half of CEOs are % Decrease by more than 8% Decrease by 5-8% Decrease by less than 5% The strain in hiring will not abate Increase by less than 5% Increase by 5-8% Increase by more than 8% in the near term. More CEOs are expecting to expand their Base: All respondents (29-245) workforces than to reduce. Note: Responses of ‘stay the same’ not depicted. Source: PwC 15th Annual Global CEO Survey 2012 Laércio José de Lucena Cosentino CEO, TOTVs SA, Brazil12 15th Annual Global CEO Survey 2012 – Executive summary
  13. 13. CEOs are more focused on recruiting local talent and developing and promoting from within11. So what are CEOs Q: With regards to plans for your global workforce over the next three years, which of the following statements do you feel is more likely to occur? doing about it? Don’t know We plan to move experienced employees from our home 53 16 We plan to move experienced employees from newer 31% market to newer markets to circumvent skills shortages markets to home markets to circumvent skills shortages Businesses are once again investing We plan to develop and promote most of 67 24 We plan to recruit more experienced talent 8% our talent from within the company from outside the company heavily in attracting and retaining We plan to primarily recruit local talent We plan to move more talent across borders 70 19 11% talent, and it is increasingly wherever we have market needs to fill market needs % apparent that companies need Agree with statement Agree with statement to better align their people and business strategies going forward. Base: All respondents (1,258) As part of this effort, CEOs are Source: PwC 15th Annual Global CEO Survey 2012 closely integrating HR with business planning at the highest levels of the company: 79% of CEOs say the chief human is one of their direct reports (most have ten or fewer direct reports). Two-thirds also say it’s more likely that talent will come from promotions within their companies over the next three Baba Kalyani Chairman and Managing Director, Bharat Forge Ltd, India focus on talent development. Andrey Kostin President and Chairman of the Management Board, JSC VTB Bank, Russia 15th Annual Global CEO Survey 2012 – Executive summary 13
  14. 14. A minority of CEOs get comprehensive reports on their workforce 12. What do CEOs hope Q: When making decisions, how important is it to have information on each of the following talent-related areas? to do more of? For those areas that are important to you, how adequate is the information that you currently receive? 100 % of CEOs who believe the relevant information is important or very important CEOs are seeking a better understanding of the scale and 80 effectiveness of their investments Information Gap: Percentage of CEOs CEOs believe in talent. Productivity and 60 information is important but labour costs remain important don’t receive comprehensive measurements; these are the tools reports 40 investors, lenders and businesses use to benchmark progress (or lack of it). They are largely standardised 20 in many industries, and thus easy to implement. 0 Costs of Return on Assessments Labour Employees’ Staff employee investment on of internal costs views and productivity Yet for many CEOs, those tools turnover human capital advancement needs aren’t enough. They’re very good Do not receive information at telling a CEO how the business Not adequate Adequate but would like more is performing today relative to its Information received is comprehensive peers, but not at indicating whether the organisation is investing Base: All respondents (1,258) enough in employees to generate Source: PwC 15th Annual Global CEO Survey 2012 future growth. Such measurements cannot isolate skills gaps, and struggle to identify the pivotal jobs that drive exponential value; they do not measure employee engagement or team performance, Zsolt Hernádi both of which are so critical for Chairman and CEO, MOL Plc, Hungary investments to foster innovation to bear fruit. These measurements are much harder to make, which is one reason why they’ve been neglected and why today, so many CEOs are frustrated with the issue of talent. Rohana Rozhan CEO, ASTRO Malaysia Holdings, Malaysia14 15th Annual Global CEO Survey 2012 – Executive summary
  15. 15. Most CEOs plan to increase their investments in skilling the workforce13. Are they also Q: How much does your company plan to increase its investment over the next three years to achieve the following outcomes in the country thinking outside in which you are based? the box? Creating and fostering a skilled workforce 71 Maintaining the health of the workforce 61 Investments to bridge talent gaps Ensuring financial sector stability 41 in strategic plans don’t stop at Securing natural resources that are critical to business 39 the four walls of the company. Improving the countrys infrastructure 37 CEOs recognise that talent is vital to competitiveness at a time Reducing poverty and inequality 37 when business success relies Addressing the risks of climate change and protecting biodiversity 36 increasingly on knowledge capital % and innovation capacity. So most Respondents who stated ‘a significant’ or ‘some increase in investment’ are making direct investments Base: All respondents (1,258) in workforce development Source: PwC 15th Annual Global CEO Survey 2012 programmes outside their own companies. Just over half say they are investing in formal education systems and adult or vocational training programmes. Talent shortages are also increasingly an issue for governments, with more competing to attract the world’s Tom Albanese best talent to their shores. Chief Executive, Rio Tinto, UK Close to half of CEOs (47%) believe that fostering a skilled workforce is one of three top priorities for their governments. Jaime Augusto Zobel de Ayala Chairman and CEO, Ayala Corporation, The Philippines 15th Annual Global CEO Survey 2012 – Executive summary 15

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