This presentation identifies that academic/practitioner collaboration could be the catalyst for a more integrated approach to governance and how this could address the failure of traditional corporate governance thinking to deliver value even its narrow frame of reference, leave aside taking account of wider mega-trends. The presentation also considers what academics can do differently to realise this potential.
Draft agenda for an upcoming conference on the key measurements that have meaning in the field of corporate sustainability and how some or all of them can and might be valued by investors, and incorporated into investment decisions
While this focused toward the Australian Tax System it looks at psychology behind making decisions, risk, risk aversion levels and uncertainty as well as heuristics.
State of Compliance 2021 at Mid-Market Firms - NimonikNimonik
Nimonik.com recently conducted a survey of 100 compliance and risk professionals in the US, USA and in China. The participants were from mid-market firms (500-15,000 employees) and were leaders within their organization. These insights show that there remains much work to be done to achieve comprehensive compliance across mid-market firms.
OECD Workshop: Measuring Business Impacts on People’s Well-being, Veronique M...StatsCommunications
OECD Workshop: Measuring Business Impacts on People’s Well-being, 23-24 February 2017, Paris, France, More information at: http://www.oecd.org/statistics/oecd-workshop-on-measuring-business-impacts-on-peoples-well-being.htm
Draft agenda for an upcoming conference on the key measurements that have meaning in the field of corporate sustainability and how some or all of them can and might be valued by investors, and incorporated into investment decisions
While this focused toward the Australian Tax System it looks at psychology behind making decisions, risk, risk aversion levels and uncertainty as well as heuristics.
State of Compliance 2021 at Mid-Market Firms - NimonikNimonik
Nimonik.com recently conducted a survey of 100 compliance and risk professionals in the US, USA and in China. The participants were from mid-market firms (500-15,000 employees) and were leaders within their organization. These insights show that there remains much work to be done to achieve comprehensive compliance across mid-market firms.
OECD Workshop: Measuring Business Impacts on People’s Well-being, Veronique M...StatsCommunications
OECD Workshop: Measuring Business Impacts on People’s Well-being, 23-24 February 2017, Paris, France, More information at: http://www.oecd.org/statistics/oecd-workshop-on-measuring-business-impacts-on-peoples-well-being.htm
Andy Stirling: From Risk Regulation to Innovation Governance: reconciling rat...STEPS Centre
Talk by Andy Stirling, STEPS Co-Director, at the conference ‘Modelling Futures: Understanding risk and uncertainty’ on 28-30 September.
http://www.crassh.cam.ac.uk/events/1133
A quick review of those issues that confront both public & private companies, C & S Corps, LLC's, Trusts & Partnerships in today's transparency driven business environment.
Uk Corporate Governance: Enron to VW - It's Not About The Car 02 12 15 fv 30 ...John Walmsley
John Walmsley of JKW Law talks about the warning signs at VW, the UK Corporate Governance Code, its origins and recent changes and the likely impact of the scandal on VW and on UK corporate governance for boards, companies and shareholders.
Minimising reputation risks through sustainable change delivery assessment - ...Michael Young
This presentation provides an overview of the reputation risks facing organisations and how they can be minimised through a sustainable change delivery assessment.
A presentation to business school students on how academics could be a bigger part of the solution when it comes to pensions and long (and not so long) term risks
This is a Key Note Presentation entitle "STATISTICS & MANAGERIAL ETHICS : OVERVIEW OF PROBLEMS AND TOTAL SOLUTIONS" was presented at The 1st ISM International Statistical Conference (ISM-1)”, Johor Baharu, Malaysia, 4-6 September 2012, which was held at Persada International Convention Centre, Johor Baharu, Malaysia.
I have revised the presentation to include Maqasid Al Shariah as a solution to problems Managerial Ethics in Statistics. I have redefined statistics as follows:
"Statistics is a scientific method of collecting, organizing, presenting, analysing and interpreting numerical information, developed from mathematical theory of probability, within the ethical values of Maqasid al-Shariah”
ERM partnered with a range of leading experts and institutions in June 2019 to bring the latest ESG and sustainability information to the Asian markets. Partners in this tour included, the Stock Exchange of Thailand (SET); Hong Kong Stock Exchange (HKEX); Bloomberg; Citi; Robeco; The Economist; and CDP.
Conference featuring leading companies, investors, NGOs and other experts on how to measure and value corporate sustainability and what that means in practice.
AUDIT EXERCISEWhen trying to determine the ability of the organi.docxikirkton
AUDIT EXERCISE
When trying to determine the ability of the organization to manage technology and innovation, it is important for managers to understand the firm s capabilities. Capabilities are the set of characteristics an organization possesses to facilitate and support its strategies. In the management of innovation and technology, there are a number of frameworks for determining the innovative capabilities of the organization. The Innovative Capabilities Audit Framework22 indicates five categories of variables for a business to consider. These categories are:
1. Resource availability and allocation
2. Capacity to understand competitors' strategies and industry evolution with respect to innovation
3. Capacity to understand technological developments relevant to the business
4. Structural and cultural context of the business unit affecting intrepreneurship (internal entrepreneurship)
5. Strategic capacity to deal with innovation initiatives by internal entrepreneurs
What type of information would you need to collect in each of these five areas to determine when, where, how, if, and what innovations should be undertaken in the business? Be specific and justify your answer.
DISCUSSION QUESTIONS
1. Discuss the definition of technology from a strategic point of view.
2. Discuss the role of innovation in the strategic management process.
3. Define management of technology and give an example based on your knowledge.
4. Define management of innovation and give an example of how a firm can manage innovation processes.
5. Give an example of GE s management of technology and how they were able to gain a competitive advantage from those activities.
PART ONE OPENING CASE: GENERAL ELECTRIC
The GE case illustrates the changes a company can go through because of a change in technology and innovation. What changes in technology do you think GE has undertaken? In process? In product? What type of innovation do you think these changes illustrate (see Figure 1.4)
(White 29)
White, Margaret A., Garry Bruton. The Management of Technology and Innovation: A Strategic Approach, 2nd Edition. South-Western, 2014-08-04. VitalBook file.
The citation provided is a guideline. Please check each citation for accuracy before use.
APPENDIX 1 Social Responsibility and Management of Technology and Innovation
This appendix discusses social responsibility and managing technology and innovation. In recent years, societys expectations of business have changed. Society expects that firms will act in the public interest rather than focus on maximizing profits at any cost. The expectations that firms will act to benefit society will continue in the future and in fact will be expected to become even stronger.1 As a result the social issues surrounding either internal innovation or externally obtaining technology will increase both the complexity of technology management and the impact on firm performance. Thus, by considering social issues, managers may not only impact the firms ...
Climate exposure is defined as the potential gains or losses in an investor’s portfolio due to climate change. It encapsulates both climate-related financial risks as well as opportunities. Though climate exposure has many components, it can be divided into three broad subcategories: • Policy and legal exposure: The financial effects of policies designed to mitigate climate change (e.g., carbon pricing schemes) or policies designed to adapt to it (e.g., water management infrastructure and rationing) (Burton, Diringer, and Smith 2006); or litigation or adjudication related to climate change (Massachusetts v. Environmental Protection Agency 2007; Guyatt et al. 2011). • Physical and ecological exposure: The financial implications of changes to earth’s ecosystems. For example: the costs of shorter and warmer winters on the ski industry (Bebb 2015); the financial impacts of hotter weather on agricultural yields; or the economic consequences of severe weather/climatic events (e.g., Hurricane Sandy) that disrupt human economic activity. • Market and economic exposure: Human responses to the aforementioned policy and ecological changes that will reshape businesses, industries, economies, and markets (e.g., growth in clean energy technologies that threaten the fossil fuel industry) (Guyatt et al. 2011).
Andy Stirling: From Risk Regulation to Innovation Governance: reconciling rat...STEPS Centre
Talk by Andy Stirling, STEPS Co-Director, at the conference ‘Modelling Futures: Understanding risk and uncertainty’ on 28-30 September.
http://www.crassh.cam.ac.uk/events/1133
A quick review of those issues that confront both public & private companies, C & S Corps, LLC's, Trusts & Partnerships in today's transparency driven business environment.
Uk Corporate Governance: Enron to VW - It's Not About The Car 02 12 15 fv 30 ...John Walmsley
John Walmsley of JKW Law talks about the warning signs at VW, the UK Corporate Governance Code, its origins and recent changes and the likely impact of the scandal on VW and on UK corporate governance for boards, companies and shareholders.
Minimising reputation risks through sustainable change delivery assessment - ...Michael Young
This presentation provides an overview of the reputation risks facing organisations and how they can be minimised through a sustainable change delivery assessment.
A presentation to business school students on how academics could be a bigger part of the solution when it comes to pensions and long (and not so long) term risks
This is a Key Note Presentation entitle "STATISTICS & MANAGERIAL ETHICS : OVERVIEW OF PROBLEMS AND TOTAL SOLUTIONS" was presented at The 1st ISM International Statistical Conference (ISM-1)”, Johor Baharu, Malaysia, 4-6 September 2012, which was held at Persada International Convention Centre, Johor Baharu, Malaysia.
I have revised the presentation to include Maqasid Al Shariah as a solution to problems Managerial Ethics in Statistics. I have redefined statistics as follows:
"Statistics is a scientific method of collecting, organizing, presenting, analysing and interpreting numerical information, developed from mathematical theory of probability, within the ethical values of Maqasid al-Shariah”
ERM partnered with a range of leading experts and institutions in June 2019 to bring the latest ESG and sustainability information to the Asian markets. Partners in this tour included, the Stock Exchange of Thailand (SET); Hong Kong Stock Exchange (HKEX); Bloomberg; Citi; Robeco; The Economist; and CDP.
Conference featuring leading companies, investors, NGOs and other experts on how to measure and value corporate sustainability and what that means in practice.
AUDIT EXERCISEWhen trying to determine the ability of the organi.docxikirkton
AUDIT EXERCISE
When trying to determine the ability of the organization to manage technology and innovation, it is important for managers to understand the firm s capabilities. Capabilities are the set of characteristics an organization possesses to facilitate and support its strategies. In the management of innovation and technology, there are a number of frameworks for determining the innovative capabilities of the organization. The Innovative Capabilities Audit Framework22 indicates five categories of variables for a business to consider. These categories are:
1. Resource availability and allocation
2. Capacity to understand competitors' strategies and industry evolution with respect to innovation
3. Capacity to understand technological developments relevant to the business
4. Structural and cultural context of the business unit affecting intrepreneurship (internal entrepreneurship)
5. Strategic capacity to deal with innovation initiatives by internal entrepreneurs
What type of information would you need to collect in each of these five areas to determine when, where, how, if, and what innovations should be undertaken in the business? Be specific and justify your answer.
DISCUSSION QUESTIONS
1. Discuss the definition of technology from a strategic point of view.
2. Discuss the role of innovation in the strategic management process.
3. Define management of technology and give an example based on your knowledge.
4. Define management of innovation and give an example of how a firm can manage innovation processes.
5. Give an example of GE s management of technology and how they were able to gain a competitive advantage from those activities.
PART ONE OPENING CASE: GENERAL ELECTRIC
The GE case illustrates the changes a company can go through because of a change in technology and innovation. What changes in technology do you think GE has undertaken? In process? In product? What type of innovation do you think these changes illustrate (see Figure 1.4)
(White 29)
White, Margaret A., Garry Bruton. The Management of Technology and Innovation: A Strategic Approach, 2nd Edition. South-Western, 2014-08-04. VitalBook file.
The citation provided is a guideline. Please check each citation for accuracy before use.
APPENDIX 1 Social Responsibility and Management of Technology and Innovation
This appendix discusses social responsibility and managing technology and innovation. In recent years, societys expectations of business have changed. Society expects that firms will act in the public interest rather than focus on maximizing profits at any cost. The expectations that firms will act to benefit society will continue in the future and in fact will be expected to become even stronger.1 As a result the social issues surrounding either internal innovation or externally obtaining technology will increase both the complexity of technology management and the impact on firm performance. Thus, by considering social issues, managers may not only impact the firms ...
Climate exposure is defined as the potential gains or losses in an investor’s portfolio due to climate change. It encapsulates both climate-related financial risks as well as opportunities. Though climate exposure has many components, it can be divided into three broad subcategories: • Policy and legal exposure: The financial effects of policies designed to mitigate climate change (e.g., carbon pricing schemes) or policies designed to adapt to it (e.g., water management infrastructure and rationing) (Burton, Diringer, and Smith 2006); or litigation or adjudication related to climate change (Massachusetts v. Environmental Protection Agency 2007; Guyatt et al. 2011). • Physical and ecological exposure: The financial implications of changes to earth’s ecosystems. For example: the costs of shorter and warmer winters on the ski industry (Bebb 2015); the financial impacts of hotter weather on agricultural yields; or the economic consequences of severe weather/climatic events (e.g., Hurricane Sandy) that disrupt human economic activity. • Market and economic exposure: Human responses to the aforementioned policy and ecological changes that will reshape businesses, industries, economies, and markets (e.g., growth in clean energy technologies that threaten the fossil fuel industry) (Guyatt et al. 2011).
ACTION & REACTION of Investors, Finance & Investees.
In Impact Investing the limited availability of (inclusive) impact investment products steer investors towards different(iated) impact levels, preferred investment products & impact assets allocation.
E.g. in fixed income green or muni bonds, health property, farmland REITs or SDG investment funds etc. Of course all investments have impact, but impact investing aims at doing well & doing good, which in today's investment market practice varies mainly from doing less harm (the largest offer in investment products) to having positive, broad and/or deep impact. It is an impact ladder developing with growing transparency & product innovation.
Defining a Theory of Change is a strategy for impact investors to define how to achieve impact, their societal & environmental goals. Just as their financial strategy or mandate defines the risk appropriate return goals.
For those overwhelmed by the choices, discourse & reasoning in the impact investment universe, I will briefly sketch impact investment choices i.e. actual market offerings & trends such as Exclusion, Engagement, ESG Integration and more impact ambitious goals such as SDG contribution as Theories of Change.
It is not intended as a philosophical thought piece & soul searching clarification of the theories, on the contrary it aims to be a simplification regardless of ethical, ideological or sustainability motivations.
THEORIES OF CHANGE are like INVESTMENT MANDATES: guiding principles to achieve goals.'Balancing impact
& return' mandates can be exclusion guidelines and/or allocation to low(er) ESG (Environment, Social & Governance) Risk Exposure and / or Selection of ESG Opportunity, Best-in-Class investments, SDG & (Deep) Impact Investments.
David F. Larcker, Brian Tayan, Vinay Trivedi, and Owen Wurzbacher, Stanford Closer Look Series, July 2, 2019
Currently, there is much debate about the role that non-investor stakeholder interests play in the governance of public companies. Critics argue that greater attention should be paid to the interest of stakeholders and that by investing in initiatives and programs to promote their interests, companies will create long-term value that is greater, more sustainable, and more equitably shared among investors and society. However, advocacy for a more stakeholder-centric governance model is based on assumptions about managerial behavior that are relatively untested. In this Closer Look, we examine survey data of the CEOs and CFOs of companies in the S&P 1500 Index to understand the extent to which they incorporate stakeholder needs into the business planning and long-term strategy, and their view of the costs and benefits of ESG-related programs.
We ask:
• What are the real costs and benefits of ESG?
• How do companies signal to constituents that they take ESG activities seriously?
• How accurate are the ratings of third-party providers that rate companies on ESG factors?
• Do boards understand the short- and long-term impact of ESG activities?
• Do boards believe this investment is beneficial for the company?
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Governance & integrated thinking….through a responsible investor lens: The challenge of academic/practitioner collaboration
1. Governance & integrated thinking….
through a responsible investor lens
The challenge of academic/practitioner
collaboration
Raj Thamotheram
16 September 2014
3. Thank you for listening!
A “sceptical” academic/practitioner!
4. The dominant narrative = blame someone else!
"It's very dangerous to join up dots that
may not be appropriate to join up"
Tony Hayward
“I left BP a long time ago, four years”
Lord Browne
“an Act of God”
Rick Perry, Governor of Texas
5. The dots that we shouldn’t join up….
Source:
Yahoofinance.com
Texas
Refinery
Accident
Texas
Refinery
Accident
Alaska
Oil
Spill
Azerbaijan
Gas leak
Violations
Of Clean
Water Act
Penalties
From the
OSHA
Gulf of
Mexico
Oil spill
Thunder
Horse
Accident
Charges for
Manipulation
Of gas
market
Grangemouth
2000
“Up until April 19, his performance was
excellent.”
6. What drives Preventable Surprises?
Narrow
Conception of risk
Shareholder
value
fundamentalism
Weak concern
for negative
externalities
Regulatory
capture
Leadership &
Governance
Organisational failures
Learning disabilities
Focus on
riskier
and dirtier
O&G
Ineffective
regulation
Outdated
approach
To safety
Weak safety
culture
M&A and
Outsourcing/SCM
Saviour CEO
SYSTEM O&G SECTOR BP
11. s
“The hallmarks of
tomorrow’s world will be
scarcity – of land, oil, food
and ‘air-space’ (for
greenhouse gases)”
US NIC, 2008
The Great Disruption
The ‘Perfect Storm’
(UK Government Chief Scientist,
John Beddington, 2009)
[Climate change risk]
“should compel all elected
leaders to take immediate
action”
Mayor Bloomberg, 2012
13. Accenture: we aren’t on track!
http://www.guardian.co.uk/sustainable-business/video/
peter-lacy-business-strategy-sustainable-investment-systemic-
change?INTCMP=ILCNETTXT3486
(0:35 – 3:30)
Unilever: investors are holding us back!
http://www.reversethefuture.org/discussions/47/resource-efficiency-
shareholder-value/
(25:20 – 26:57)
13
Views from the corporate frontline
14. Investors = enablers of dysfunction
Investors are more important than even regulators in shaping
directors’ priorities.
PwC, Annual Director Survey 2010
“[…] the destruction of shareholder value through legal means
is pervasive, perhaps even a routine way of doing business.
Indeed we assert that the amount of value destroyed by
companies striving to hit earning targets exceeds the value
lost in these high-profile fraud cases.”
John GRAHAM, Campbell HARVEY & Shiva RAJGOPAL
“Value destruction and financial reporting decisions”, Financial Analysts Journal, Vol 62 No 6, 2006
“Investors don’t care about Sustainability”
Business Week, 9th Nov 2010
(Global Compact / Accenture survey)
15. Investors = enablers of dysfunction
“Investors are showing greater interest—but
remain ambivalent and are unlikely to drive
change”
The UN Global Compact-Accenture CEO
Study on Sustainability 2013
16. ESG staff evaluate their own performance on climate
• 98% say investors are not doing enough to evaluate and integrate the risk of fossil
fuel exposure and climate change into valuations and buy-sell decisions [Q2]
• A bit better on stewardship: 94% say investors are not doing enough to safeguard
corporate and market health [Q3]
• 3 of the top 4 things that investors should do to have maximum impact are about
lobbying (ie where funds are weakest in practice) [Q8]
• Is the criticism of investors fair? 53% say yes. 40% say the criticism is too light! [Q4]
• Strong support for public reporting & accountability (which contrasts with
organisational views) - 93% partially or fully agreed that “public accountability with a
methodology independent of investor control is a good thing” [Q10]
• Even though they are divided about whether divestment will help in the real world
[Q6], 49% agreed fully and 34% agreed partially that campaigns gives ESG
professionals more internal space to manoeuvre [Q7]
• Very bullish about climate bonds: 88% strongly or partially disagreed with the
comment that there’s nothing new about climate bonds or fundamentally flawed [Q18]
• NGOs/media are the most effective agent for change, whilst investment CEOs the
least [Q9]
• Biggest block to stronger action is investor short-termism and how performance is
measured/rewarded [Q5] – and long-termism also ranks highly in solutions [Q8]
http://www.responsible-investor.com/images/uploads/articles/RI_Divestment_Survey_.pdf
17. 2. Where are the points of maximum
leverage?
Are we focusing on what matters most?
19. What interests (ESG) Academics Today?
• PRI Academic Network 66 papers from academics past two conferences (2011
and 2012):
• 1 of the 66 papers focus on the ‘gatekeepers’ of information (sell side, credit
ratings, investment consultants).
• 15 of 66 address systemic problems (behavioural, cultural and institutional)
• 7 of the 66 papers address public policy
• What is getting attention? Doing well and doing good- that is, how integrating
ESG can lead to better financial performance, using the same old models.
• E > G > S
• Fundamental investors > Index Investors
Thanks to Heather Hachigan
20. Fundamental investors ain’t where the game’s at!
Fundamental
investors
Deep understanding of
strategy/sector
More like to support
management thru ST
volatility
20% of market
4-10 positions
Mechanical investors
Mathematical formulae
(incl index & closet
index)
Supporting or not
supporting management
isnt part of their reality
30%
100-150 positions
20
Traders
Bet against market
with regards to news
Interested in earlier
access to better news
35%
20 positions
Adapted from McKinsey & Co
21. 21 14136
It’s not just academics who mis-focus!
New technologies
Carbon constraints/climate
change
Corporate governance
Consumer and public health
'New technologies' peak
relating to clean tech,
Employee relations, human
capital
40%
35%
30%
25%
20%
15%
10%
5%
0%
Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08
As a % of reports in evaluation
'Consumer and public
health' peak relating to
obesity and avian flu /
SARS epidemics
laterally including
biofuels
22. 3. How to do academic research that
is more disruptive/progressive?
23. Role models to avoid!
• Frederic Mishkin, Professor, Columbia Business School
http://www.youtube.com/watch?
v=8lHvTKzfu8Q&feature=player_embedded#t=0s
• Glenn Hubbard, Dean Columbia Business School
http://www.youtube.com/watch?v=CaXNqGgIc-g&
feature=player_detailpage#t=6s
25. Anat Admati – “Focus on what matters”
http://www.preventablesurprises.com/
26. Alice Stewart – Challenge convention
“Pioneering woman scientist whose
research into the dangers of x-rays
and nuclear radiation shook the
Establishment”
(GUARDIAN OBITUARY)
"We have already doubled the level
of background radiation today.
What is the effect on human genes?
That is the really important question:
it won't show up for two or three
more generations.”
27. Jeremy Grantham – “Be arrested”
“Scientists are understandably protective of the
dignity of science and are horrified by publicity and
overstatement.”
28. Campbell Harvey – “Bridge the gap"
“Often academics don’t know the
important problems facing industry”
Survey methodology to bridge the gap
Disguised the real question
Big impact – earnings management
isnt primarily by accounting but rather
by cutting budgets
1900 google cites (2006 paper)
29. Richard Duncan – “It’s the Communication, Stupid!”
• “Write books, articles and blog.
• Lots of media interviews. This requires cultivating
relationships with journalists.
• Hired PR firms.
• Website
• Speeches
• And now my Course on Udemy.com”
30. 30
Our workout agenda!
Engage with a practitioner/academic who cares about what you care about
Show relevance to the debates that matter in your field/firm
“Tool up” to understand systemic change
Find a mentor who is “part of the solution”
31. Some possible “tipping point” research questions
1. Governance failures – what did CSR/ESG teams know & do and what have they and their
management learnt?
2. ESG/CSR – is there a gap between commitments & implementation and why?
3. Internal power issues – eg ESG access to research budgets, ratio of sell/buy/hold
recommendations
4. Performance Metrics & Remuneration design – how do investors understand their support for
linking pay with share price when there is no evidence after 35 years that this works?
5. Whose risk counts (metrics & decision making processes) – eg bees have no value!
6. Corporate strategy, business reporting & integration of ESG
7. Pension funds of pro sustainability companies – how do they explain their decisions & how does
this change over time
http://www.reversethefuture.org/discussions/47/resource-efficiency-shareholder-value/ (29:15)
8. How much are the sustainability projects at business schools changing the core curriculum? How
effective are business schools at changing their own culture and managing their own immunity to
change and how might this learning help them help their corporate clients/students?
32. A proposal for GARI…..
A global intellectual dating site between real world
academics and reflective practitioners who want to show
“positive deviant” leadership
http://blogs.hbr.org/ideacast/2010/06/positive-deviance-and-unlikely.html (0:22- 1.43)
In partnership with all other networks (Preventable
Surprises, nSFM, Long Finance Initiative, Capital Institute,
The300 Club, Focusing Capital on the Long Term, PRI
Academic Network, SRIConnect etc) but with focus on
communities of practice
33. Conclusion…. our integration challenges are linked!
• Different cultures of corporate governance
• Traditional corporate governance AND “E & S” (environmental
& social)
• Economics/finance AND enhanced/behavioural corporate
governance
• Logic AND Intuition (Roger Martin = “integrative thinking”)
• Objective AND value-led/normative – this is the one we
ignore!
34. “Power concedes nothing without a
demand. It never did and it never will.”
Frederick Douglass (1818-95)
Former slave turned leader of the
abolitionist movement