ECGI Receives the 2018 ICGN 'Excellence in Corporate Governance' Award
26 June 2018 – Milan. The European Corporate Governance Institute (ECGI) was announced as the 2018 recipient of the International Corporate Governance Network (ICGN)’s ‘Excellence In Corporate Governance’ award at a ceremony in Milan today. The ICGN Award is given annually to individuals or entities that have demonstrated exceptional achievement in the field of corporate governance and contributed to significant improvements in one or more jurisdiction. ECGI was awarded the prestigious award in recognition of its long-standing dedication to corporate governance research.
ECGI was set up in 2002 as the successor to the European Corporate Governance Network (ECGN), created in 1995 by a group of scholars around a comparative research project on the ownership of listed companies in Europe supported by the European Commission and Fondazione Eni Enrico Mattei (FEEM). It was conceived as a multi-jurisdiction organization, originally focused on the countries of Western Europe but quickly expanded its activities to the transition economies of Eastern Europe, the United States and then the whole world and Asia in particular. This is reflected in the composition of ECGI’s peer appointed research members and the geography of its broader membership.
ECGI researchers have produced new knowledge on many countries and topics of significance. For example, ECGI research informed the original OECD Principles of Corporate Governance and its revisions, various European Union initiatives (the Takeover Directive, the Corporate Governance Action Plan coming out of the Winter Group report, etc.), shareholder rights in the United States by bringing a comparative perspective (e.g. on majority voting), the global bank governance reform response after the 2008 financial crisis and issues around family companies and state ownership in Asia and elsewhere.
The academic integrity of ECGI is embedded in its statutes which give residual control of the organisation to its research members, who are peer appointed leading academic researchers predominantly from law, finance and economics. Today these include three winners of the Nobel Prize in economics (Bengt Holmstrom, Oliver Hart and Jean Tirole) of whom two were founding members. As a non-partisan entity, ECGI has maintained its course as a public service organization, providing knowledge to the global corporate governance community free of charge.
The ECGI research members publish regularly on topics such as shareholder rights, shareholder responsibilities, board governance and many others. The work is of high quality and is accordingly published in the most prestigious scientific journals with impact on other scholars, the business world and policy makers.
Accepting the award on behalf of ECGI, David Devlin, said;
“It is a great honour for ECGI to accept this award in recognition of more than 16 years of devotion to scientific research on corporate governance. It is important for there to be a flow of solid academic research for companies, policymakers and the general public to rely on in formulating best practice. ECGI publishes papers from a wide range of international perspectives and disciplines. The Institute has been a long-time friend and important ally of ICGN in advancing the cause of high quality corporate governance globally, which makes receipt of this prestigious award all the more important”
Head of Conferences, Membership & Administration
European Corporate Governance Institute (ECGI)
+32 2 550 2340
Professor Marco Becht
European Corporate Governance Institute (ECGI)
About the ICGN Awards
The ICGN Award is given annually to individuals who have demonstrated exceptional achievement in the field of corporate governance and contributed to significant improvements in one or more jurisdiction. Candidates for ICGN Awards are nominated by ICGN members and reviewed by the Awards Committee which then puts forward a recommendation to the ICGN Board. The award is made to the successful recipient at the Annual Conference.
The Awards Committee considers a range of criteria in making its recommendations to the ICGN Board: This includes whether the nominee:
• Is recognised to have a material period of achievement in corporate governance;
• Has markedly improved the state of corporate governance in one or more jurisdictions;
• Has produced, or has the potential to produce, an important, positive impact on one or more economies;
• Has overcome difficult and challenging obstacles, requiring courage, vision and fortitude; and
• Could benefit from recognition by the ICGN in furthering corporate governance achievement.
The inaugural Awards were made at the 2001 ICGN Annual Conference in Tokyo to Sir Adrian Cadbury (UK), Ira M. Millstein (USA) and Professor Hasung Jang (Korea). Since then, a number of awards have been made annually to pioneers in corporate governance.
About the International Corporate Governance Network
Established in 1995, the International Corporate Governance Network (ICGN) is led by investors responsible for assets under management in excess of $US 34 trillion, ICGN is a leading authority on global standards of corporate governance and investor stewardship. We promote high standards of professional practice among investors and companies alike in their mutual pursuit of long-term value creation contributing to sustainable economies world-wide.
About the European Corporate Governance Institute (ECGI)
The ECGI is an international scientific non-profit association which provides a forum for debate and dialogue focusing on major corporate governance issues and thereby promoting best practice. It is the home for all those with an interest in corporate governance offering membership categories for academics, practitioners, patrons and institutions.
Its primary role is to undertake, commission and disseminate research on corporate governance. Based upon impartial and objective research and the collective knowledge and wisdom of its members, it can advise on the formulation of corporate governance policy and development of best practice. In seeking to achieve the aim of improving corporate governance, ECGI acts as a focal point for academics working on corporate governance in Europe and elsewhere, encouraging the interaction between the different disciplines, such as economics, law, finance and management.