Editors Note: Keith B. McMullin, CEO of Deseret Management Corporation, which owns the Deseret News, was recently elected chairman of the Salt Lake Chamber's board of governors. We are pleased to present his inaugural remarks delivered at the Chamber's annual meeting.
When the Salt Lake Chamber was organized 129 years ago, a convener of business interests was needed. The late 1800s and early 1900s was a time of great divide demanding accommodation and leadership from the business community. Those early commerce pioneers helped to establish common ground among increasingly diverse groups that began to inhabit the Salt Lake Valley — laying the groundwork for a prosperous society and state.
Seventy-two years after the inception of the Chamber, on March 4, 1959, House Bill No. 35 officially made "Industry" our state's motto. At that same time, the beehive was adopted by the Utah Legislature as the state emblem. Both of these represent the virtues of thrift and perseverance. The beehive in particular represents the importance of unity — working together to develop a great home. The reality though, is that without the bees, a hive becomes an empty shell that does not yield honey.
Dee Hock, founder of Visa Inc., who, by the way, was from Utah, is quoted as saying, "An organization, no matter how well designed, is only as good as the people who live and work in it."
Hock, in that quote, explains why Utah is such a great place to live and to do business. In his words, "it's because of the people that live and work in it." I strongly believe that the mores that make up our wonderful community are the reasons for our success.
My vision for the future of the Chamber is that we continue to build on the legacy of success that permeates this organization.
Much of my life has been spent advocating those principles that point people to a better way of life. In my view, this is basic to the purposes of the Salt Lake Chamber as well. Chamber initiatives and successes demonstrate that working together is more fruitful than striving alone, that diverse views shaped into a common cause and carried forward by many through united effort accomplish more than a single point of view pursued with gusto. Rooted in correct principles, communities that serve together prosper together.
There is an irrefutable connection between business, the economy and home. Indeed, the strengths and the economy begin "at the kitchen table." It is in this setting that one sees most immediately the benefits of frugality and the follies of debt. It is in this environment that the ethics of work and self-betterment are born and nurtured. The home is the seedbed for good leadership and the "can do" spirit of entrepreneurialism. It is the beginning place of social stability, upward mobility and economy growth. As the business community, we have a vital interest in the well-being of this sacred institution, the family circle.
The Chamber strives to ensure that sound principles precede causes. There is an abundance of causes in the world. Utah's progress, however, rests on tried and true principles — principles such as free enterprise, work, service, truth and integrity to name but a few. Our heritage brings us back to these fundamentals time and time again. As a business community and as a society, there is safety in understanding the principle before embracing the cause. This is a duty the business community owes to each rising generation.
The need for sound leadership and unity has never been more acute. Mass media and instant communication bring tremendous benefits, but one of them is typically not in-depth understanding. Confusion is fed by "sound bites"; contention is nurtured in the crucible of shallow thinking; and the lack of accountability can bring out the worst in society. On the other hand, sound business practice values longevity. Good investments require long-term thinking, and good business is about good investments. As business leaders, it is our privilege and duty to apply a steady hand and united voice when whims emerge. People generally do not find fault with good judgment, but they rarely if ever forget folly.
We will continue to provide leadership on key policy issues such as making education, employment and upward mobility realizable for the many; providing a "hand up" for those who find themselves homeless, afraid and desperate; investing in the essentials that will keep Utah the No. 1 state in the nation to do business.
This is the "Utah Way." It is our way. We shall not want to do less. As a Chamber, we strive to bring out the best from business and government. We enable the business community to connect and grow and prosper together.
We hold to the standard of impeccable ethics in government and in the business community.
Salt Lake is a great American city. When Utah was first settled, General Taylor said that it sits "on the backbone of the continent." In this world of ever-changing mores, Utah can and should provide "backbone" to others when such is needed.
President Abraham Lincoln reportedly observed: "Utah will yet become the treasure-house of the nation." Natalie Gochnour speaks of Salt Lake becoming the "Wall Street of the West." These visions can be accomplished in harmony with the finest traditions in this state.
This Chamber has a strong record of success. I am proud to be a part of it, and I look forward to working with all of you in enabling this state to be the treasure trove of wisdom, leadership, and sound economic principles for America and other nations of the world.
Keith B. McMullin is CEO of Deseret Management Corporation. He is also chairman of Salt Lake Chamber's board of governors. He previously served as second counselor in the Presiding Bishopric of The Church of Jesus Christ of Latter-day Saints.