Session 4 | Shareholders’ coalition for climate solutions: Is there a case for competition policy?

The 2025 IESE-ECGI Corporate Governance Conference was held on March 31, 2025, at IESE Business School’s Madrid campus, co-hosted by IESE and ECGI.

Session 4, "Shareholders’ Coalition for Climate Solutions: Is There a Case for Competition Policy?" examined the emerging tensions between antitrust regulation and collaborative climate action among firms. Moderated by Herman Daems (IESE Business School and ECGI), the session featured a keynote by Xavier Vives (IESE Business School and ECGI) and commentary by Giacinta Cestone (Bayes Business School and ECGI). Vives explored how common ownership and green alliances—often driven by institutional investors—might help internalize environmental and technological externalities, thus advancing green innovation. However, he also highlighted the legal and political risks, particularly in light of the growing ESG backlash in the United States. Cestone responded with a nuanced critique, emphasizing that tolerance for such cooperative strategies hinges on the presence of strong and effective environmental regulation.

Click to access the presentation slides from the speaker and the discussant.