PhosAgro CEO Andrey Guryev Takes Part in Skolkovo Conference on Business Sustainability Scenarios During a Crisis

MOSCOW, April 2, 2020 /PRNewswire/ -- PhosAgro CEO Andrey Guryev took part in an online conference hosted by the Skolkovo business school on sustainability scenarios for large businesses during crisis situations.

The moderator Evgeny Kaganer, Dean of Academic Affairs at the Skolkovo Moscow School of Management and a professor at the IESE Business School, discussed the impact of the coronavirus pandemic and market volatility on the activities of large companies with Ruben Vardanyan, an investor and entrepreneur, and with Mr Guryev, who is also the President of the Russian Fertilizer Producers Association.

"We are now, for the first time, in a new crisis that still needs to be acknowledged. This is a crisis on a global scale; this is a versatile, multifaceted crisis that is happening to everyone at the same time. In this sense, what makes it unique is not the fact that it is the most serious or most profound crisis, but that it is happening on all fronts simultaneously. With this in mind, how businesses conduct themselves, how they make decisions and respond to the crisis must be suited to the reality of the situation," said Mr Vardanyan.

He noted that the current situation poses four challenges for businesses at once: the need to adapt to strict quarantine measures, the onset of negative economic and social consequences on the ground, the possibility of a long-term global recession and the acceleration of new economic trends, such as the digitalisation of business processes.

PhosAgro's Mr Guryev stressed that the world has entered "into unknown and uncharted territory, where things that previously seemed unimaginable and impossible now appeared to be necessary and effective measures."

He spoke about the rapid implementation – in cooperation with local and regional authorities – of quarantine measures in the cities where the company operates: Cherepovets, Kirovsk, Apatity, Volkhov and Balakovo.

"The sooner we take the necessary measures, the faster we will get out of this crisis situation and the less severe the consequences will be. These rather stringent measures are absolutely vital to stopping the spread of the virus," said Mr Guryev.

He added that in a crisis, the key to the sustainable operation of any large company is preserving all the links in existing supply chains. In this regard, large companies should have operating regulations in place in case of the development of any sort of epidemiological situation, as is the case at PhosAgro. Redundancy schemes need to be worked out for key personnel involved in ensuring the uninterrupted operation of production facilities. In developing these schemes, companies should take into account the successful experience of businesses in those countries that were first hit by the epidemic: in China, South Korea, Singapore and Hong Kong.