Corporate Governance, Corporate Culture and the Board's Culture

IESE Barcelona & Online. October 3, 2022



Corporate Governance, Corporate Culture and the Board’s Culture 

The 2022 IESE-ECGI Corporate Governance Conference took place on October 3, 2022, in person in Barcelona and online. This Conference discussed the role of corporate culture in corporate governance.

Corporate culture is considered a very relevant driver of the firm’s success. Unfortunately, there is neither a widespread agreement on how to unpack the determinants of corporate culture, nor on how those factors influence corporate performance.

These concerns have awakened a new interest in corporate culture among scholars in the fields of corporate finance, economics, management and leadership, among others. Over the past ten years, relevant new theoretical and empirical work has been developed, with some promising results.

Some large institutional investors have recently announced that they expect boards of directors to understand and discuss corporate culture, and promote one that sets the right tone for the organization. Boards should reflect on how to make sure that the firm’s culture supports its strategy. Unfortunately, we still know very few insights on how boards of directors can govern corporate culture.

This 2022 IESE-ECGI Corporate Governance Academic Conference was aimed at discussing these issues from the specific perspective of the board of directors as the top decision-maker in an organization with a cross-disciplinary approach.

The Conference consisted of five sessions where a distinguished scholar will present a recent paper, followed by a discussant. It also included a session with CEOs and chair persons of boards who discussed the implications of corporate culture for boards of directors.


Note: IESE is committed to keeping its campuses safe. You can find information on our COVID-19 response here.



With the support of the: 

Social Trends Institute | IESE Business School

MONDAY, OCTOBER 3, 2022 (Time Zone: CEST)

09:45-10:00 – Welcome and Conference Introduction

Marco Becht, ECGI and Université libre de Bruxelles
Jordi Canals, IESE Business School
Carlos Cavallé, IESE Business School
Franz Heukamp, IESE Business School

10:00-11:00 – Session 1

How Do Directors Evaluate their Board’s Effectiveness and Internal Operations?

Presenter: Paul Healy, Harvard Business School (download paper, presentation)
Discussant: Gaizka Ormazabal, IESE Business School (download presentation)
Moderator: Anneloes Raes, IESE Business School

11:15-12:15 – Session 2

Corporate Culture, Market Categories and Corporate Governance

Presenter: Rodolphe Durand, HEC Paris (download paper 1, paper 2, paper 3, presentation)
Discussant: Ruth Aguilera, Northeastern University (download presentation)
Moderator: Fabrizio Ferraro, IESE Business School

12:30-13:30 – Session 3

Executive Compensation: Evidence from the Field and Implications for Corporate Culture

Presenter: Alex Edmans, London Business School (download paper, presentation)
Discussant: Xavier Vives, IESE Business School (download presentation)
Moderator: Nuria Mas, IESE Business School

13:30-15:00 – Lunch

15:30-16:30 – Session 4

Visible Hands Building an Equilibrium: Strategy and Culture in Organizations

Presenter: Robert Gibbons, MIT (connected online) (download paper 1, paper 2, paper 3, paper 4, presentation)
Discussant: Bruno Cassiman, KU Leuven and IESE Business School (download presentation)
Moderator: Africa Ariño, IESE Business School

16:45-17:45 – Session 5

Do Diverse Directors Influence DEI Outcomes?

Presenter: Jillian Grennan, Santa Clara University and University of California, Berkeley (download paper, presentation)
Discussant: Mireia Giné, IESE Business School (download presentation)
Moderator: Carles Vergara, IESE Business School

18:00-19:00 – Session 6

The Board of Directors: Its Role in Corporate Culture: A CEOs Roundtable

Helena Herrero, President, HP Southern Europe; Board Member, Naturgy
Juvencio Maeztu, Deputy CEO, Ingka Ikea
Juan Pujadas, Board Member, Wells Fargo and UST Global (connected online)
Ermenegildo Zegna, Chairman & CEO, Zegna
Moderator: Jordi Canals

19:00-19:15 – Wrap-Up

Marco Becht, ULB and ECGI
Jordi Canals, IESE Business School

20:00-21:30 – Conference Dinner

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.

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.

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.

Sansi Pedralbes

Sansi Pedralbes

(5-minute walk from IESE)
Av. Pearson 1-3,
08034 Barcelona
Tel: +34 93 206 38 80

NH Constanza

NH Constanza

(15-minute by car from IESE)
C/ Deu i Mata, 69-79
Tel: +34 91 6008146

Abba Garden Hotel

Abba Garden Hotel

(20-minute walk from IESE)
C/ Santa Rosa, 33
08950 Esplugues de Llobregat, Barcelona
Tel: +34 935 03 54 54

Upper Diagonal

Upper Diagonal

(15-minute walk from IESE)
Passeig de Manuel Girona, 7,
08034 Barcelona
Tel: +34 932 04 65 73

Contact Information

Contact Information

IESE Business School Barcelona

Núria Molet
Tel.:+34 932 53 42 00