Center for Corporate Governance
Center for Corporate Governance
President: Jordi Canals
The Center’s publications present ideas, analysis, and reflections on current and relevant issues in corporate governance. Explore our academic contributions, cases, opinion articles, and reports on boards of directors.
- Dai, J., Ormazabal, G., Peñalva, F., Raney, R. (2026). Mandatory investor disclosure, sustainability commitments, and portfolio decarbonization. Journal of Accounting and Economics, 81 (1), Article 101817.
- Antón, M., Ederer, F., Giné, M., Ramirez, G. (2025). Common ownership around the world. Cambridge, MA: National Bureau of Economic Research.
- N’Gatta, D., Ormazabal, G., Raney, R. (2025). Trading of emission allowances and Reporting Incentives. Journal of Accounting and Economics, 80 (2/3), Article 101804.
- Neckebrouck, J., Schulze, W. S. (2025). Owner-management, board governance and responses to performance feedback in private firms. Journal of Business Venturing, 40 (4), Article 106509.
- Jochem, T., Ormazabal, G., Rajamani, A. (2025). Why have CEO pay levels become less diverse? Journal of Finance.
- Friedman, H. and Ormazabal, G. (2024). The role of information in building a more sustainable economy: A supply and demand perspective. Journal of Accounting Research.
- Simeth, M., and Werheim, D. (2024). On innovation and institutional ownership. Journal of Corporate Finance.
- Antón, M., Ederer, F., Giné, M., and Schmalz, M. (2024). Innovation: The bright side of common ownership. Management Science.
- Vives, X. et alia (2024): Banking turmoil and regulatory reform. London: CEPR.
- Dai, J., Ormazabal, G., Peñalva, F., Raney, R. (2023). Imposing Sustainability Disclosure on Investors: Does it Lead to Portfolio Decarbonization?. European Corporate Governance Institute.
- Antón, M., Ederer, F., Giné, M., Schmalz, M. (2023). Common Ownership, Competition, and Top Management Incentives. Journal of Political Economy.
- Cohen, S., Kadach, I., Ormazabal, G. (2023). Institutional Investors, Climate Disclosure, and Carbon Emissions. Journal of Accounting and Economics, 81.
- Bonetti, P., Ormazabal, G. (2023). Boosting Foreign Investment: The Role of certification of corporate governance. Journal of Accounting Research, 61(1), 95-140.
- Almandoz, J. (2023). Inside-out and outside-in perspectives on corporate purpose. Strategy Science.
- Cohen, S., Kadach, I., Ormazabal, G., Reichelstein, S. (2023). Executive Compensation Tied to ESG Performance: International Evidence. Journal of Accounting Research, 61 (3), 805-853.
- Bonetti, P., Ormazabal, G. (2023). Boosting Foreign Investment: The Role of cerfitication of corporate governance. Journal of Accounting Research, 61(1), 95-140.
- Cohen, S., Kadach, I., Ormazabal, G. (2023). Institutional Investors, Climate Disclosure, and carbon emissions. Journal of Accounting and Economics, 81.
- Duro, M., López-Espinosa, G., Mayordomo, S., Ormazabal, G., Rodríguez-Moreno, M. (2022). Enforcing Mandatory Reporting on Private Firms. The Role of Bankers. Banco de España Working Paper n. 2238.
- S.Cohen, I. Kadach and G. Ormazabal (2022), Why do Institutional Investors Request Climate Related Disclosures?. SSRN Working paper.
- Canals, J. (2023). Boards of Directors in Disruptive Times. Cambridge: Cambridge University Press.
- Fernandes, N. (2023). Climate Finance.
- Arribas, F., Boulongne, R., Canals, J. (2025). Vallformosa: Competing in a market of giants. IESE, SM-1773-E.
- Arribas, F., Canals, J. (2024). The Walt Disney Company in 2023: In search of the new CEO. IESE Publishing, SM-1763-E.
- Raventós, A., Canals, J. (2023). Mango: retos estratégicos en un entorno incierto. IESE Publishing, SM-1736-E.
- Canals, J. (2022). Danone in 2021: Dealing with activist investors. IESE Publishing, SM-1720-E.
- Masclans, R., Canals, J. (2021). Promofarma. IESE Publishing, SM-1962.
- Canals, J., Masclans, R., Tàpies, J. (2021). Fluidra: creando la empresa del futuro. IESE Publishing, SM-1967.
- Masclans, R., Canals, J. (2021). Amadeus: Impulsando el creciemiento a largo plazo. IESE Publishing, SM-1961.
- Masclans, R., Canals, J. (2021). Ingka: Gobierno corporativo, propósito y transformación. IESE Publishing, SM-1698.
- Boletín Septiembre 2025 – issue #68. International Strategy in a Time of Global Disruptions
- Boletín Julio 2025 – issue #67. When Boards Matter: Rethinking Governance in Owner-Managed Private Firms
- Boletín Junio 2025 – issue #66. Exit vs. Voice: How Do Shareholders Influence Decarbonization?
- Boletín Mayo 2025 – issue #65. How Institutional Investors Have Changed Governance Mechanisms Around The World
- Boletín Abril 2025 – issue #64. Shareholders and Corporate Governance
- Boletín Febrero 2025 – issue #63. Navigating Uncertainty and Conflict: Learnings from Effective Venture Boards
- Boletín Enero 2025 – issue #62. Is Executive Compensation Becoming “One-Size-Fits-All”?
- Boletín Diciembre 2024 – issue #61. A Framework for Positive Board – CEO Collaboration
- Boletín Noviembre 2024 – issue #60. The Corporate Sustainability Reporting Directive: What Every Board Should Keep in Mind
- Boletín Octubre 2024 – issue #59. Hiring a Suitable CEO
- Boletín Septiembre 2024 – issue #58. Board Behavioral Dynamics: Implications for Board Effectiveness
- Boletín Junio 2024 – issue #57. Is CEO Succession Planning a Priority for Boards of Directors?
- Boletín Mayo 2024 – issue #56. Towards a New Model of Boards of Directors
- Boletín Abril 2024 – issue #55. What Makes an Effective Board: Insights from New Survey Data
- Boletín Marzo 2024 – issue #54. Environmental Risk Readiness: Strategies for Top Executives and Boards
- Boletín Febrero 2024 – issue #53. CEOs Political Views: Should They Matter?
- Boletín Enero 2024 – issue #52. How Should Boards Think About Strategy?
- Boletín Diciembre 2023 – issue #51. Sustainability Disclosure Regulation: Is It Effective?
- Boletín Noviembre 2023 – issue #50. Boards of Directors and Artificial Intelligence
- Boletín Octubre 2023 – issue #49. Relevant Shareholders and Corporate Governance
- Boletín Septiembre 2023 – issue #48. Setting the Tone at the Top: How Boards Can Help Teamness in the Executive Suite
- Boletín Junio 2023 – issue #47. Climate Finance: What Board Members Need to Know
- Boletín Mayo 2023 – issue #46. Carbon Accounting: What Every Board Director Should Know
- Boletín Abril 2023 – issue #45. Boards, Geopolitics and Corporate Strategy
- Boletín Marzo 2023 – issue #44. ESG Factors and Corporate Culture
- Boletín Febrero 2023 – issue #43. An Agenda for Effective Boards
- Boletín Enero 2023 – issue #42. Crypto, regulation and governance
- Boletín Diciembre 2022 – issue #41. Evaluating Corporate Governance Effectiveness in a Rapidly Evolving Context
- Boletín Noviembre 2022 – issue #40. The Influence of Culture in Corporate Governance
- Boletín Septiembre 2022 – issue #39. Boards of Directors Should Look Beyond the Crisis
- Boletín Julio 2022 – issue #38. ESG-Linked Pay
- Boletín Junio 2022 – issue #37. How Do Board Directors Look at Critical Board Functions?
- Boletín Mayo 2022 – issue #36. Corporate Governance: The Role of Corporate Culture
- Boletín Abril 2022 – issue #35. Boards of Directors and the Return of Geo-Political Risks
- Boletín Marzo 2022 – issue #34. Sustainability Strategy Needs Global Standards
- Boletín Febrero 2022 – issue #33. Boards, Corporate Strategy and Activist Investors
- Boletín Enero 2022 – issue #32. Boards of Directors, Hedge Fund Activism and Strategic Decision Making
- Boletín Noviembre 2021 – issue #31. The role of boards of directors in corporate strategy
- Boletín Septiembre 2021 – issue #30. Governance relationships between shareholders: Learnings from private equity investments in family firms
- Boletín Junio 2021 – issue #29. Lessons About Corporate Governance from Venture Capital-Backed Companies
- Boletín Mayo 2021 – issue #28. Changing while keeping the substance: The role of governance
- Boletín Abril 2021 – issue #27. Should Boards of Directors Care About People?
- Boletín Marzo 2021 – issue #26. The Board Towards the Future
- Boletín Febrero 2021 – issue #25. Sustainability Reporting: Where are we at and where are we heading?
- Boletín Enero 2021 – issue #24. Real Versus Rhetorical Environmental Actions: What’s Their Impact on Corporate Reputation?
- Boletín Diciembre 2020 – issue #23. Should Corporate Governance Enter into a New Era with Purpose? A Business Model Perspective
- Boletín Noviembre 2020 – issue #22. Do We Need Corporate Purpose to Improve Corporate Governance?
- Boletín Octubre 2020 – issue #21. Purpose with a Soul
- Boletín Septiembre 2020 – issue #20. Corporate Governance and Corporate Purpose: The Ongoing Debate
- Boletín Julio 2020 – issue #19. Shareholder Involvement in Times of COVID-19
- Boletín Junio 2020 – issue #18. Can Boards Afford Purpose and Sustainability During the Pandemic?
- Boletín Mayo 2020 – issue #17. Boards Need to Think Beyond the COVID19 Crisis
- Boletín Abril 2020 – issue #16. Some Unique Challenges for Boards of Directors
- Boletín Marzo 2020 – issue #15. The 2025 Board
- Boletín Febrero 2020 – issue #14. What are the Implications of the Sustainable Development Goals (SDG) for Corporate Governance?
- Boletín Enero 2020 – issue #13. Are the Big Three’s Corporate Governance Activities Contributing to Reducing Carbon Emissions?
- Boletín Diciembre 2019 – issue #12. The role of board of directors in M&As
- Boletín Noviembre 2019 – issue #11. Is Technology Disrupting our Corporate Governance System?
- Boletín Octubre 2019 – issue #10. Some features of investor activism in Europe. How should companies prepare?
- Boletín Septiembre 2019 – issue #9. Business Roundtable moves corporate purpose forward
- Boletín Julio 2019 – issue #8. Corporate criminal liability in Europe: some implications for corporate governance
- Boletín Junio 2019 – issue #7. On Purpose and Governance
- Boletín Mayo 2019 – issue #6. Responsible investment: What does it mean for boards of directors?
- Boletín Abril 2019 – issue #5. Corporate culture and values. How can the board of directors set the tone?
- Boletín Marzo 2019 – issue #4. Corporate governance for company continuity
- Boletín Febrero 2019 – issue #3. Can shareholder activism reduce our carbon footprint?
- Boletín Enero 2019 – issue #2. Great boards get engaged in the company’s strategy
- Boletín Noviembre 2018 – issue #1. Corporate Governance for Long-Term Growth
Reports on Boards of Directors.
2024 IESE Survey on Boards of Directors
The 2024 IESE Survey on Boards of Directors captures board members’ perspectives on the main challenges facing boards today: from corporate purpose and culture to board competencies and internal dynamics, CEO leadership development and succession planning, and corporate strategy in a context shaped by geopolitical uncertainty.
Access the full report here.
2022 IESE Survey on Boards of Directors
The 2022 IESE Survey on Boards of Directors gathered board members’ views on key issues such as the board’s role in relation to corporate purpose and ESG criteria, its strategic focus, the relevance of corporate culture in governance, and the level of engagement and collaboration within the board itself.
Access the full report here.
Shareholders’ Role and Responsibilities in Times of Corporate Disruption
In collaboration with the European Corporate Governance Institute (ECGI), the Center presents an e-book featuring the main insights from the latest edition of the corporate governance conference “Shareholders’ Role and Responsibilities in Times of Corporate Disruptions.”
The publication also includes links to session videos, presentations, and research papers.
