Without question, we’re on the cusp of some major changes in the society and the economy. INSOL San Diego 2024 made me realise the sheer scale of these and impact they could have on us personally, professionally and socio-economically, but also the potential opportunities these could create for R3 and the profession.
Attending the conference also brought home just how large a constituency R3 is within INSOL International. The circa 3,000 members of R3 who have membership of INSOL International as part of their R3 membership make up about a quarter of INSOL International’s total membership and mean we’re the biggest association in terms of members within INSOL International. This, coupled with the recognition and respect the UK profession has from its international counterparts, meant there was a lot of interest in our insight and experiences from other delegates throughout the conference.
There were also a lot of opportunities for us to learn from the other member associations in attendance, and that became clear at the Member Associations Roundtable held on Day 1 of the conference. This was attended by counterpart Association CEO’s and Presidents from countries that included Canada, Australia, Finland, Ghana, the Caribbean offshore territories and China (who officially joined INSOL International during the conference). Each association that took part was at a different stage to R3 in its evolution, and it was fascinating to learn how each of them has approached and evolved the delivery of services to their members and the rationale behind the way they’ve decided to deliver these.
We had a number of group and one-on-one discussions with other Associations during the Roundtable and the conference itself, which we’ll build on in future meetings and at further roundtables scheduled throughout the coming year.
What I also took from the roundtable was how member associations are positioning some of the work they do for members. Not all member associations consider themselves ‘lobbyists’, and in some jurisdictions the associations are set up in such a way that lobbying is not within their aims. Instead, where there was common ground – an international community of ideas – is that fundamentally member associations are about advocacy and education. This speaks to R3’s values and the focus of my own top priorities for my term of office. However, R3 is very proud of its history of political engagement and its lobbying achievements on behalf of the profession, so for us (and some similar associations) lobbying will remain a strong part of what R3 does on behalf of our members.
Alongside our lobbying work we will continue to advocate for the profession. Advocacy was at the heart of why we were set up in 1990 and what we truly seek to do through that work is promote the value of the contribution you, our members, make to society and the economy and to emphasise your insight and expertise – not just with Government, but with the media, the business community and organisations who support businesses and individuals who are either in, or affected by, financial distress. In a world that’s rapidly changing, that advocacy piece will be more important than it ever has been.
There are going to be significant evolutions in technology over the next ten years that will change the way we work and live – indeed these are already happening, as we explored as part of the conference programme in St Andrews. The Industrial Revolution lasted two centuries, the information revolution has lasted a little more than 50 years, but we’re now in an augmented age – one that’s led by digital technology – and as one speaker noted at San Diego, in another decade or so, the way we do work now will be unrecognisable then in ways we may find difficult to imagine.
Another key learning from the conference was that the global economic centre of gravity is likely to grow more towards Asia and Africa with a prediction that there will be around 2.4bn middle class consumers in these parts of the world by 2030. That shift in economic production is bound to have an impact on insolvency and restructuring as businesses either move or expand to match this shift in demand, and as the market evolves, there’s a likelihood that these territories will become a growth area for the profession.
Sociologically speaking, we’re in for yet more change in the long-term. One speaker at the conference predicted that births will be outnumbered by deaths come 2064. This is going to be slow change, but an inevitable one and will have consequences for people, a range of different industries, and Governments as we get closer to the 2060s.
So what were my key takeaways from INSOL International San Diego 2024?
- It’s incredibly beneficial for the global profession to come together, share experiences and discussing the issues we’re facing; they will affect us all, wherever we practice.
- Change is coming – in my view it will be huge and significant. We need to be ready to adapt rather than react (although that is something our profession is very used to), and conferences like this and the R3 annual conference provide signposts into the global issues that will affect the profession in the medium to long-term.
- The global insolvency and restructuring profession wants to engage with R3 and our members. They’re keen to learn from our expertise and insight and share theirs with us, and if we’re not present at events like this, we miss out on the opportunity to capitalise on this and make sure the UK has a voice in the global debate on the future of the profession and the issues that will shape it.
And the final takeaway for me was a quote from the “Tomorrow’s World” panel:
“We’re traditionally problem solvers. We have the toolsets and the skillsets and readjustment is in our mindset – the key to adaptability. We are a people business that rely on relationships where our networks are important. Our networks our with chief executives, management, industries, regulators, governments, fellow professionals and trade associations. We have to keep learning and keep going through the educational process. It never ends, but that’s what we’re best at.”
I can’t find anything that sums up the future and the future potential of the profession more aptly – or that’s more in agreement with the key takeaway from this year’s R3 Annual Conference.
