I've just attended the inaugural lecture in a series hosted jointly by CIMA and Tomorrow's Company, the agenda setting 'think and do' tank.  The Tomorrow's Value lecture series invites some of the most senior figures from the global business world to explore what we mean by value in the wake of the financial crisis that has led many to question the fundamental basis on which the market economy operates.

Stephen Green on value from values from CIMA Global on Vimeo.

If the series continues as it started this evening, we are not going to be disappointed.  Responsible for running one of the world's leading businesses, Stephen Green, Chairman of HSBC and author of Good Value: reflections on money, morality and an uncertain world, was uniquely placed to give the first lecture on Value from Values.

He drew attention to the pervasive breakdown of trust in business in Europe and the US - but, interestingly, not in Asia - and suggested that we should ask why this is so.

In the wake of the crisis, Stephen was heartened by the rise of the G20 as a prime focus for learning the lessons and leading the way into the future.  It had, he noted, displayed an extraordinary degree of unanimity over the past couple of years.

But is there an alternative to the market economy?  Not in his view - but we have a challenge to find a way forward.  It is a bit like Sir Winston Churchill's views on democracy - probably the worst system invented except all the other ones.  However,it is better to struggle with the questions of what is the purpose of business and work out how to achieve long-term sustainability rather than throwing up one's hands in despair and descending into cynicism.  He acknowledged that markets could be very destructive, but they could also be powerful engines of social and economic development as he had personally witnessed, living in Hong Kong in the 1980s and 90s.

In essence, he explained that long-term business success boils down to common sense.  You need a profitable, sustainable business model, but to support this, you need sustainable customer relationships and engaged, committed employees. In turn, both customers and employees demand a more responsible approach to the community.  And this all hangs together as an integrated whole.  If this sounds like a tall order, Stephen injected a note of realism by adding that no company can expect to get this right all the time.

He also had some interesting views on how the organisation should embody its values.  First, there needs to be a hard-headed examination of the organisation's business model and purpose.  Secondly, it is important to understand the role of the brand as a vehicle for embodying the essence of the organisation.  And finally, the organisation needs to be able to deal with imperfection and the inevitable gap between aspiration and reality.  It is a never-ending job.  Leadership by the board with a clear understanding of the organisation's purpose with a long-term focus is essential.  Regulation is necessary, but it cannot be sufficient as it is not possible to devise rules that create good behaviour.

In summary, in Mr Green's view,we are at the early stages of the debate as to how the market economy can be our servant - and not our master. 

For more about the lecture programme, go to www.tomorrowsvaluelectures.com.