At the World Economic Forum that winds down today in Davos, Switzerland, senior partner at Milligan-Whyte & Smith, Mrs. Lynda Milligan-Whyte, spoke on the issue of "education and self discovery''.

She said: "Leadership is about grasping the hearts and minds of the people you work with and developing a sense of community.'' She said that corporate leaders, challenged by the impact of the information revolution and globalisation, must spark creativity and dynamic change which can only be accomplished by setting the strategy and values of their companies.

And such value systems naturally extend from a CEO's own sense of obligation, responsibility and spiritual connection.

The seminar on executives and ethics dealt with the fact that corporate leaders were realising that successful business is not exclusively the result of smart operation strategies.

But personal values and the way they translated into the corporate culture have a significant effect on both the well being of the employees and the bottom line.

The seminar moderator, Ms Julia te Velde, said "The key to producing excellence in any organisation is in balancing material and intangible values.

Business leaders are being urged to pursue their own personal growth which will, in turn, allow them to connect with and better understand employees and partners.

They will then be able to create a culture in which caring for people and the environment, empowerment and responsibility and quality and efficiency play equal parts.

The conference also heard from Mr. Richard Bartlett of the Mary Kay Corporation, who discussed the dramatic increase in profits and share value at the Mary Kay Corporation. He said they are direct results of strong corporate culture and value system, which the company's leadership not only talks about, but puts into action.

Their mission statement talks of providing women with the opportunity for financial independence and personal development. Executives "manage by values'' such as integrity, service, quality, praise, enthusiasm and teamwork.

Mr. Bartlett said he meets with new employees, designing personal development programmes which are reviewed yearly.

An informal but consistent mentoring system as well as rewards for personal growth and balanced, self-sufficient lives are integral parts of his learning organisation.

He said that as a result, 92 percent of the employees understand the corporate vision, 90 percent understand the values, 89 percent identify Mary Kay as a desirable place to work and 75 percent feel committed to the company.

Mr. Bartlett added that the turnover rate is low and the growth rate and value of the company continues to increase.

Communication tools and reward policies help to communicate values. And, applying those values within the corporate world is most important.