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Full Picture Series

The ECGI Full Picture Series is a forum for ECGI research members to organise and participate in policy workshops, facilitating informed commentary on topical issues that are being considered by global policymakers. The idea is to provide a 'full picture' of the research on these topics which will in turn allow for more measured decisions and policy evolution. 

Any of the ECGI Fellows and research members may organise these workshops. Enquiries or suggestions should be directed to Marco Becht.

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For sponsorship queries, please contact Elaine McPartlan




IFRS Foundation Public Consultation on 'Sustainable Reporting'

Friday, 4 December 2020 | 14:30 - 18:30 CET | Online Policy Workshop

The IFRS Foundation launched a public consultation on a global approach to sustainability reporting and on the possible Foundation role. They have published a consultation paperStandardisation and comparability of reporting are critical for capital markets, but also for (empirical) research in accounting, law, finance, economics and related disciplines on sustainability. The European Corporate Governance Institute (ECGI) and the Impact Economy Foundation organised a workshop to discuss the consultation document. The workshop began with an economic analysis of sustainable reporting. The economic consequences, such as capital market effects and real effects in firm behaviour, was highlighted. Next, the workshop reviewed examples of companies that are already providing sustainable reporting on a voluntary basis, and asked what are the benefits and costs?

The workshop then moved to panel discussions centred on the consultation questions. High-level policy makers, academics and practitioners discussed the consultation questions. The key issues included: standardisation; mandatory vs voluntary reporting; climate change only or other environmental topics such as biodiversity loss also; and single materiality (impact on company's financial value) or double materiality (impact on financial value as well as impact of company on social and environmental value). The workshop delivered new insights to the IFRS Foundation on these issues as well as inspiration to academics to pursue research in this emerging area, with sustainability now high on the agenda of governments and companies.

Useful links:
Workshop Summary Report
IFRS Consultation document: 
All Public Responses to the Consultation:
Joint statement of support from the UK government and financial regulators:
Article by Janine Guillot, CEO, SASB:
Commentary from BlackRock:
Submission from the UK Financial Conduct Authority:
Statement from Deloitte:
Article by Teresa Ko (IFRS Trustee):
Article by Integrated Reporting:
Visit event page: /content/sustainability-reporting


European Commission study by Ernst & Young (EY) on 'Directors’ duties and sustainable corporate governance'

11-13 November 2020 | Online Policy Workshop | 3 days | 14:30 - 17:00 (CET) | 10:30 - 13:00 (EDT) 

Based on a study by Ernst & Young (EY) on directors’ duties and sustainable corporate governance published earlier this year, the European Commission is considering broad-sweeping reforms of corporate governance which will deeply affect European companies. The EY study has stimulated a lively discussion about the impact of short-termism. A number of scholars responded to the Commission’s consultation, urging policymakers to consider the full extent of the existing literature and established findings on the topics referenced. In an effort to address these gaps and to contribute to the current policy debate, ECGI convened leading scholars in a workshop format to discuss these issues. Following an initial presentation of the report, ECGI research members then discussed the topics covered by the report and the policy options currently considered by the European Commission. 

Speakers: Luca Enriques (University of Oxford and ECGI) | Roberto Giacomelli, Associate Partner at EY | Climate Change and Sustainability Services | Zacharias Sautner (Frankfurt School of Finance & Management and ECGI) | Wolf-Georg Ringe (Hamburg University and ECGI) | John C. Coffee, Jr. (Columbia Law School and ECGI) | Oren Sussman (University of Oxford and ECGI) | Marco Becht (Solvay Brussels School and ECGI) | Paul Davies (University of Oxford and ECGI) | Mark Roe (Harvard Law School and ECGI) | Holger Spamann (Harvard Law School and ECGI) | Jesse Fried (Harvard Law School and ECGI) | Jennifer Hill (Monash University and ECGI) | Marc Goergen (IE and ECGI) | Theo Vermaelen (INSEAD and ECGI) | Lucrezia Reichlin (London Business School), Chair, ECGI | Alex Edmans (London Business School and ECGI) | Steen Thomsen (Copenhagen Business School and ECGI) | Mariassunta Giannetti (Stockholm School of Economics and ECGI) | Amir Licht (IDC Herzliya and ECGI) | Rolf Skog (University of Gothenburg and ECGI).

The recordings of this event can be accessed on the event page.

Useful links:
Workshop Summary report
EY Report:
All Public Responses to the Consultation:
Submitted Response from Wolf-Georg Ringe:
Submitted Response from Paul Davies and Rolf Skog (ECLE group):
Submitted Response from Mark Roe and Holger Spamann:
Submitted Response from Alex Edmans:
Submitted Response from Steen Thomsen: and


New Listing Rules for SPACs and Dual Class? Supported by ECGI, Latham & Watkins and Oxera

Online Policy Workshop | 2 days

Wednesday, 14 April 2021 | 17:00 - 19:30 CET | Thursday, 15 April 2021 | 14:00 – 16:30 CET

The ECGI Full Picture Series workshop will provide a briefing on SPACs, dual class shares and other CEMs in a comparative perspective. In the United States, for example, there is an active debate whether dual class issuers might have to introduce a sunset clause. In the EU, listing rules are generally more permissive and companies can freely choose the place of listing within the single market, but some countries allow only minor deviations from one share-one vote. Hence the debate about listing rules is closely tied to the freedom of establishment and the ability of SMEs to adopt the company law of their choice. In the United Kingdom, the listing rules exclude CEMs and force families to demonstrate that their companies are run independently once they are traded on the stock exchange. 

View the programme,

Watch the event here: Day 1 and Day 2

Speakers: Stephane Boujnah (Euronext) | Jean-Pierre Mustier (Unicredit) | Mike Burkart (London School of Economics) | Lora Dimitrova (University of Exeter) | Laura Field (University of Delaware) | Antonio Coletti (Latham & Watkins) | Tim Jenkinson (Saïd Business School) | Michael Klausner (Stanford Law School) | Michelle Lowry (LeBow School of Business, Drexel University, and the Academic Director of the Gupta Governance Institute at the University) | Roni Michaely (University of Geneva) | Anete Pajuste (Stockholm School of Economics (Riga) | Lucrezia Reichlin (London Business School) | Luis Correia da Silva (Oxera) | Roberto Tallarita (Program on Corporate Governance Harvard Law School) | Luca Enriques (University of Oxford) | Marco Becht (Solvay Brussels School, ULB and ECGI) | Chris Horton (Latham & Watkins)

Series Events

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