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6th June 2019
Aon Amsterdam: Quarter Avenue Building, Condensatorweg 54, 1014AX Amsterdam Netherlands
Welcome to
Drs. Frank Driessen AAG, CEO NetherlandsAon Retirement & Investment
on
“How can we accelerate the rebuilding of trust and confidence in Financial
Services?”
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Welcome to
Andy Agathangelou, Founding Chair,Transparency Task Force
on
“How can we accelerate the rebuilding of trust and confidence in Financial
Services?”
Mobile: +44 (0)7501 460308 [email protected]
Today’s programme:
10:30 Registration, refreshments and networking
11:00- Andy Agathangelou, Founding Chair of the Transparency Task Force; your introductions shortly
12:00Presentation on "How can we accelerate the rebuilding of trust and confidence in financial services?" by:
- Paolo Sironi, Author and FinTech Thought Leader, IBM Watson Financial Services, IBM Industry Academy
12:55Presentation of the Transparency Trophy
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Today’s programme continued:
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13:00Lunch and networking; followed by Team Photo
14:00Continuation of presentations on "How can we accelerate the rebuilding of trust and confidence in financial services?" by:
- Pascal Hogenboom, Associate Director, Strategia Worldwide; Senior Partner, Avida International; Founding Partner, Arbor Consulting B.V.
Today’s programme continued:
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15:00"Short & speaking slots"
Several attendees, will be sharing their thoughts and reflections on the trust deficit, contextualised as:
“If I had just 5 minutes to comment on how we can accelerate the rebuilding of trust and confidence in financial services, this is what I’d say…”
- Marcos Eguiguren, Executive Director, Global Alliance for Banking on Values
- Iwein Borm, Founder & CEO, InFinIT Partners
- Arjen Simonis, Project Manager, Detecting Financial Crime Unit, ABN Amro Bank
- Robert van Beek, Founder, About Life & Finance
- Graham Boyd, CEO & Founder, Evolutesix
Today’s programme continued:
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15:15Refreshments and further networking
15:45The Great Big Open Debate
16:30Closing remarks:- Andy Agathangelou, Founder, Transparency Task Force
16:45 to 18:00Further networking over drinks and nibbles.
Let’s please show our appreciation to today’s host and sponsors:
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But before we go any further…
Fundraising ideas to Tina Kenyon please!
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Brief introductions please
Please very briefly, in just a few seconds, deal with:
• Who you are and what you and your organisation do
• Why the question “How can we accelerate the rebuilding of trust and confidence in financial services?” is of interest to you
Thank you!
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About
• We are the collaborative, campaigning community, dedicated to driving up the levels of transparency in financial services, right around the world
• We believe that higher levels of transparency are a pre-requisite for fairer, safer, more stable and more efficient markets that will deliver better value for money and better outcomes
• Furthermore, because of the correlation between transparency, truthfulness and trustworthiness, we expect our work will help to repair the reputational damage the sector has been suffering for decades
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About mission
• We are an informal but increasingly influential forum of ethically-minded people that care about the financial services sector and the people it serves
• We are collaborative, collegiate and consensus-building; focusing on solutions not blame
• We believe the financial ecosystem is profoundly important to the wellbeing of society, the global economy and political stability; but there’s a great deal wrong with it that needs reforming
➢ Our mission: “To drive positive, progressive and purposeful finance reform by harnessing the transformational power of transparency"
• Hidden and excessive costs
• Hidden and excessive risks
• Opportunistic opacity
• Opportunistic obfuscation
• Short-termism
• Insufficient client-centricity
• Scams and scandals
• Regulatory capture
• Irresponsible reward systems
• Malpractice, Malfeasance, Misconduct, Miss-selling
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What is
• A ‘profit before principles’ mindset
• A ‘money before morals’ mindset
• Conflicts and misalignment of interest
• Excessive lending and gearing
• Disingenuous communications
• Financial instability
• Weak governance
• A lack of market integrity
• A lack of values-based leadership
helping to reform?
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Why isso concerned about the Trust Deficit?
Key Insights from the 2108 Edelman Trust Barometer:
• An annual global study in its 18th year; 28 countries; 33,000 respondents
• Bad news: The Financial Services sector scores a very poor 15th out of 15 (i.e. last) in terms of general levels of trust
• This is a systemic problem for a sector that needs to be trusted to function successfully
• “If you take trust out of financial services, what do you have left?”
• The problem manifests in many ways; for example the UK’s Savings Ratio is the lowest since records began, way back in 1963 – is that partly because people are predisposed to distrust the sector?
➢What does the worst case scenario look like if low levels of trust in financial services persists?
➢ Something needs to change!
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Strategy for Driving Change:
Our Strategy for Driving Change is all about bringing togethor two groups of people:
#1, those with a sense of passion & purpose about what needs to change, such as our Ambassadors and the members of our Special Interest Groups
#2, those with the power & position to make change happen; such as the politicians, policymakers, and regulators
We do this in many ways, for example through our Transparency Symposia; and through our Special Events
Here are three good examples of our Special Events:
‘The First Transparency Strategy Summit in the World’
‘The primary purpose of the first Transparency Strategy Summit in the world is to begin to build consensus on the best way to protect the interests of the UK’s pensions-saving public through full disclosure on all the costs and charges they are paying but not being told about’.
• 12th September 2016 at the Houses of Parliament
……which may have led to the opening of the Work & Pensions Select Committee’s Enquiry on Pensions Costs Transparency
5th Sept 2018 at the Commons:
x 110 (99 in the UK+ 11 overseas)13th Jan 2017
‘Launch of the TTF Banking Team’s White Paper on Current Accounts’
• 26th June 2017 at the Houses of Parliament
‘Sensible recommendations about the lack of transparency around charges for Free-If-In-Credit personal current accounts’
“Ideas to help reduce the chance of another Global Financial Crisis”
• 7th February 2018 at the Houses of Parliament
‘A special meeting at which we presented our White Paper on the topic and initiated the launch of a new All Party Parliamentary Group on Financial Stability’; the inaugural meeting is on 23rd May
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by numbers• We have run 31 Transparency Symposia
• The Transparency Times goes to many thousands of people, monthly
• We have awarded 30 Transparency Trophies
• We have held 3 special meetings at the House of Commons
• We have over 650 volunteers; organised and mobilised into 21 Teams
• We have responded to 13 formal Government/Industry Consultations
• Have had dozens of meetings & calls with Regulators & Government Officials
• We have produced 8 Thought Leadership White Papers
• We have gathered over 100 Transparency Statements
• Have had 100’s of articles/comments published; on Radio 4 three times
• Spoken at dozens of conferences and events
• We are growing our presence in 18 countries
➢ We have the support of over 100 Ambassadors, a global network of good people helping to drive change; many with extensive subject matter expertise
TTF Ambassadors: UK
David Pitt-WatsonExecutive Fellow
London Business School
Daniel GodfreyCo-Founder
The People’s Trust
Catherine HowarthChief Executive Officer
ShareAction
Con KeatingHead of Research
Brighton Rock Group
Ralph FrankCEO DC (UK)
Cardano
Steve ConleyFounder
Values Based Adviser
Henry Tapper, Founder, Pension PlayPen;
Director, First Actuarial Markus Krebsz,The United Nations Group
of Experts on Risk Management
in Regulatory Systems
TTF Ambassadors: UK continued
Philip MeadowcroftIndependent Shareholder
Activist
Rory MaguireCEO
FundhouseIan Peacock
Chief Client OfficerIG Group
Dr. Anna TilbaAssociate Professor in Strategy and
Governance, Durham University Business School
JB BeckettUK Lead, Association of
Professional Fund Investors
Robin PowellFounder
Evidence-Based Investor
Jackie BeardDirector of Manager Research, EMEA
Morningstar
Mark PolsonFounder and Principal
the lang cat
TTF Ambassadors: UK continued
Mike BarrettConsulting Director
the lang cat
Julia DreblowFounder SRI Services & Fund EcoMarket
Helen Scott,Chief Executive Officer,
Eris FX
Andrew Parry,Head of Sustainable Investing
Hermes Investment Management
James DaleyManaging Director
Fairer Finance
Will PriceGlobal Pensions Consultant
The World Bank
David StrippProposition Manager
David Stripp Ltd
Jon SpainTreasurer
Law for Life
TTF Ambassadors: UK continued
Sunil ChaddaAdvisory Board Member
Association of Professional Fund Investors
Ruston Smith,Chairman,
Tesco Pension Fund Trustee Board, Tesco DC Governance
Committee, Tesco Pension Investment Limited
Mark Falcon,Founder and Director,
Zephyre
Bob ComptonManaging Director
ARC Benefits LimitedWendy Addison
CEO SpeakOut SpeakUp
Andrew MillsFounder and Director,
Insight Financial Research
Joe St Clair UK Director
World Sustainability Development Forum
Professor Michael MainelliExecutive Chairman
Z/Yen Group
TTF Ambassadors: UK continued
Johan CrasManaging Director
Kempen Capital Management
Terry WebsterProfessional Trustee
Lindis Consulting
Sital CheemaSustainability Investment
ConsultantJaanu Consulting
Peter UhlenbruchAODP Investor Engagement
OfficerShareAction
Romi Savova,Chief Executive Officer,
PensionBee
John Howard,Former Chair,
Financial Services Consumer Panel
Annemarie BorgFounder and Director,
Antara Project
Mark Turner,Managing Director,
Duff & Phelps
TTF Ambassadors: UK continued
Mark Evans,Group Business Development
Director,Tavistock Investments
Tom Levitt,Consultant,
Sector 4 Focus
Rory Ridley-Duff,Co-Founder,
FairShares Association
Cliff Southcombe,Managing Director,
Social Enterprise International
Joss Tantram,Director,WBCSD &
Founding Partner,Terrafiniti
Sue Flood,Leader,
Ark pension Scam Group
Adrian Tupper,Consultant,
Money Questioner
Bobby Riddaway,Senior Investment Consultant
CAPITA
TTF Ambassadors: UK continued
Ian Ashleigh,Risk and Compliance
Consultant,Compliance Matters
Tom BaigrieCEO,
LifeSearch
Gareth Morgan,CEO,
Ferret Information Systems
Cliff Southcombe,Managing Director,
Social Enterprise International
Laurence Wormald,Investment Manager,Random performance
Liz Murphy,Steering Group Member,
UK Values Alliance
Paul Moxey,Visiting Professor in Corporate
Governance,London South Bank University
Siva Shankar,Interim Projects &
Transactions Services,FTSE 250
TTF Ambassadors: UK continued
Robert Dellner,Managing Director,
I3 Partners
Antony Elliott OBE, FCIB,Founder,
The Fairbanking Foundation
Sue Lewis,Trustee Director,
The People's Pension
Martin Rich,Co-Founder & Executive
Director,Future-Fit Foundation
Ros Altmann,Pensions Expert,House of Lords
TTF Ambassadors: Italy
Francesco Briganti,Secretary General,
Cross Border Benefits Alliance - Europe
TTF Ambassadors: Belgium
Benoît Lallemand,Secretary General,
Finance Watch
Graham Boyd,CEO & Founder,
Evolutesix
TTF Ambassadors: Netherlands
Tomas Wijffels,Senior Policy Advisor,
Pensioen Federatie
Eric Veldpaus,Founder, Institutional
Benchmarking Institute
Peter Kolthof, Partner and Head of the Netherlands,
Avida International
Pascal Hogenboom,Associate Director,
Strategia Worldwide
Marlon SahetapyHead of Delegated
SolutionsAon
Guus Warringa,Institutional Investor
Relations, Grant & Eisenhofer
TTF Ambassadors: USA
Paul Secunda, Professor of Law and Director,
Labor and Employment Law Program
Marquette University
Bernie Nelson,President,
Style Research,North America
Dr. Kara Tan Bhala,President and Founder,
Seven Pillars Institute for Global Finance and Ethics
Matthew Murray,Co-founder,
The Center for Business Ethics andCorporate Governance
George Kinder,Founder,
The Kinder Instituteof Life Planning
Stephen DavisAssociate Director and Senior Fellow,
Programs on Corporate Governance and Institutional Investors,
Harvard Law SchoolJon Lukomnik,Executive Director,
Investor Responsibility Research Institute
Richard Field,Founder, The Institute for
Financial Transparency
TTF Ambassadors: USA continued
Darby HobbsFounderSocial 3
Chris TobeFounder
Stable Value Investments
Lorelei GrayeFounder
Leodoran Financial
Adam ChoppinInvestment Director
FIS Group
Greg RogersCo-founder
Eratosthenes
Charlie AtkinsCo-founder
Envonet
John Spoto,President and Founder,
Sentry Financial Planning
Helene Spoto,Co-Owner,
Sentry Financial Planning
TTF Ambassadors: USA continued
David Rowe,President,
David M. Rowe Risk Advisory
Michael Erlanger,Founder and Managing Principal,
Marketcore.com
Joseph Hosler CFAManaging PrincipalAuour Investments
Erik ConleyCEO
Conley Investment Group, Inc.
Aivars LodeChairmanIT Capital
Aaron Bernstein,Editor
Global Proxywatch &Senior Research Fellow,
Harvard Law School Pensions Project
Thom YoungPresident
FARCapital
Rohanna WiseFounder & CEO
Wise Trading Technologies
TTF Ambassadors: USA continued
Sander EijkenduijnCOO
SCORPEO US LLC
William JannaceSenior Counsel,
Ross PLLC
Stefan PagacikCo-Founder,AI4Impact
Jonny RuckCEO,
SCORPEO US LLC
TTF Ambassadors: Canada
Larry ElfordFounder,
Investor Advocates
Larry BatesFounder,
The Wealth Game
Paul Bates,Senior Counsel,
Paul Bates Barrister
John DegoeyPortfolio ManagerWellington Altus
TTF Ambassadors: Australia
Ian Fryer, Head of Research,
Chant West, Sydney David Knox,
Senior Partner, Mercer Melbourne
Dr. Nicholas Morris,Adjunct Professor,
University of New South Wales,Sydney
Gordon Noble,Director,
GNBK Advisory
John Hewson,Professor,
Crawford School of Public Policy
TTF Ambassadors: Ireland
Paddy Delaney,Founder,
Informed Decisions Blog and Podcast
John NolanChief Commercial Officer
Visible Thread
Prof. Andreas Hoepner,Professor of Operational Risk,
Banking and Finance,University College Dublin
TTF Ambassadors: Poland
Krzysztof Grabowski Ph.DSecurities Broker
TTF Ambassadors: Switzerland
Guy Spier,CEO,
Aquamarine Capital
TTF Ambassadors: India
Prabhu Guptara,Executive Director,Relational Analytics
TTF Ambassadors: Spain
Marcos Eguiguren,Executive Director,
Global Alliance for Banking on Values
TTF Ambassadors: Luxembourg
Edouard Bokuetenge,Co-Founder,
Xprience
TTF Ambassadors: Germany
Paolo SironiIndustry Academy and Author,
Watson Financial ServicesIBM
TTF Ambassadors: Hong Kong
Rick Adkinson,Managing Director,
Private Capital
• Asset Management• Pensions Team• Communications• Financial Planning• PISCES • Fintech• APAC• Americas➢ EMEA; we’ll add you• GTI• Banking• Market Integrity• Costs & Charges• Financial Stability• Investment Consulting & Fiduciary Management• Governance, Compliance, Risk, Legal & Regulatory
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➢ For more information including a list of all our volunteers see: https://www.transparencytaskforce.org/teams-of-volunteers/
AboutSpecial Interest Groups
✓ 650+ valiant volunteers✓ Organised & mobilised into 21 Special Interest Groups✓ Small groups of people working together✓ Subject-matter experts ‘that want to stand up, not stand by’✓ Building consensus on how to solve known problems✓ Not just ‘a talking shop’✓ One or more campaign objectives per Special Interest Group
• Foreign Exchange• Anti-Scams• Hedge Funds• Private Equity• Whistleblowing
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The TTF community has awesome potential as a force for good in financial services• We are collaboratively-minded• We have a “stand-up, not stand-by” mindset• We are willing and able to help drive positive, progressive and
purposeful finance reform
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Through thousands of conversations over the last 4 years, an idea started to form• What would need to happen to drive serious, transformational and
curative change throughout the financial services sector?• There would need to be:✓ A very strong sense of purpose about the change that was needed✓ The right kind of people; our Ambassadors and SIG members❑ There would need to be a plan; we needed to develop a plan
But how on Earth can we do something so ambitious?
…and how can we come up with a plan that will actually make a difference?
We decided to develop a plan to develop a plan…
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“Plan Beats No Plan”Mark Carney, 30th June 2016 at the Court Room, The Bank of England
• Even if our plan isn’t very good, it is better than having no plan at all• The more people we share the plan with, the more feedback we will
receive; so the better the plan will get• …and the more people there will be to help execute the plan
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The beginnings of a plan
• We would need to show there is a problem that needs fixing• That led to a memorable conversation with Newgate Communications about
producing a White Paper on the trust deficit • The White Paper could evidence the problem and be a call to action to solve it
• We realised that a plan about the trust deficit would naturally evolve into a plan to fix the underlying issues that cause the trust deficit
• The call to action would need to be for key stakeholders to work together to develop an over-arching, all-embracing, big-picture plan
• Maybe the first part of the plan should be to initiate and facilitate a global conversation?
• Maybe we can use a question to kick things off and invite key stakeholders into dialogue?
• But what question?
“How can we accelerate the rebuilding of trust and confidence in financial services?”
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• The question is very deliberately future-orientated; we must learn from the past but not live in it
• The question is very deliberately solution-orientated; we avoid the temptation to just pose the question – we want answers
• The question is very deliberately cast in a “truth and reconciliation” manner• The question is very deliberately free of guilt and baggage; this is not about
apportioning blame or finding people to punish• The question is very deliberately palatable to all stakeholders such as
politicians, policymakers, politicians, regulators, thought-leaders, subject-matter experts, progressive market participants, trade bodies and professional associations and so on
• The question is very deliberately able to function as a gateway through which dialogue can move into the underlying issues; and thereby be truly curative
• We need to fix the causes, not just the symptoms• We need to drive positive, progressive, purposeful and permanent change
What are the underlying causes of the trust deficit?
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• There are many causes• The causes are complicated• The causes are are interconnected• Dealing with just the “heads” of the problem
won’t work• Only a whole-system solution can fix a
whole-system problem• The solution needs to be systemic• The solution needs to be systematic• We need to get to the heart of the matter
About The Finance Development Goals (FDGs)
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• A very memorable conversation on 15th March 2019; coffee and bagels in New York with Georg Kell
• Founder of the United Nations Global Compact
• A key driver behind the UN Global Compact’s Sustainable Development Goals
• I explained the overall objective is to deal with the trust deficit, knowing that will open up the opportunity to deal with the underlying causes
• I explained that want the approach to be truly curative; we want to cure the underlying issues not just the symptoms; “system change”
About The Finance Development Goals (FDGs)
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• After the conversation with Georg Kell and inspired by the Sustainable Development Goals, the idea of framing our approach as the Finance Development Goals started to materialise, whereby:• Each FDG will relate to an underlying cause of the trust deficit• Each FDG is inherently goal-orientated, creating a positive, progressive,
purposeful, aspirational and future-orientated roadmap for reform• Each FDG is asking: “Where are we now? Where do we want to get to? How
are we going to get there (The Broad Theorem) • Each FDG will have its own visual icon; just like the SDGs (we will be organising
a just-for-fun competition for the design of the FDG icons)• The development of each FDG will have a gravitational pull on subject-matter
experts and relevant stakeholders around the world; growing our community of collaborative campaigners even further; a virtuous spiral
The early beginnings of the FDGs; listing the topics
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Culture: Ethics, Values, Professionalism, “Principle Before Profit”, “Morals before Money,” Values-Based Leadership, MQ, Leadership Development and Community-BuildingGovernance: Market Integrity, Compliance, Regulatory Master Plan, Audit, Custodianship, Risk Management, Stewardship, Revision of the Credit Rating Agencies, Litigation and WhistleblowingTechnology: Fintech, Online Data Integrity & Privacy, Cyber SecurityTransparency: Clear and intelligible information to enable well-informed decision-making, transparency on costs & charges; standardisation of reporting on performance and risk, removal of information asymmetries, Data Analytics, Data Reporting, Data Benchmarking, Index Development, the Global Transparency IndexProduct Design: Product Accreditation, Asymmetries of Information Audits, Transparency AccreditationCommunications: Consumer Engagement, Simple Benefit Statements, Reputation Management, Positive PR Communicating with integrity, credibility and authenticityMetrics: to measure, monitor and manage trustHR Strategy: Incentive Design, Responsible Reward, Cultural Transfusion, Inclusion and DiversityPurposefulness: Impact Investing, Sustainability, Climate Change, ESG, Socially Responsible Investing, Social Finance, Social/Responsible Stock ExchangesOaths: The positive use of Codes of Conduct, Professional Oaths and Pledges of Trade Bodies, Professional Associations, Standard Boards and organisationsRegulatory Reform: Duty of Care, Fiduciary Duty and Best InterestsFinancial Consumers' Bill of Rights: FairnessAlignment of Interests: The 'Principal-Agent Problem." Progressive Fee Structures, alignment of goals, returns, and risksThe Economic System: Shareholder Primacy evolving into Stakeholder Primacy; diversity of ownership structuresPolicymaking: making sure serious mistakes are not madeFinancial Stability:Education: for the public and people in the sectorOperational and administrative excellence
• We’re just “getting the clay on the wheel” • What’s missing?• 25 FDGs x 4 = 100 topics to deal with
4th September 2019: Important meeting
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• With Steve Kenzie, Executive Director, UN Global Compact UK• To talk through the first draft of the Finance Development Goals• Steve is a member of the Transparency Task Force Advisory Board• (Chaired by John Howard, Former Chair of the Financial Conduct Authority’s
Financial Services Consumer Panel, who presented BBC Radio 4’s “You and Yours” for 14 years)
• https://www.transparencytaskforce.org/about-1/advisory-board/
It is vital that we evolve our thinking through discussion, debate and consensus-building; hence the meetings around the world
Boston 12th March 2019
New York 14th March 2019
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London 16th May20109
The Programme for 2019
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✓ Boston on 12th March, kindly hosted by Mercer✓ New York on 14th March, kindly hosted by Davies Ward Phillips
Vineberg✓ London on 16th May, kindly hosted by Newgate Communications• Dublin on 29th May, kindly hosted by Azon Recruitment Group• Amsterdam on 6th June, kindly hosted by AON• Zurich on 18th June, kindly hosted by SharesInside• Brussels on 20th June, kindly hosted by CFA Institute• New York on 9th September, kindly hosted by Grant & Eisenhofer• Boston on 12th September, kindly hosted by First Republic Bank• Hong Kong on 10th October, kindly hosted by RPC• Sydney on 15th October, kindly hosted by Dimensional Fund Advisors• Melbourne on 17th October, kindly hosted by Mercer• Singapore on 22nd October, HOST WANTED
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Paolo Sironi, Author and FinTech Thought Leader, IBM Watson Financial Services, IBM Industry Academy
Until 11:55 including Q&A
About the book on the FDGs
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• “Why we need to accelerate the rebuilding of trust and confidence in financial services; and how we can do it”
• Writing the book will help to develop the FDGs• Chapter 1 - about our strategy for driving change and who the book has
been specifically written for; 1,000 named individuals that have “the power and position to make change possible” - the politicians policymakers, regulators, leaders of global organisations etc.
• Chapter 2 - the problem statement• Each of the rest of the chapters will be dedicated to a FDG• Each FDG chapter will be a collection of essays written by relevant subject-
matter experts from around the world• Each FDG chapter will also have an action plan written by the subject-
matter experts plus members of the Scientific Committee• The Scientific Committee will be made up of highly credible academics and
researchers from around the world including Oxford, Cambridge, Harvard, Stanford etc; but not just academics
• Altogether, the people involved will be a collaborative dream-team of expertise + motivation + a high propensity to collaborate
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Pascal Hogenboom, Associate Director, Strategia Worldwide; Senior Partner, Avida International; Founding Partner, Arbor Consulting B.V.
Purpose Led Leadership “How can we accelerate the rebuilding of trust
and confidence in financial services?”
Amsterdam, 6th June 2019
“The elephant in the room” – part 1
Lack of trust in Financial Services
Level of trust in European Institutions
https://www.pewresearch.org/about/
“The elephant in the room” – part 2
(Re)building trust starts with purpose led leadership
“Unfortunelately, there’s another elephant in the room”
What is Purpose?
PURPOSE ➔ The reason for being.
➢ What value do we, as a company, add to today’s society?➢ Why would clients buy our products/services?➢ Why would people want to work for my company?
“we create everyday essentials to make people’s lives more livable and inspiring”
AKZO NOBEL
“To defend the Kingdom of the Netherlands and its interests in the world; and to protect and advance the international rule of law.”
the Netherlands Armed Forces
What is Purpose Led Leadership?
➢ The ability of leaders to formulate a purpose for their organisation that meets theexpectations of stakeholders ➔ Rationale
➢ The ability of leaders to re evaluate the purpose of their organisation, dependingon societal developments➔ Rationale
➢ The ability of leaders to “lead by example” by embodiment of the purpose of theorganisation ➔ Behaviour
➢ The ability of leaders to lead in a way that people do what you ask, because theywant to, not because they have to. ➔ Behaviour
Conclusions
➢ The path to rebuilding trust in financial services starts with re evaluating thepurpose of financial institutions in general and for each financial institutionindividually
➢ The responsibility of leaders of financial institutions is enormous, because they notonly have to define the path to rebuilding trust, but they also have to be the pathand lead by example.
➢ Emphasis on purpose led leadership development should increase significantly in the financial services sector
➢ Do not invent the wheel again; learn from other sectors (e.g. the military)
TIAS/Strategia Worldwide
Masterclass Purpose Led Leadership
• The TTF shines a light on problems; to help solve them
• The TTF also shines a light on transparency champions; to encourage others
• We do this by awarding a Transparency Trophy at each of our symposia
• The winner gets to keep it
• The star-shape is significant - people can navigate using the stars so the star shape has been chosen to symbolise the idea that the winners are helping to navigate the sector to a better place
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About
• February 2016: Tomas Wijffels, Pensioen Federatie
• April 2016: Rachel Haworth, ShareAction
• June 2016: Jackie Beard, Morningstar
• September 2016: Gina & Alan Miller, the True & Fair Campaign
• October 2016: Robin Powell, Evidence-Based Investor
• November 2016: Daniel Godfrey, The People’s Trust
• December 2016: Ralph Frank, Cardano Risk Management
• February 2017: Con Keating, Brighton Rock Group
• May 2017: David Pitt-Watson, London Business School
• July 2017: Mike Barrett, The Lang Cat
• September 13th 2017: Steve Conley, Founder, Values Based Adviser
• September 28th 2017: George Kinder, Founder, The Kinder Institute
• November 15th 2017: Angela Brooks, Founder, Pension Life
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Previous winners of
• November 23rd 2017: Dr. Chris Sier, Independent Chair, FCA’s IDWG
• November 30th 2017: Dan Brocklebank, Head of UK, Orbis Investments
• March 8th 2018; Henry Tapper, Pension PlayPen, First Actuarial & AgeWage
• March 14th 2018; Bob Compton, Director, ARC Benefits Ltd
• May 24th 2018: Susan Flood, Vice Chair, Ark Campaign Group
• May 24th 2018: Nicholas Morris, Adjunct Professor, Faculty of Law, UNSW
• July 11th 2018: John Howard, Director, Consumer Insights
• July 26th 2018: JB Beckett, UK Lead, Association of Professional Fund Investors
• September 20th 2018: Heather Buchanan, Dir. of Pol. APPG/Fairer Business Bk’g
• 6th November 2018: Lesley Curwen, Reporter, BBC Freelance
• 14th November 2018: Dr. Kara Tan Bhala, President and Founder, Seven Pillars Institute for Global Finance and Ethics
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Previous winners of continued
• 17th December 2018: Julia Dreblow, Director, SRI Services & Founder, The Fund EcoMarket
• 16th January 2019: Norma Cohen, Former Financial Times Correspondent
• 12th March 2019: Darby Hobbs, CEO/Founder SOCIAL3, Co-Founder & Chairperson Conscious Capitalism Boston Chapter; and Professor Boston University
• 14th March 2019: Connie Erlanger, Co-Founder and Chief Executive Officer of Goknown; and Michael Erlanger, Co-Founder, Director and Chief Visionary, GoKnown.
• 20th March 2019: Mark Falcon, Director, Zephyre
• 16th May 2019: Dr. Anna Tilba, Associate Professor in Strategy and Governance, Durham University Business School
• 29th May 2019:
• 6th June 2019: ?????????????????????????????????????
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Previous winners of continued
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Lunch & networking break We restart at 14:00 with a “team photo”
Fundraising ideas to Tina Kenyon please!
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Quotes to help recap the story so far
John Pierpoint Morgan:“The first step towards getting somewhere is to decide that you are not going to stay where you are.”“Go as far as you can see; when you get there, you'll be able to see farther”
Paul of Tarsus: “It is required of stewards that they be found trustworthy”
Jon Lukomnik: “Trust is a lubricant”
Alexander the Great:“Remember, on the conduct of each depends the fate of all”
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“Short Speaking Slots”“If I had just 5 minutes to comment on how we can accelerate the rebuilding of trust and confidence in financial services, this is what I’d say…”
- Christopher Ovenden, CEO, nAperte
- Ronan Colleran, CEO, Azon Recruitment Group; Head, AES International
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Refreshments & networking break We restart at 16:00
Fundraising ideas to Tina Kenyon please!
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“The Great Big Open Debate”
“How can we accelerate the rebuilding of trust and confidence in financial services?”
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Until 12:30 including Q&A
Andreas Hoepner,Professor of Operational Risk, Banking & Finance, University College, Dublin
Our work is done, for today!
Thank you for your attendance, input and ongoing support!
Optional networking, drinks and nibbles until 17:30 courtesy of
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Andy AgathangelouFounding ChairTransparency Task Force
Fundraising ideas to Tina Kenyon please!
[email protected]: +44 (0)7501 460308
Many thanks again to today’s hosts, sponsors and everybody else for taking part so fully!
