ECGI Roundtable on Board Level Employee Representation Hosted by Imperial College

ECGI Roundtable on Board Level Employee Representation Hosted by Imperial College

The Roundtable focused on the role of employees in corporate governance against the backdrop of the recent UK Green Paper on corporate governance. Board Level Employee Representation (BLER) is a reality in many European countries. In some cases BLER is voluntary, in other cases mandatory. How extensive is BLER in Europe? What are the advantages and drawbacks of giving employees a formal role in corporate governance? How are employee representatives nominated and appointed? What is the empirical evidence on the link between BLER and corporate success, or failure? Do BLER companies compete successfully in capital, labour and product markets? Should there be freedom of contracting in BLER or minimum mandatory standards? How does BLER interact with different forms of ownership?


Franklin Allen, Imperial College London, ECGI and CEPR

Marco Becht, Solvay Brussels School, ECGI and CEPR


Registration: 13:00

Lunch: 13:30 – 14:30

Sessions: 14:30 – 17:30

Drinks reception: 17:30 – 18:30

Dinner: 18:30


Programme queries should be directed to Marco Becht ( or Franklin Allen (
Practical queries should be directed to Rebecca Moody (

Programme Outline:

The day is structured around introductory briefings from previously designated participants. These interventions are intended to stimulate further interventions and discussion between all attendees. The use of slides is possible but not necessarily encouraged. The prior distribution of written material is encouraged.


(briefing speakers in parentheses)

Employee Involvement in Corporate Governance – The Theory (Franklin Allen)

BLER in Europe – The Institutional Facts (Lionel Fulton)

The European Company (SE) and BLER (Horst Eidenmüller)

The European Court of Justice TUI Ruling (Daniela Weber-Rey)

BLER from a Comparative Law & Economics Perspectives: Past and Future (Martin Gelter)

The Nordic BLER Model in a Comparative Perspective (Steen Thomsen)

Danish BLER in Practice (Jacob Møllgaard and Amira Laila Bada)

The UK BLER Discussion (Peter Montagnon)

FirstGroup – A UK Plc with BLER (Silvana Glibota-Vigo and Jimmy Groombridge)

What is the impact of BLER on corporate behaviour and performance? The empirical challenges (Ernst Maug)

The ECGI Roundtable Series provides an engagement platform between ECGI Research Members and Institutional or Patron Members of ECGI. The topics are selected based on geographic relevance and the interests of the participating members. For queries about hosting or taking part in an ECGI Roundtable, contact Prof. Marco Becht, ECGI Executive Director.

Click below to visit conference website

The Law and Finance of Related Party Transactions

The Law and Finance of Related Party Transactions

This research project, co-directed by Professor Luca Enriques (University of Oxford, Faculty of Law) and Professor Tobias Tröger (Goethe Universität, Frankfurt) has brought together top legal and finance scholars to reflect upon the role of dominant shareholders in listed firms, tunneling control as a key component to enhance capital market development, and the content and effectiveness of reform efforts undertaken in various jurisdictions to tackle related party transactions.

Contributors to the project presented their draft papers in Frankfurt on October 20-21, 2017.

Click below to visit conference website.

Corporate governance through voice and exit: Evidence from Standard Life Investments

Corporate governance through voice and exit: Evidence from Standard Life Investments


This seminar will present first results from an ongoing project based on a unique data set provided by a large UK asset manager, Standard Life Investments (“SLI”). It covers the period 2003 – 2015 and documents SLI’s active ownership as exercised by its fund managers and governance and stewardship (G&S) team.

Access to the records of SLI allows the researchers to inform and test theories of corporate governance through voice and exit in an unprecedented way. The data set covers holdings in around 800 UK listed companies held by equity funds SLI managed actively over the sample period.

SLI also attribute an internal flag called a “Governance Health Warning” (GHW). Around ten percent of the portfolio companies had such a “health warning” during the sample period. The presentation will seek to answer questions like: What are the internal governance and stewardship workings of a large active owner? How do voice and exit interact in practice? How does corporate governance influence fund manager decisions? Does voice and exit matter for performance?


Click below to visit the event page.