York’s Schulich School of Business, in partnership with McKinsey and Company, hosted a one-day forum in Toronto Nov. 8 that brought together some 100 corporate leaders, policymakers and scholars who are at the forefront of thought and action about the direction of capitalism and how it should be reformed.
As a starting point, the day-long dialogue focused on the reflections of Dominic Barton, McKinsey’s global managing director, in his article “Capitalism for the Long Term” published in Harvard Business Review, as well as on leading-edge insights from members of York’s Schulich School of Business on responsible business.
Dezsö Horváth, dean of the Schulich School of Business, presented a keynote address followed by an opening speech by Dominic Barton. Mark Wiseman, president and CEO, CPP Investment Board delivered the closing keynote.
The forum – Capitalism for the Long Term: Shape the Future of Business – was organized to examine how free market economies need to be reformed to create a more stable, equitable and sustainable model of capitalism.
Panel discussions focused on three key areas:
- Moving Beyond Quarterly Capitalism – What should be the balance between short-term returns and long-term viability?
- Serve Stakeholders, Enrich Shareholders – How can the interests of investors be reconciled with those of other stakeholders?
- Rewriting the Rulebook: New Governance and Regulatory Frameworks – Which governance models align the interests of management and owners in a way that enhances sustainable value creation?
The question of how capitalism should be reformed was addressed by several panellists, includingJacynthe Côté, chief executive, Rio Tinto Alcan; Stephen M. Davis, associate director, Harvard Law School Programs on Corporate Governance and Institutional Investors; Moya Greene, CEO, Royal Mail Group (UK); Robert Greenhill, managing director and chief business officer, World Economic Forum; Nick Lovegrove, senior director, Albright Stonebridge Group (US); Edward Waitzer, Jarislowsky Dimma Mooney Chair in Corporate Governance and director, York’s Hennick Centre; Richard Waugh, CEO, Scotiabank; John L. Thornton, co-chairman, Barrick Gold Corporation; and Eileen Mercier, chair, Ontario Teachers’ Pension Plan.
For more information, visit the Capitalism for the Long Term website.