Boards of Directors and Corporate Strategy in an Uncertain Context

Online. October 4-5, 2021

IESE CCG ECGI

 

The Social Trends Institute (STI) sponsored the event.

About the conference:

Corporate strategy is considered a central driver of the firm’s long-term orientation and a key lever for delivering financial performance. Corporate governance suggests that boards of directors have the duty to govern the firm and help develop it sustainably for the long term. Hence, boards are supposed to discuss the firm’s strategy and eventually make relevant decisions on corporate strategy.

In dealing with strategy, boards face a complex task. Board directors need to understand the businesses of the company, their industries, and the main issues in complex strategic decisions, such as digital transformation, decarbonization, or corporate restructuring. Moreover, the level of strategic uncertainties that companies and their boards face is also increasing.

The 2021 IESE-ECGI Corporate Governance Conference discussed these issues from a cross-disciplinary approach. IESE CCG and ECGI brought together leading scholars -including Nobel laureates- from the areas of corporate strategy, corporate finance and organizational economics, as well as CEOs and chair persons from top-tier companies.

The conference took place October 4-5, 2021. There were five sessions where a distinguished scholar presented a paper, followed by a discussant. There were also some sessions with CEOs and chair persons to discuss the practical implications of boards’ involvement on these strategic issues.

Conference speakers presented in-person, from IESE’s Madrid Campus. This conference was also live-streamed for those who registered to attend remotely.

 

Download Program

 

MONDAY, OCTOBER 4, 2021 – DAY 1 (Time Zone: CET)

 

13:30 – Welcome and Conference Introduction

Marco Becht, ECGI and Université libre de Bruxelles
Jordi Canals, IESE Business School
Carlos Cavallé, Social Trends Institute, President
Franz Heukamp, IESE Business School, Dean


13:45-15:00 – Session 1

BOARDS, ACTIVIST INVESTORS AND STRATEGIC DECISION-MAKING

Margarethe F. Wiersema, University of California, Irvine (download paper 1, paper 2, and presentation)

Discussant: Gaizka Ormazabal, IESE Business School (download discussion)
Chair: Colin Mayer, Oxford University


15:15-16:30 – Session 2: Distinguished Lecture

CORPORATE GOVERNANCE, BOARDS OF DIRECTORS AND CORPORATE STRATEGY

Bengt Holmström, MIT and Nobel Laurate in Economics

Discussant: Sophie L’Hélias, President, LeaderXXChange
Chair: Marta Elvira, IESE Business School


16:45-18:00 – Session 3

SUSTAINABILITY STRATEGY

Ioannis Ioannou, London Business School (download paper and presentation)

Discussant: Fabrizio Ferraro, IESE Business School (download discussion)
Chair: Pascual Berrone, IESE Business School


18:15-19:30 – Session 4: CEOs Roundtable

BOARDS OF DIRECTORS AND CORPORATE STRATEGY

Denise Kingsmill, Inditex, Board Member
Tobías Martínez, Cellnex, CEO
Rafael del Pino, Ferrovial, Chairman
Risto Siilasmaa, Investor and former Chairman of Nokia

Moderator: Jordi Canals, IESE Business School


19:30-19:40 – Wrap-Up

Marco Becht, ECGI and Université libre de Bruxelles
Jordi Canals, IESE Business School


 

TUESDAY, OCTOBER 5, 2021 – DAY 2 (Time Zone: CET)

13:25-13:30 – Introduction Day 2

Marco Becht, ECGI and Université libre de Bruxelles
Jordi Canals, IESE Business School


13:30-14:45 – Session 5

BOARDS OF DIRECTORS AND GOVERNANCE DURING THE PANDEMIC

Renée Adams, University of Oxford

Discussant: Francisco Reynés, Naturgy, Chairman
Chair: Mireia Giné, IESE Business School


15:00-15:30 – Session 6

STRATEGY, SUSTAINABILITY AND TRANSFORMATION: A DIALOGUE

Jean-Pascal Tricoire, Schneider Electric, Chairman

Moderator: Jordi Canals, IESE Business School


15:45-17:00 – Session 7

BOARDS AND STRATEGY: MANAGING CONFLICTS AMONG STAKEHOLDERS

Jay B. Barney, University of Utah (download presentation)

Discussant: Joan Enric Ricart, IESE Business School (download discussion)
Chair: Africa Ariño, IESE Business School


17:15-18:15 – Session 8: CEOs Roundtable

STRATEGY AND  SUSTAINABILITY. A BOARD PERSPECTIVE

Herman Daems, BNP Paribas Fortis, Chairmain
Sophie L’Hélias, LeaderXXChange, President
Juvencio Maeztu, Ingka Ikea, Deputy CEO and CFO

Moderator: Jordi Gual, IESE Business School


18:15-18:30 – Wrap-Up

Marco Becht, ECGI and Université libre de Bruxelles
Jordi Canals, IESE Business School

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Summary Report

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IESE Center for Corporate Governance

The IESE Center for Corporate Governance (IESE CCG) aims to advance the theory and practice of corporate governance by promoting evidence-based research, fostering an inter-disciplinary discussion among scholars and experts and helping to create a learning context in which chairs of boards, CEOs, board members, investors and senior executives can reflect on and acquire new frameworks and ideas to improve their firms’ governance. Moreover, IESE CCG approaches corporate governance from a holistic perspective, reflected in the interdisciplinary blend of its faculty team comprised of the following academic areas: Accounting and Control, Economics, Entrepreneurship, Financial Management, Managing People in Organizations, and Strategic Management.
www.iese.edu/IESECCG

European Corporate Governance Institute

The European Corporate Governance Institute (ECGI) is an international scientific non-profit association which provides a forum for debate and dialogue focusing on major corporate governance and stewardship issues, thereby promoting best practice. It is the home for all those with an interest in corporate governance offering membership categories for academics, practitioners, patrons and institutions. Its primary role is to undertake, commission and disseminate research on corporate governance and stewardship. Based upon impartial and objective research and the collective knowledge and wisdom of its members, it can advise on the formulation of corporate governance policy and development of best practice. In seeking to achieve the aim of improving corporate governance and stewardship, ECGI acts as a focal point for academics working on corporate governance in Europe and elsewhere, encouraging the interaction between the different disciplines, such as economics, law, finance and management.
https://ecgi.global

Social Trends Institute

The Social Trends Institute (STI) is a non-profit international research center dedicated to fostering understanding of globally significant social trends. To this end, STI brings together some of the world’s leading thinkers, taking an interdisciplinary and international approach. Findings are disseminated through scholarly publications.

The individuals and institutions that support STI share a conception of society and the individual that commands a deep respect for the equal dignity of human beings, and for freedom of thought, as well as a strong desire to contribute to social progress and the common good.
www.socialtrendsinstitute.org

Hotel Eurostars Monte Real
Calle de Arroyofresno, 17, 28035 Madrid
Tel.:+34 917 36 52 73

https://www.eurostarshotels.com/eurostars-monte-real.html

Located outside Madrid’s city center – 10 minutes by car from IESE’s Madrid Campus.

Hotel NH Madrid Zurbano
Calle de Zurbano, 79, 28003 Madrid
Tel.:+34 914 41 45 00

https://www.nh-hotels.com/hotel/nh-madrid-zurbano?gmb=new

Located 20 minutes by car from IESE’s Madrid Campus.

Hotel Meliá Madrid Princesa
Calle de la Princesa, 27, 28008 Madrid
Tel.: 912 76 47 47

https://www.melia.com/es/hoteles/espana/madrid/melia-madrid-princesa/index.html

Located 20 minutes by car from IESE’s Madrid Campus.

Contact Information

Contact Information

Félix Sánchez, IESE CCG Manager

ieseccgconference@iese.edu
Tel.:+34 932 53 42 00