Agefi Luxembourg - décembre 2025

Décembre 2025 41 AGEFI Luxembourg Droit / Emploi ByWilliamLindsay SIMPSON, President of the Conférence Saint-Yves (Luxembourg Catholic law society) T he book “Enlightened Lea- dership” writtenby the cur- rent PrimeMinister of Bhutan offers lessons onhumble, service-oriented leadership and re- thinking prosperity (1) . Introduction: reflections onTshering Tobgay’s “ Enlightened Leadership ” AHimalayan alternative toWestern dis- illusionment. Theendoftheyearoftenen- courages a step back, a moment to pause and reassess the themes that preoccupy Western societies: ecological collapse, democraticfatigue,thecrisisofpoliticalle- gitimacy, and the erosion of spiritual ref- erence points. An unexpected voice from theHimalayas offers a remarkably coher- ent alternative. That voice is Tshering To- bgay, Prime Minister of Bhutan, whose recent book Enlightened Leadership (Pen- guin Books, 2025, pp. 1-274) has received growing international attention. Far from being a mere political memoir, the work blends historical narrative, geopolitical analysis, reflections on governance and Vajrayana Buddhism. Asmallkingdomconfrontingglobalchal- lenges. BhutanisasmallHimalayanking- dom,roughlythesizeofSwitzerland,with apopulationcomparabletoLuxembourg. Nestled between India andChina, two of the world’s most populous nations, Bhutan’s economy relies on hydroelectric power and carefully managed tourism, followingtheprinciple “highvalue,lowvol- ume” .Whilethecountrywasslowtomod- ernise, it now has full access to new technologies.Yetmajorchallengesremain, including managing rapidly melting Hi- malayanglaciers andyouth emigration. Prosperity and Leadership. Can a small Himalayan kingdom teach societies how to face ecological and political fa- tigue? Tobgay’s answer is clear: yes - if we are willing to rethink our assump- tions about prosperity, governance, and human fulfilment. This reconsideration begins with a concept inseparable from the country’s identity: Gross National Happiness (GNH). BeyondGDP: Happiness as a political compass A paradigm rooted in a single royal sen- tence. GNHisnoordinaryeconomicindi- cator. It was introduced in the 1970s by Bhutan’s fourth king who said to a jour- nalist that “for Bhutan, gross national happi- ness is more important than gross national product” .Theconceptevolvedintoapolit- ical project and later a constitutional prin- ciple,measuringanation’ssuccessnotjust by material wealth but by quality of life, psychological well-being, and environ- mental balance. GNH as the country’s “organic DNA”. AccordingtothePMofBhutan,happiness isnotmerelytheimmediatesatisfactionof materialdesires,asoftenunderstoodinthe West. It is a sustainable state, grounded in life’s purpose, harmony with others, and connectionwith nature - what he defines as “sustainable happiness and contentment” . GNH embodies a holistic conception of prosperity,integratingmaterial,social,cul- tural, and spiritual aspects. Economic growth is meaningful only if it fosters inner peace, social cohesion, andenviron- mental stewardship. A policy tool with concrete effects. This approach is operational: all Bhutanese public policies undergo a standardised GNH impact assessment, evaluating ef- fects on well-being, health, culture, and the environment. Further, Bhutan relies almost entirely on hydroelectricity pro- ducing renewable energy. In addition, the country actively protects its cultural heritage by promoting its national lan- guage the Dzongkha, supporting local traditions, and preserving its distinctive architectural style. It is noteworthy that Bhutan is currently developing a new city, Gelephu Mindfulness City (GMC) described by Tobgay as a “GNH 2.0” project.GMCis envisionedas analterna- tive to Dubai or Shenzhen with low-rise buildings made from natural materials, integrated into the forest, and fully re- spectful of the environment. The GNH framework also offers a com- pellingalternativetocurrent CorporateSo- cial Responsibility (CSR) or Environmental, Social, and Governance (ESG) approaches. Tobgay observes that companies recog- nisetheimportanceofsuchstandardsbut he stresses that “CSR and ESG initiatives arefrequentlytreatedasmerechecklists,away todemonstratetoemployeesandcommunities that ‘good’ is being done”. He further men- tions that “by internalising these initiatives, making them part of the company’s DNA, their impact can be magnified”. In his book, Tobgay outlines seven prin- ciples - includingholistic understanding, inclusivity, and adaptability - for adopt- ing GNH, aiming to help businesses move from maximising profits to enhancing the well-being of employees, communities, and the environment. In a recent interview for The Guardian , he emphasizes that “ even with our limited resources and huge geographical challenges, we have managed to prioritise climate action, social progress, cultural preservation and environmental conservation because the hap- piness and wellbeing of our people and our futuregenerationsisatthecentreofourdevel- opment agenda ” (2) . Power anddemocracy: a language of service and authenticity A tone unfamiliar to Western political culture. One of themost strikingdimen- sions of Enlightened Leadership is its vo- cabulary. Tobgay avoids themanagerial jargon andperformative rhetoric typical of political discourse. Instead, he speaks of compassion, sincerity, responsibility, and service - terms that may sound un- familiar in Western political arenas, yet appear entirely coherent within the Bhutanese context. Power as service, not privilege. An in- teresting feature of Bhutanese contem- porary history is that its monarchy willingly reduced its own power. The transition to democracy in 2008 was not the result of rebellion, foreign pressure, or crisis; it was an initiative of the king himself. At his coronation, the fifth king proclaimed: “ throughout my reign, I will never rule you as a King. I will protect you as a parent, care for you as a brother, and serve you as a son. I shall give you everything and keep nothing ”. For Tobgay, this is Bhutanese leadership: power offered, not wielded; authority that protects and uplifts. He further emphasizes that “the essence of democracy is not about the system itself, it is about serving the needs of the peo- ple [and shall be] a conduit for societal im- provement” . Legitimacy through example. The book highlights the radical simplicity of Bhutanese power: the civil service is strictly neutral, and the king lives mod- estly.He owns nopersonal fortune, trav- els commercially while engaging with passengers, andresides ina simplehome far fromlavishpalaces. InBhutan, power is service, not privilege. This sobriety is not cosmetic. It is a political philosophy: the belief that authority derives fromex- ample, not privilege. In a global context marked by growing distrust toward elites, theBhutanesemodel offers anun- expected reminder that credibility is in- separable fromhumility. The geopolitics of small states: Bhutan and Luxembourg An inverted mirror of Western moder- nity. Through Tshering Tobgay’s narra- tive, Bhutan appears as an inverted mirror of our societies: a country where modernity has not erased spirituality, where development is not reduced to growth alone, andwhere power is exer- cised as a form of service. Despite the challenges it faces, Bhutan reminds us that another path is possible - one of measured and profoundly human progress, where words carryweight be- cause they alignwith actions. Mutual inspiration. Despite their radical differences, Luxembourg and Bhutan share common challenges. Both are small states, surrounded by powerful neighbours and acutely aware of the need to preserve their identity. Thus, Luxembourg protects its official linguis- tic system, built on trilingualism (Lux- embourgish, French, andGerman), and actively promotes the Luxembourgish language. Bhutan, for its part, has intro- duced tourist quotas to shield itself from the harmful effects of overtourism (such as those observed in Nepal) and regularly requires the wearing of tradi- tional dress (the gho for men and the kira for women). Tobgay recalls: “ as a tiny nation sandwiched between two giants, it is even more imperative that we keep our unique cultural signifiers alive ”. The twocountries are alsoyoungmonar- chies (withmonarchs in their forties), are coveredwith forests, andbothhave even been influenced by the Jesuits. Each has developed its own areas of excellence: Luxembourg with its financial centre and thehostingof European institutions, Bhutan with high-end tourism and hy- dropower. These experiences highlight concrete ways the two countries can in- spire each other. Fromgreen finance toGNH-inspired city planning . GNH and the humility of Bhutanese leadershipcan inspireLuxem- bourg’sfinancialcentreasitdevelopsinto aglobalhubforgreenfinance.Conversely, Luxembourg illustrates howa small state can transform a geographical constraint into a strategic advantage, becoming api- oneer in finance and a regulatory labora- tory whose practices could inspire the economic framework of theGMC. On 23 April 2026 , the Conference Saint- Yves and the Luxembourg Association for Environmental Lawwill host an event at the National Library of Luxembourg dedicated to green cities, featuring a presentation high- lighting the GMC project and its principles inspired by GNH. 1) See also the article published in the d’Letzeburger Land (William Lindsay Simpson, « la prospérité autrement»,décembre2025).Manythanksforthe “enlightening”commentsofM.Ducorroy,P.Sarrat andW.deKechilava. 2) See the article “Bhutan PM on leading the first carbon-negativenation:‘Thewellbeingofourpeo- ple is at the centre of our agenda”, The Guardian , 18.11.2025. Bhutan’s “ Enlightened Leadership ”: lessons on prosperity and governance Archive (January 2025): Tshering Tobgay, PrimeMinister of the Kingdomof Bhutan; Xavier Bettel, Deputy PrimeMinister, Minister of ForeignAffairs and Foreign Trade, Minister of Cooperation and HumanitarianAction ©SIP /EmmanuelClaude L e 1 er décembre 2025, la Chambre de Commerce du Luxembourg a ac- cueilli une nouvelle édition des En- trepreneurs’ Days, organisée par la House of Entrepreneurship. Cette fois, l’événe- ment était consacré à une étape cruciale du parcours entrepreneurial : la transmission d’entreprise. Placée sous le thème « Passer le flambeau, saisir l’opportunité », cette rencontre a permis d’aborder les enjeux hu- mains, financiers et juridiques liés à la ces- sion d’activité, dans une ambiance propice aux échanges et à la réflexion. Dès l’ouverture, Stéphanie Damgé, Directrice Entrepreneurship à la Chambre de Commerce, et Lex Delles, ministre de l’Économie, des PME, de l’Énergie et du Tourisme, ont souligné l’impor- tance d’une transmission bien préparée, tant sur le plan stratégique que personnel. Le ministre a également annoncé le lancement d’une nouvelle aide destinée aux cédants, intitulée « Ready for Transfer », conçue pour les accompa- gner dans la préparationde leur transmission. Leur message a donné le ton à une après-midi structurée autour de témoignages, de conseils pratiques et de discussions entre experts et entrepreneurs. La keynote deNathalie Brognaux amis en lumière la dimension humaine du processus de transmis- sion, en insistant sur la nécessité de transmettre plus qu’un actif : une vision, une culture, une res- ponsabilité. Cette intervention a été suivie d’une table ronde réunissant des figures emblématiques du monde entrepreneurial luxembourgeois, telles que Betty Fontaine, Jacques Lorang, Laurent Decker et Jan Brosius. Ensemble, ils ont partagé leurs expé- riences de cession ou de reprise, évoquant les défis rencontrés et les solutions mises en œuvre. Des interventions ciblées ont ensuite permis d’ap- profondir les aspects techniques de la transmission. Gauthier Gosselin a présenté les conditions d’un duo gagnant entre cédant et repreneur. Laurent Muller a abordé la question de la valori- sation d’entreprise, tandis que Sacha Thill, Henri Prijot et Jean-Philippe Drescher ont détaillé les implications juridiques et fiscales. Enfin, une dernière table ronde animée par Philippe Augustin, Johny Basher, Augustin Bascuas et Christophe Stein a exploré les outils de financement disponibles pour accompagner une transmission réussie. La journée s’est clôturée par un moment de net- working et une session de matchmaking, favo- risant les échanges entre participants, interve- nants et partenaires. Ce temps convivial a per- mis de prolonger les discussions entamées durant les sessions et de créer de nouvelles connexions professionnelles. Cette édition a rassemblé un nombre de 186 participants, témoignant de l’intérêt croissant pour les enjeux de transmission au Luxembourg. En offrant un espace de dialogue et d’expertise, la House of Entrepreneurship a une fois de plus affirmé son rôle central dans l’accompagnement des entrepreneurs à chaque étape de leur parcours. Source : Chambre de Commerce « Passer le flambeau, saisir l’opportunité » ©ChambredeCommerce