Corporate Governance reform at European level

January 14 2022
Research

In 2013, Dr. Jeroen Veldman and Professor Hugh Wilmott initiated the Modern Corporation Project. In this project they looked for well-founded and feasible reforms in the field of corporate governance. The objective? Supporting stakeholders to take concrete steps in the recognition of and the dealing with the relation between corporate governance and systemic risks, such as climate change and social inequality.

With the current theory and practice of corporate governance still strongly focused on the short term, other interests are given little priority and attention. Together with international academics in the field of business law, management, economics, politics and accounting, researchers mapped out these shortcomings and the possibilities for well-founded and feasible reforms. And with that, they offer boards of directors, supervisory boards and investors tools to create actual space for broader interests and focus on the longer term.

At European level

The project has influenced how we think about the importance of corporate governance in EU policy making in a number of areas. A series of workshops in both the EU and the US with business leaders, investors, regulators and academics formed the basis for a report with practical reform proposals in the areas of company law, reporting and finance. These recommendations have influenced the adoption of ‘sustainable corporate governance’ in the report of the High-Level Expert Group on Sustainable Finance. Furthermore, the project has influenced the discussion about the clarification of duties of directors in relation to sustainability and the long-term interests of businesses in the EU.  Finally, the project provided input for the EU Non-Financial Reporting Directive, now known as the Corporate Sustainability Reporting Directive. The project received the International Impactful Collaboration Award 2019, awarded by the Academy of Management (AOM) Practice Theme Committee & International Theme Committees. 

January 13 2022

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