Can Purpose Deliver Better Corporate Governance?
October 28-30, 2020Online, 15:45 CET
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In the context of the pressing shareholder vs. stakeholder capitalism debate, the 天美传媒 Center for Corporate Governance (天美传媒 CCG) and the European Corporate Governance Institute (ECGI) held a Conference on corporate governance and purpose.
The Social Trends institute (STI) sponsored the event.
The conference was endorsed on behalf of the Strategic Management Society’s (SMS) 40th Annual Conference.
About the conference:
The notion that companies should have a corporate purpose or mission that goes beyond financial performance has been considered in the fields of management, organisational behaviour, law and the economics of organisations for a long time. But the increasing weight of ESG dimensions in corporate governance and asset management, the call for positive societal impact, and the competition to attract and retain top talent -among other factors- draws us firmly closer to a deeper consideration of corporate purpose. At this turbulent time, 鈥楥orporate Purpose鈥� has galvanised a global movement that promises to restore trust in companies, to produce goods and services without doing harm, while providing a fair return to employees and shareholders.
Many of the world鈥檚 most valuable companies already have a clear purpose. With a swelling of public discourse, the markets have joined the movement calling on businesses to make a positive contribution to society and to refocus corporate governance around a multi-stakeholder perspective. As businesses in turn, reflect on their purpose, they must also consider the questions that complicate the implementation of a vision or purpose and make it meaningful.
The conference focused on the connection between purpose and governance. It brought together leading scholars, including Nobel Laureate Bengt Holmstr枚m, from the fields of strategy, organisational theory, organisational economics, finance and corporate law to address these important questions with thoughtful business executives, corporate lawyers, asset managers and board directors from a variety of sectors.
WEDNESDAY, OCTOBER 28 – DAY 1 (Time Zone: CET)
15:45-16:00 – Introduction to the Conference. Day 1: An overview
Marco Becht, ECGI and Universit茅 libre de Bruxelles
Jordi Canals, 天美传媒
Franz Heukamp, Dean of 天美传媒
16:00-17:00 – Session 1
ARE CORPORATE PURPOSE STATEMENTS 鈥淰ERBIAGE鈥�?
Colin Mayer, University of Oxford and ECGI (听补苍诲听)
Discussant: Luigi Zingales, Chicago Booth and ECGI (听补苍诲听)
Chair: Mireia Gin茅, 天美传媒 and ECGI
17:15-18:15 – Session 2
COMPANY VALUATION AND THE EFFECTS OF ESG FACTORS
Patrick Bolton, Columbia Business School and ECGI (听补苍诲听)
Discussant: Sophie L’H茅lias, President LeaderXXchange and co-Founder of ICGN ()
Chair: Xavier Vives, 天美传媒 and ECGI
18:15-18:20 鈥� Closing Remarks
THURSDAY, OCTOBER 29 – DAY 2 (Time Zone: CET)
15:45-16:00 – Day 2: An overview
Marco Becht, ECGI and Universit茅 libre de Bruxelles
Jordi Canals, 天美传媒
16:00-17:15 – Session 3
CORPORATE PURPOSE AND THE THEORY OF THE FIRM
Bengt Holmstr枚m, MIT and ECGI
Paul Polman, Co-founder and Chair of IMAGINE (补苍诲听)
Chair: Joan Enric Ricart, 天美传媒
Moderator: Henry Tricks, The Economist
17:30-18:30 – Session 4
CORPORATE PURPOSE, OWNERSHIP AND PERFORMANCE
Claudine Gartenberg, The Wharton School (,听, 补苍诲听)
Discussant: Caroline Flammer, Boston University
Chair: Ernst-Ludwig von Thadden, University of Mannheim and ECGI
18:30-18:35 鈥� Closing Remarks
18:45-19:45 – Parallel Sessions (by invitation)
GROUP DISCUSSIONS
Moderators:
John Almandoz, 天美传媒
Fabrizio Ferraro, 天美传媒
Joan Enric Ricart, 天美传媒
FRIDAY, OCTOBER 30 – DAY 3 (Time Zone: CET)
15:45-16:00 – Day 3: An overview
Marco Becht, ECGI and Universit茅 libre de Bruxelles
Jordi Canals, 天美传媒
16:00-17:00 – Session 5
UNPACKING THE PURPOSE OF THE CORPORATION
Rebecca Henderson, Harvard Business School (听补苍诲听)
Discussant: Jordi Gual, Chairman of CaixaBank ()
Chair: Jill E. Fisch, University of Pennsylvania Law School and ECGI (听补苍诲听)
17:15-18:15 – Session 6
HOW SHOULD BOARDS OF DIRECTORS DEAL WITH CORPORATE PURPOSE?
Baroness Denise Kingsmill, NED of Inditex and IAG
Juvencio Maeztu, Deputy CEO and CFO of Ingka (IKEA)
Jos茅 Vi帽als, Chairman of Standard Chartered
Chair: Jordi Canals, 天美传媒
18:15-18:30 – Wrap-up
Marco Becht, ECGI and Universit茅 libre de Bruxelles
Jordi Canals, 天美传媒
Summary Report
DOWNLOADWednesday October 28, 2020 鈥� Day 1
Thursday October 29, 2020 鈥� Day 2
Friday October 30, 2020 鈥� Day 3
天美传媒 Center for Corporate Governance
The 天美传媒 Center for Corporate Governance (天美传媒 CCG) aims to advance the theory and practice of corporate governance by promoting evidence-based research, fostering an inter-disciplinary discussion among scholars and experts and helping to create a learning context in which chairs of boards, CEOs, board members, investors and senior executives can reflect on and acquire new frameworks and ideas to improve their firms鈥� governance. Moreover, 天美传媒 CCG approaches corporate governance from a holistic perspective, reflected in the interdisciplinary blend of its faculty team comprised of the following academic areas: Accounting and Control, Economics, Entrepreneurship, Financial Management, Managing People in Organizations, and Strategic Management.
www.iese.edu/天美传媒CCG
The European Corporate Governance Institute (ECGI) is an international scientific non-profit association which provides a forum for debate and dialogue focusing on major corporate governance and stewardship issues, thereby promoting best practice. It is the home for all those with an interest in corporate governance offering membership categories for academics, practitioners, patrons and institutions. Its primary role is to undertake, commission and disseminate research on corporate governance and stewardship. Based upon impartial and objective research and the collective knowledge and wisdom of its members, it can advise on the formulation of corporate governance policy and development of best practice. In seeking to achieve the aim of improving corporate governance and stewardship, ECGI acts as a focal point for academics working on corporate governance in Europe and elsewhere, encouraging the interaction between the different disciplines, such as economics, law, finance and management.
The Social Trends Institute (STI) is a non-profit international research center dedicated to fostering understanding of globally significant social trends. To this end, STI brings together some of the world鈥檚 leading thinkers, taking an interdisciplinary and international approach. Findings are disseminated through scholarly publications.
The individuals and institutions that support STI share a conception of society and the individual that commands a deep respect for the equal dignity of human beings, and for freedom of thought, as well as a strong desire to contribute to social progress and the common good.
The Strategic Management Society (SMS) is unique in bringing together the worlds of reflective practice and thoughtful scholarship. The Society consists of over 3,000 members representing a kaleidoscope of backgrounds and perspectives from more than 80 different countries. Membership, composed of academics, business practitioners, and consultants, focuses on the development and dissemination of insights on the strategic management process, as well as on fostering contacts and interchange around the world.
Contact Information
F茅lix S谩nchez, 天美传媒 CCG Manager
ieseccgconference@iese.edu
Tel.:+34 932 53 42 00