Directors’ Duties and Sustainable Corporate Governance
- 11 - 13 November 2020
- •
- Online Policy Workshop
The videos are available here
The summary report is available here
The programme can be downloaded here.
About this workshop
The European Commission recently published a study by Ernst & Young (EY) on directors’ duties and sustainable corporate governance commissioned in 2019. Studies of this type are usually a stepping stone for policy proposals that will be put forward for consideration by EU Member States and the European Parliament. In the words of the Commission:
“the Study found a clear trend of short-termism in the focus of EU companies. It identified key drivers of this issue, ranging from the narrow interpretation of directors duties and the company’s interest with the tendency to favour the short-term maximisation of financial value, through growing pressure from investors and the lack of a strategic perspective on sustainability all the way to the limited enforcement of the directors’ duty to act in the long-term interest of company. In order to lengthen the time horizon in corporate decision-making and to promote a corporate governance that is more conducive to sustainability, the Study also identified specific objectives that EU intervention could aim to reach".
The study identifies a number of policy options for the European Commission to consider (summarised at pp. 51-60), which may deeply impact corporate law and governance across the European Union. Topics include directors’ duties, the company’s purpose, corporate disclosures, executive compensation, and engagement with stakeholders. The European Commission has conducted a public consultation on these policy options, that closed on 8 October 2020, and is expected to issue proposals at the beginning of 2021, if not earlier.
ECGI will held an online roundtable to discuss the report, the academic literature, and recommendations on the topics referenced in the report.
Useful links:
Watch recordings of the workshop | Summary Report
EY Report: https://bit.ly/3jcBBUt
All Public Responses to the Consultation: https://bit.ly/3khuNGq
Submitted Response from Wolf-Georg Ringe: https://bit.ly/3jhTxgx
Submitted Response from Paul Davies and Rolf Skog (ECLE group): https://bit.ly/3dPqY95
Submitted Response from Mark Roe and Holger Spamann: https://bit.ly/2TdHRkp
Submitted Response from Alex Edmans: https://bit.ly/2TdxBIJ
Submitted Response from Steen Thomsen: https://bit.ly/3kfjuyJ and https://bit.ly/2Hb9Xui
Wednesday 11 November 2020 (CET)
Introduction
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Introduction
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Presentation of the Report
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Presentation of the Report
A link to the report can be found here.
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Conference Documents
Break
Keynote Briefing: “What Do Financial Economists Know About Short Termism?”
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Keynote Briefing: “What Do Financial Economists Know About Short Termism?”
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Conference Documents
Responses to the European Commission’s Consultation by ECGI research members | Part 1
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Responses to the European Commission’s Consultation by ECGI research members | Part 1
Georg Ringe (Hamburg University and ECGI) (Response)
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Conference Documents
Discussion
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Discussion
The European Commission Considers “Short-Termism” (And “What Do You Mean By That?”) Statement made by Prof. John C. Coffee, Jr. : Available here
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Conference Documents
Q&A
Concluding remarks | Day 1
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Concluding remarks | Day 1
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Thursday 12 November 2020 (CET)
Introduction
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Introduction
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Responses to the European Commission’s Consultation by ECGI research members | Part 2
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Responses to the European Commission’s Consultation by ECGI research members | Part 2
Paul Davies (University of Oxford and ECGI) (Response)
Mark Roe (Harvard Law School and ECGI); Holger Spamann (Harvard Law School and ECGI) (Response)
Speakers
Conference Documents
Break
Discussion
Discussion
Reading material
Buyback Derangement Syndrome by Clifford Asness, Todd Hazelkorn, and Scott Richardson. The Journal of Portfolio Managemant, Vol. 44, no. 5. Available here
Are Buybacks Good for Long-Term Shareholder Value? Evidence from Buybacks around the World by Alberto Manconi, Urs Peyer, and Theo Vermaelen. Journal of Financial and Quantitative Analysis, Vol. 54, No. 5, Oct. 2019, pp. 1899–1935. Available here
Speakers
Conference Documents
Q&A
Concluding remarks | Day 2
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Concluding remarks | Day 2
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Friday 13 November 2020 (CET)
Introduction
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Introduction
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Responses to the European Commission’s Consultation by ECGI research members | Part 3
Speakers:
Responses to the European Commission’s Consultation by ECGI research members | Part 3
Alex Edmans (London Business School and ECGI) (Response)
Steen Thomsen (Copenhagen Business School and ECGI) (Response)