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Schloss Leopoldskron
The Future of Financial Intermediation: Banking, Securities Markets, or Something New? 
Corporate Governance in the Global Economy: The Changing Role of Directors
01 Oct - 03 Oct, 2015
 Salzburg Global Forum for Young Cultural Innovators II

Abstract:
A decade of corporate turmoil across the globe has called into question long-standing corporate governance practices and has energized critics of the corporate governance status quo. Recent shifts in practices have included a significant movement of investment capital to actively-managed funds, increased regulation, shareholder activism, proxy advisory firm influence, and engagement between companies and shareholders. In addition, new models for corporate governance and regulation are being developed globally, in order to better achieve responsible economic growth and innovation. Vigorous academic and public policy debate is ongoing regarding corporate governance best practices, including that between the proponents of the dueling governance models of director- and shareholder-primacy. Until relatively recently, many viewed U.S. corporate governance as a model for the rest of the world. Given the prominent failures in American corporate governance in the 21st century, however, some question the continued vitality of the U.S. example. Indeed, one could argue that the U.S. has converged more with other developed economies than the converse in, among other things, its adoption of say on pay, the increased emphasis on shareholder engagement, and consideration of structural changes, like the separation of the chair and chief executive roles. Some broad themes remain unquestioned as globally-applicable. In order to attract capital in the global financial markets, companies must be transparent, establish internal controls, be responsive to investor concerns and avoid insider dealing and other conflict-ridden relationships and transactions. Notwithstanding this broad consensus, significant national differences in corporate governance ideals remain. This program will facilitate critical thinking about changing regulatory and economic environments, comparative practice, the role and duties of non-management directors, the varied conceptions around the globe, and the extent to which reliance on non-management directors to police corporate behavior is justified. Participants will discuss differing perspectives on the purposes of the corporation and the constituencies deemed to have a stake in a corporation's operations and governance. The program will enable high-level decision makers and top young professionals from different disciplines to share candid and serious in-depth exchanges, and advance understanding of corporate best practices for both the developing world and developed economies.


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