Professor Susan Watson joins the editorial board of the new ECGI Blog

The ECGI Blog will provide a platform to provoke critical thinking and facilitate more timely scholarly reflection without the often long lead-in time and caveated restrictions associated with the publication of academic research. This will complement the already successful ECGI Working Paper Series which is a reliable source of knowledge pertaining to the ecosystem and governance of the corporation, relating to law, finance and economics.

The ECGI Blog will operate with the generous support of a number of volunteers from the ECGI network. There are two Editors-in-Chief, Professors Wei Jiang (Columbia Business School and ECGI) and Dan Puchniak (National University of Singapore and ECGI), who together with two Associate Editors, Philipp Krueger (University of Geneva & Swiss Finance Institute and ECGI) and Dionysia Katelouzou (Dickson Poon School of Law, King's College London) provide editorial direction for the Blog.

Among a list of other notable international names, Professor Lucian Bebchuk of Harvard Law School, Professor Paul Davies of Oxford University and Professor Jennifer Hill of Monash University sit on the Blog’s Advisory Board which provides guidance, counsel and active involvement in the delivery of the Blog.

Their approach will be to feature a selection of themed articles which provoke and influence debate on pressing issues of importance. These articles will be shared with ECGI subscribers twice monthly. The full list of Editorial and Advisory Board members are included below.

In its first issue out today, the Blog team published three articles on ‘Responsible Capitalism’. It opens a research debate that seeks to explore the tension between the beneficial outcomes of capitalism, and the unequal consequences which are not aligned with democratic societies and the future of the planet. The concept is defined by ECGI as ‘an economic system that accommodates private ownership and the pursuit of market opportunities while achieving societal goals’.

The first article, “Capitalism’s shortcomings” by Herman Daems, ECGI Chair and Chair of the Board of BNP Paribas Fortis, affirms that “stimulating capitalism to act more responsibly is an effective way to make markets, companies and governments respond to today’s ESG challenges while safeguarding creativity, innovation, and climate-compatible growth.” Professor Daems has long advocated for businesses to act responsibly (Coalition for Inclusive Capitalism, 2015) and will oversee the direction of the Institute, as Chair for the coming years.

The second article, by René Stulz, ECGI Fellow and the Everett D. Reese Chair of Banking and Monetary Economics and the Director of the Dice Center for Research in Financial Economics at the Ohio State University, provocatively asks “Can capitalism be responsible?”. Professor Stulz argues that an “economy with a well-functioning price system with the right kind of taxes and restrictions and where managers follow Friedman’s dictum that firms should maximize shareholder wealth will likely achieve a more responsible outcome than one where some investors and managers (but not others) try to achieve responsible outcomes.”

The third article, by Jennifer Hill, ECGI research member and the Bob Baxt AO Chair in Corporate and Commercial Law, Monash Law School, Australia, explores “The journey from corporate rights to corporate responsibilities”, usefully concluding that “growing calls for ‘responsible capitalism’ serve as a reminder that corporate governance is not static; nor is it exclusively a private law problem about misalignment of interests between shareholders and managers.”

Subsequent issues will continue on the theme, with opinions and recommendations from Professors Paul Davies (University of Oxford and ECGI), Ron Gilson (Stanford University, Columbia Law and ECGI), Mark Roe (Harvard University and ECGI) and Takeo Hoshi (University of Tokyo).

The Blog will not only feature views from academics, but also from experienced business leaders. Michele Crisostomo (Chair, Enel) will be among those interviewed on the topic. The interview, which will feature in the second issue, is conducted by Professor Guido Ferrarini (University fo Genoa and ECGI).

Commenting on the launch of the ECGI Blog, Dan Puchniak, Co-Editor-in-Chief said; “With ECGI celebrating its twenty year anniversary in 2022, it remains more relevant than ever. Corporate governance is evolving and it is so much more than words on a page. How corporations and financial markets are governed will shape the future of humanity. Therefore, we must think creatively, act ethically, and respond globally. The ECGI Blog will leverage the global network of the Institute and the combined knowledge across regions, disciplines and industry to help shape a better world.”

The ECGI Blog will focus on selected themes with global interest and will spotlight a new theme every two months.

Visit the ECGI Blog

About the European Corporate Governance Institute

The ECGI is an international scientific non-profit association which provides a forum for debate and dialogue focusing on major corporate governance issues and 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. 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, 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.