BT's Vallance: Why it's good to talk
His life appears to be the archetypal Oxford success story: going from a BA at Brasenose to Chairman of BT in just 22 years. But was Oxford the key to his success? "No, for me this was not the main factor" commented Sir Iain Vallance, who addressed the European Affairs Society last Tuesday.
Vallance, who is also vice chairman of the Royal Bank of Scotland and an advisor to the New York Stock Exchange, sees luck as a more important factor in his success, claiming: "I was in the right place at the right time..... Success," he continues, "comes through a combination of luck, skill and application; and I had a lot of luck along the way".
"Politicians tend to see Europe as populated by devils and angels, whereas businesses treat them as potential customers and shareholders" stated the forthright Vallance who perceives the equilibrium between politics and economics to be changing. "Business has moved beyond considerations of profit and loss while politics is becoming increasingly managerial. Political arguments centre on who can best hit the targets and provide the best value for money." Vallance was delighted to accept the invitation of the European Affairs Society because he wanted to redress the balance of past speakers - especially that between top politicians and businessmen.
Vallance nailed his colours to the mast with regard to salient political issues such as the Euro, disassociating himself from the kind of politics which he condemns for "distilling opinions into soundbites". Rejecting the Euro-sceptic trends in Britain Vallance established that he "supports joining [the Euro] when the conditions are right at the soonest time." Since the UK missed its first chance to join EMU, Vallance finds it difficult now to judge when the "soonest time" will be. According to him the weakness of the Euro does not justify Euro scepticism. "The British always accentuate the negative.....realism not romanticism should shape the Europe of the 21st century" demands Vallance. He also warned that the tendency to find fault with every new development is unhealthy. After all "cynicism corrodes competitiveness".
Vallance as head of a major global player in the rapidly changing telecommunications market compares the internet to "a building site; an unfinished business for which the legal framework, copyright and fiscal provisions need yet to be developed". He claimed that while the USA are plumbing the information highway, Europe is focusing on the information society. Vallance maintains that "although currently the US leads the market, Europe can catch up especially through its small and medium enterprises.
When asked about the relevance of reading English for a career in the business world, the Oxford graduate highlighted the fact that "English is about communication and so is BT". However, he concedes that his MBA from the London Business School has been more helpful than his first degree. Clearly he is a first class businessman, but did he get a first class degree at Oxford? "Absolutely not" replied Vallance, the holder of nine honorary degrees, emphatically.
Success has its costs as well as its benefits. Vallance's numerous commitments result in a massive workload. He admits that "it is difficult, but not impossible" to find time for his family and relaxation. "You have to be very disciplined" Vallance has learned. The fact that his home in Scotland is "very much on-line" enables him to work away from the office. In doing so, he lives what looks to become the norm of work in the future.
27th Jan 2000