SMEs, Families and Capital Markets

SMEs, Families and Capital Markets

*** This Event is by invitation only. ***

There is increasing evidence of the positive role played by family firms, including both publicly listed and privately owned entities. However, one of the main challenges for family businesses is succession. It is becoming more complex due to changes in family, management and governance systems. Sound governance reduces conflicts of interest, maintains family harmony, and creates value for all stakeholders.

Business transfer is a critical milestone in the life of many family businesses that with the ageing of the population of entrepreneurs becomes even more acute. Additionally, in the Central and Eastern European markets, the first generation of entrepreneurs is nearing retirement, which means that for many firms in these countries the transfer of family business stock happens for the first time.

To address these issues, one of the priorities mentioned in the Entrepreneurship 2020 Action Plan of the European Commission is “easing business transfers”, for example, through reducing cross-border inheritance tax obstacles, improving information and advice services, and other initiatives. Likewise, stock exchanges are attempting to ease obstacles for small and medium-sized enterprises (SMEs), which are predominantly family-owned, to raise capital through public markets. The conference will examine these tendencies.


Prof. Marco Becht, Solvay Brussels School (Brussels) and ECGI

Prof. Anete Pajuste, Stockholm School of Economics (Riga) and ECGI


Programme queries should be directed to Anete Pajuste (

Supported by


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New Research on Executive Compensation and on Sustainability

New Research on Executive Compensation and on Sustainability

***This event was by invitation only***

Click here to download the programme


New Research on Executive Compensation and on Sustainability

16-17 December 2019: Bar-Ilan University, Ramat-Gan

Monday 16 December

Weisfeld Hall, Feldman building (301)

Tuesday 17 December

Economics and Business Administration Building (504), Auditorium 10, ground floor

Jointly organized by

European Corporate Governance Institute (ECGI)

Raymond Ackerman Family Chair in Israeli Corporate Governance, Bar-Ilan University

With financial support from

European Corporate Governance Research Foundation (ECGRF)

Raymond Ackerman Family Chair in Israeli Corporate Governance


For Whom is the Corporation Managed?

For Whom is the Corporation Managed

***This event was by invitation only***

***Click here to for event programme***

Hosted by:

Institute for Corporate Governance & Finance | NYU School of Law
 D’Agostino Hall, Martin Lipton Hall, 109 West 3rd Street, New York, NY 10012, USA


Edward Rock, NYU Law and ECGI


09:00: Breakfast

09:30: Welcome

09:45 – 11:00: Session 1

11:00 – 11:15: Coffee break

11:15 – 12:30: Session 2

12:30 – 13:30: Lunch

13:30 – 14:30: Session 3

14:30 – 14:45: Coffee break

14:45 – 16:00: Session 4


Programme queries should be directed to Edward Rock (

Practical queries should be directed to Ryan Gibson (

Corporate Governance And Ownership With Diverse Shareholders

Corporate Governance And Ownership With Diverse Shareholders

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Prof. Jordi Canals, Professor of Strategic Management and Economics, Fundación IESE Chair in Corporate Governance at IESE; Prof. Gaizka Ormazábal, Associate Professor of Accounting and Control, Grupo Santander Chair of Financial Institutions and Corporate Governance at IESE and ECGI; Prof. Xavier Vives, Professor of Economics, Financial Management, Abertis Chair of Regulation, Competition and Public Policy at IESE and ECGI; Prof. Marco Becht, Professor of Finance and the Goldschmidt Professor of Corporate Governance, Solvay Brussels School for Economics and Management, Université libre de Bruxelles and ECGI.

About the Event:

Click here to download the programme

Many policy recommendations that emerge from the flourishing literature on corporate governance do not take into account the diversity of company owners and the different goals of heterogeneous’ shareholders in the 21st century. Many of them make the assumption that dispersed shareholders is the representative form of corporate ownership. This hypothesis is still dominant in most theoretical studies and in many empirical studies.

The fact is that ownership around the world in the twentieth century changed in many large countries, has become more heterogeneous and diverse than what is assumed in many studies, and its evolution is shaped by a diversity of factors, such as domestic taxation and regulation, capital markets and different management and business practices.

Understanding that ownership is heterogeneous and diverse has implications on how companies are governed. It is also critical for the improvement of corporate governance at the corporate level and the government’s regulatory activity. In the end, it has an impact on companies’ survival –many firms that didn’t survive encountered problems with their own shareholders and their commitment- and their long-term development.

This Conference offered a context to reflect upon and better understand how the different nature of shareholders have an impacted on the way companies are governed and managed, and, eventually, on some key decisions – like board composition, board dynamics, CEO hiring and firing, strategy making and incentives design- that define corporate governance.

Supported by:

This event was supported by IESE Center for Corporate Governance, the European Corporate Governance Institute (ECGI) and the European Corporate Governance Research Foundation (ECGRF), and brought together senior academics and thought-leaders in business to discuss the above topics.


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ECGI Annual Members’ Meeting 2019

ECGI Annual Members’ Meeting 2019

The 2019 ECGI Annual Members’ Meeting took place at IESE Business School, Barcelona on 24 October 2019.

Open to the public (24 October):

ECGI Annual Lecture

Panel Discussion

Prize Sessions

ECGI Members only:

ECGI General Assembly Meeting (24 October)

Members Dinner (24 October)

To access the agenda and papers for the AGM (24 October 2019) please click here. Please note that you must be logged in to access these documents (members only). To log in, please enter your username (usually your email address) and your password in the top right of the website. If you do not know your password, please select the reset password option and follow the instructions.

If you would like to become a member of ECGI, please click here to find out more.

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Global Shareholder Stewardship Conference

Global Shareholder Stewardship Conference

In light of the remarkable rise of institutional investors’ share of public equity, policymakers in the UK and abroad, especially after the Global Financial Crisis, implored institutional investors to engage with companies to promote long-term performance and social responsibility. These policy views found expression in the enactment of the UK Stewardship Code in 2010, which was quickly exported to 18 countries around the world and advocated at the EU and international level.

The Global Shareholder Stewardship Conference at King’s College London on 23–24 September 2019 was the first event to bring together national, regional, and international standard setters to share experiences, enhance dialogue, disseminate good practice, guide scholarship, and shape future stewardship policy through evidence-based recommendations. The contributors examined national, supranational, and international stewardship principles, institutions’ investment practices, the impact of (soft/hard) regulation on current and evolving stewardship practices and the interaction of private and public actors in generating public policy. They have, therefore, contributed to current corporate governance debates and policymaking at national, supranational and international levels and have informed a wide range of academic and non-academic beneficiaries, including institutional investors, companies, and other stakeholders.

The ultimate goal of the Conference will be to publish a book on Global Shareholder Stewardship: Regulating the Rise of Institutional Investors. The book will contain in-depth jurisdiction-specific chapters on all major jurisdictions which have implemented a stewardship code or principles. It will also examine the possible rise of stewardship in major economies which may in the future adopt a stewardship code or principles. The in-depth analysis in the jurisdiction-specific chapters will be analysed from multiple perspectives and using several methodological approaches to derive some fresh comparative corporate governance lessons and useful academic theories from this research project.

The conference and wider project were co-sponsored by the Dickson Poon School of Law, King’s College London, the Transnational Law Institute, King’s College London, the British Academy’s Partnership with the Department for Business, Energy and Industrial Strategy, the ESRC Social Science Impact Fund and the European Corporate Governance Institute (ECGI).


Dionysia Katelouzou, Senior Lecturer Dickson Poon School of Law, King’s College London; and

Dan Puchniak, Associate Professor, National University of Singapore, Faculty of Law.

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