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Corporate governance, executive compensation and ESG goals

SUERF I CNMV Conference

Corporate governance, executive compensation and ESG goals

Thursday, 11 November 2021 (13:00-15:30 CET)
Friday, 12 November 2021 (13:00-15:30 CET)

Online via Webex

Acting as stewards of the investments of millions of citizens worldwide, institutional investors increasingly take environmental, social and governance (ESG) issues into account when making investments in portfolio firms. Nevertheless, the ultimate success of these investment strategies will depend on the alignment of incentives of corporate managers with the long-term strategies that are necessary to ensure that the delivery of financial performance goes hand in hand with a positive contribution to society. And this will require profound changes to executive compensation. Since the 1990s, there has been much debate about executive compensation practices. Are compensation contracts designed to motivate managers by offering payment for long-term performance or are they the flawed result of malpractice that allows powerful managers to set high rewards for themselves even when other stakeholders are getting reduced shares of the value generated by the firm? This debate is now more important than ever considering the difficulties inherent in designing compensation based on measures of progress in ESG issues.

The SUERF and CNMV Conference on “Corporate governance, executive compensation and ESG goals” will contribute to this debate by bringing together an international group of academic researchers, regulators and institutional investors to bear on these issues.

Thursday, 11 November 2021
13:00 Opening and welcoming address

Ernest Gnan, Head of Economic Analysis Division, OeNB and SUERF

Jordi Gual, Professor, IESE Business School, Non-executive Chairman of VidaCaixa and SUERF Fellow

13:15 Keynote Lecture I

Integrating ESG risks into the prudential regulation for banks
José Manuel Campa, Chairperson of the European Banking Authority (EBA)

14:00 Session I

Moderated by Eudald Canadell Casanova, Director, CNMV

Investment stewardship update
Amra Balic, Managing Director, Head of BlackRock’s EMEA Investment Stewardship team
Presentation (pdf)Presentation (pdf)

Executive compensation challenges for boards - diversity and incentives
Patricia Jackson, Non-Executive Chairman SMBC Nikko Capital Markets; Independent Non-Executive Director, BISL Limited
Presentation (pdf)Presentation (pdf)

Peer v Pure benchmarks in the compensation of mutual fund managers
Juan Pedro Gómez, Professor, IE Business School
Presentation (pdf)Presentation (pdf)

When Employees have their Say on Capital Structure: Evidence from a quasi-natural experiment
María Gutiérrez, Professor, Universidad Carlos III, Madrid
Presentation (pdf)Presentation (pdf)

15:30 End - Day 1
Friday, 12 November 2021
13:00 Opening and welcoming address

Rodrigo Buenaventura, Chairman of the CNMV

13:15 Keynote Lecture II

Overview of recent developments in corporate governance and executive compensation: ESG challenges
Claudia Custodio, Professor, Imperial College London

Presentation (pdf)Presentation (pdf)

Session II    

Moderated by Helena Viñes, Commissioner at the CNMV

Board engagement in companies’ transformation toward sustainability. Evidence from Italy
Carmine Di Noia, Commissioner at CONSOB; Professor, LUISS Business School
Presentation (pdf)Presentation (pdf)

Sustainable Development Goals and corporate governance: Evidence from the Spanish market
Irma Martínez, Professor, Universidad de Oviedo
Presentation (pdf)Presentation (pdf)

CEO Compensation: Evidence from the field
Dirk Jenter, Professor, London School of Economics
Presentation (pdf)Presentation (pdf)

How can universal owners influence corporate governance: Expectation documents
Vicente Bermejo, Professor, ESADE Business School
Presentation (pdf)Presentation (pdf)

15:30 End - Day 2

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