Ladies and Gentlemen, good evening! I'm delighted to be back in Switzerland. This is a little like Déjà vu, the last time I was in Switzerland I was in Zurich speaking at a British Swiss Chamber of Commerce dinner as well!

This time I'm here to visit CERN to visit the 26 UK companies participating in our bi-annual UK@CERN trade show. CERN is in its 50th Year and it's a privilege to be able to hold this British show in the middle of the celebrations.

Through events like "UK@CERN", I hope that more and more British companies will realise what good business opportunities there are at CERN.

I'm confident this will happen, because the business relationship between Britain in Switzerland is complementary. The volume of two-way trade is much bigger than people realise. We are huge investors in each other's economies: ranking fifth worldwide in each direction. Switzerland may not be one of the largest countries, but it is a global player - industrially, financially and in research and technology.

My visit here is in two parts. Tomorrow is all about business and science, tonight is about business and society - specifically this evening's dinner which comes after a very important conference about Corporate Social Responsibility (CSR), and how to build bridges between globalisation and its critics. And I am a firm believer in a globalised economy.

There is scarcely a more important topic for the sustainability of business today. It's a subject that can generate a lot of hot air. My country, I believe, has a lot to offer in bringing the issue to a wider and in tune audiences around the globe - by sharing our practical experience of CSR in action.
I applaud this afternoon's conference, organised by the British Embassy, called "CSR into Action". I want especially to thank the Philias Foundation, along with Business In The Community, for supporting this initiative to present some UK business models to a Swiss and international audience.

There's no better place to talk about CSR than Geneva. CSR is equally relevant to bankers, businessmen, UN officials and members of NGOs - and we all know how many of those there are in Geneva. Indeed, Geneva has never been shy about addressing the world's big issues.
We all know that many UK companies have adopted socially responsible practice, for one simple reason, it is fundamentally good for business. The world changes and as it does so too social and environmental expectations change. Companies must reflect public values, be they new or old fashioned in order to survive.

This means we must all look at the impact we have on the world around us - to maximise not just short-term profit, but the long-term stability of our companies and the social benefits that business must achieve if it is to retain the support of the wider community.

CSR is not just philanthropy - valuable though that is. If there's one thing we've learnt in recent decades, it's that market-based mechanisms have a vital role to play in solving global problems, such as poverty and environmental degradation. As business becomes ever bigger, so does the part it plays in turning private interest to public good.

Whilst I have already said I completely agree with a global market and a global economy which will improve all our standards of living; the implications for firms that simply ignore our wider situation and want to turn a quick buck without any thought of the consequences can be complex and very serious. When, for instance, the British Government announces that Africa and global warming are to be the two top priorities for its Presidency of the G8 next year, how are firms supposed to respond?

For the ordinary businessmen who are trying to ensure their companies day to day survival, issues such as corruption, global warming or child labour can seem daunting. Some might be forgiven for saying, literally, "it's none of my business". What is the meaning of "responsible business practice"?

CSR can help business find a way through this maze, through partnership with like-minded organisations and bodies that have specialised expertise and influence.

What is it that Business needs? It certainly does not need a lot of rhetoric. But a toolbag of practical measures that can be implemented in a reliable and low-cost way is what is being sought after. Some of you have heard examples at today's conference of best practice in Switzerland and the UK.
I have learnt that one of a business's biggest assets is its reputation. It takes a long time to build trust and no time at all to lose it. There are some spectacular recent examples of those who have lost theirs. Shareholders are taking an increasing interest in how companies behave at home and overseas. Whether as consumers or citizens, they want firms to demonstrate how they value their employees, customers and suppliers. More people demand to know what commercial behaviour lies behind the goods they buy.

For a company, setting decent standards and an example to others needn't just be a PR exercise. It can enhance the brand and build a loyal customer base at the same time as tackling difficult social issues.

CSR can also have a positive impact on a firm's own staff. Most people want to feel proud of the organisation they work for. In a recent survey, 2 out of 3 graduates said a company's reputation would influence their decision to apply for a job.

Most if not all companies now know it affects not just recruitment but also retention, motivation and productivity - all of which influence the cost of doing business. How you value your people and how you treat your customers, your suppliers and your environment are not mere add-ons they must be core business. It certainly was core to the Royal Navy.

There are other aspects of CSR: Community investment programmes are one way firms can contribute, supporting staff who want to donate their time or professional expertise to charitable and social causes. Marks & Spencer and Nestlé are two innovative firms in this area. People who get involved become great advocates for their employers. They also bring back new skills and insights to the workplace. Firms also benefit from the new networks formed and market opportunities opened up.

In Britain, about one in five employees work for companies supporting volunteer schemes. Two-fifths of their employees participate. That makes around 1.5 million people in England and Wales. They contribute about 100 million hours of work a year, worth over £1 billion.

CSR covers a multitude of issues, health and safety, labour rights, environmental protection, supply chain management, community relations to list just a few. Which issue is critical to you depends on the type of business you're in. But making use of the CSR toolbag isn't a job for specialists, or the preserve of big companies.

In the UK, we aim to spread understanding, experience and skills in CSR right across industry the aim is to help integrate socially responsible practice into day-to-day business.

The business links between Switzerland and The United Kingdom are underpinned by great mutual affection. We are both now more aware of our wider situations and whilst I was going to say this is based on the dissimilar character of our two countries: landlocked, Alpine Switzerland and Atlantic, seafaring Britain. But I was reminded that the world was rather more topsy turvy than in recent memory because after Alinghi's success in the Americas Cup, I must watch what I say about maritime nations.