School of Law

Panel 4: The legacy of the pandemic for corporate governance

15.15 - 16.45 

Chair: Prof. Iain MacNeil 

Corporate purpose and the impact of the pandemic on the governance of firms   Colin Mayer Peter Moores Professor of Management Studies, Saïd Business School, University of Oxford

Prof. Mayer will discuss the way in which the crisis is fundamentally altering the relation between government and the private sector and how this is altering the obligations on firms.  He will set out how corporate purpose helps companies to steer their way through the crisis and restructure their activities after it.  He will also describe the reforms that are required to achieve this.  

Colin Mayer is the Peter Moores Professor of Management Studies at the Saïd Business School at the University of Oxford. He is a Fellow of the British Academy, the Centre for Economic Policy Research and the European Corporate Governance Institute, a Professorial Fellow of Wadham College, Oxford and an Honorary Fellow of Oriel College, Oxford and St Anne’s College, Oxford. He is a member of the UK Government Natural Capital Committee, and the Board of Trustees of the Oxford Playhouse, and he was a member of the UK Competition Appeal Tribunal and the International Advisory Board of the Securities and Exchange Board of India. He was chairman of Oxera Ltd. between 1986 and 2010 and is a director of the energy modelling company, Aurora Energy Research Ltd. He was appointed Commander of the Order of the British Empire (CBE) in the 2017 New Year Honours. He leads the British Academy enquiry into “the Future of the Corporation” and his most recent book Prosperity: Better Business Makes the Greater Good is published by Oxford University Press.

 

 

Public Financial Assistance linked to the pandemic Nicolas Véron, Senior Fellow, Bruegel and Peterson Institute for International Economics

The presentation will explore the corporate governance trade-offs faced by public policymakers in granting financial assistance to non-financial companies, and potentially also to banks. 

Nicolas Véron cofounded Bruegel in Brussels in 2002-05, joined the Peterson Institute for International Economics in Washington DC in 2009, and is currently employed on similar terms by both organizations. His research is primarily about financial systems and financial services policies, with a main geographical focus on Europe.

The position of stakeholders during a time of crisis: The new normal? Irene-marié Esser Professor of Corporate Law and Governance, School of Law, University of Glasgow

The pandemic has brought the interests of stakeholders into more direct focus in corporate governance than was previously the case. But questions remain as to whether this represents only a temporary adjustment in response to the crisis or, alternatively, a more enduring trend. And if the latter, it prompts consideration of the appropriate techniques for stakeholder engagement and participation in corporate governance.  

Prof. Esser is a Professor of Corporate Law and Governance at the School of Law at the University of Glasgow. She is also an Extraordinary Professor at Stellenbosch University, South Africa. Her research spans doctrinal and empirical approaches, covering the UK, EU and South Africa in the field of corporate governance, company law and corporate social responsibility. 

The impact of the pandemic on board decision-making  Roger M. Barker, Institute of Directors

The Covid-19 pandemic has created unprecedented challenges for boards of directors. Boards are reeling from radical shocks to their business models and their regulatory environments. Social distancing is imposing disruptive changes on the way that board members work and interact together, and in terms of their engagement with shareholders and other stakeholders. Some of these changes to boards and governance may prove temporary - others may represent a more enduring shift in ways of doing business. This session summarises some of the key changes so far, and speculates on the implications for longer-term governance and decision-making. 

Dr. Barker is Head of Corporate Governance at the Institute of Directors (UK) and Managing Director of Governomics Ltd, a corporate governance advisory firm specialising in board evaluations. He is Honorary Associate at the Centre for Ethics and Law at University College London and a visiting lecturer at several academic institutions, including Saïd Business School, Cass Business School, Tokyo University and Seoul National University. Dr. Barker is the author of numerous books and articles on corporate governance and board effectiveness, including: ‘Corporate Governance and Investment Management: The Promises and Limitations of the New Financial Economy’ (Edward Elgar, 2017). 

Discussant Blanaid Clarke, Trinity College Dublin

Clarke holds the McCann FitzGerald Chair in Corporate Law at Trinity College Dublin. She is Deputy Chairman of the Irish Banking Culture Board and the Irish representative on the OECD’s Corporate Governance Committee. She is also a Vice President of the Academic Board of the European Banking Institute.