Wednesday, 26 March 2014 at 2:30PM
Bank of America Merrill Lynch Financial Centre

Steady as She Goes: Long Term Performance Measurement in Finance

Presented by Kelly Clark

THE LONG FINANCE SPRING CONFERENCE

Moving away from short-term performance measurement is regularly advocated in finance. However, 'long' does not necessarily mean 'good'. Most theorists believe that the first step towards governance, control and management, whether scientific or commercial or political, is measurement. If we adopt 'long' does that mean we need to drop 'measurement'? If we adopt 'measurement', are we excising the long term? This event will explore suggestions for reforms of long-term measures in finance.

This event is supported by Bank of America Merrill Lynch, City of London Corporation and Z/Yen Group.

Conference speakers
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Kelly Clark is the Director of the Tellus Mater Foundation, a private family foundation dedicated to sustainable capitalism as a means of preserving natural capital. She is also the Managing Director of Marmanie Consulting, an impact investing advisory firm that she founded in 2006. Previously, Kelly spent 10 years as a banker in the US, London and Hong Kong, culminating in her role as the Head of South East Asian Private Banking for UBS out of Hong Kong.

Kelly serves as an advisor to Carbon Tracker and to the Stranded Asset programme at the Smith School of Enterprise and Environment, Oxford University. She is the impact investing advisor to the Friends Provident Foundation, and she holds Advisory Board seats with the Ashden Trust, Finance Matters and Just Energy (a South African community renewable energy social enterprise, spun out from Oxfam).

Kelly has worked across Europe, the US, Africa and Asia. She is a regular speaker on leadership, innovation, collaboration, enterprise development and sustainable capitalism. She has written and contributed to key publications on impact investing and mainstream finance, and has extensively mapped the capital markets and pension fund industry in order to identify the key leverage points for market reform.

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Chairman of the Advisory Board, Senior Fellow and a full-time member of the research team of The Paul Woolley Centre for the Study of Capital Market Dysfunctionality, The London School of Economics and Social Sciences.

Professor Woolley's career has spanned the private sector, academia and policy-orientated institutions. After several years of practical experience in a firm of stockbrokers, latterly as a partner in his firm, he studied Economics at the University of York (UK) receiving BA (1970) and D Phil (1976).

He held the Esmée Fairbairn Lectureship in Finance at York 1970-76, also serving as Specialist Advisor to the House of Lords Committee on the EEC 1975-6. He then moved to the International Monetary Fund 1976-83, initially as an Economist and later as Advisor and then head of the Division responsible to the Fund's borrowing and investment activities.

Returning to the UK, he was for four years a Partner and Director on the main board of merchant bank, Baring Brothers and its various subsidiaries.

In 1987 he co-founded, and was Managing Director of, GMO Woolley, the London affiliate of GMO, the Boston-based fund management firm. He was a Partner and served on the main GMO board (1998 - 2003). He retired as Chairman of GMO Europe in 2006.

He returned to academic life in 2007, funding the Paul Woolley Centre for the Study of Capital Market Dysfunctionality at the London School of Economics. He is Chairman of the Advisory Board for the Centre and a full-time member of the research team. Similar centres have been set up at the University of Toulouse and at UTS in Sydney.

He is an Honorary Professor of the University of York, Senior Fellow at LSE and an Adjunct Professor at UTS.

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Anthony Hene is engaged in portfolio management for the Global Equity team of GMO, a global investment management firm. He joined GMO in 1995 having previously gained an MSc in Biochemistry from the University of Oxford. He is a CFA charterholder.

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Alderman Professor Michael Mainelli is Emeritus Mercers' School Memorial Professor of Commerce at Gresham College, having held the chair from 2005 to 2009. His first degree was in Government from Harvard, followed by mathematics and engineering studies at Trinity College Dublin and a PhD from the London School of Economics in chaotic systems, where he was also a Visiting Professor.

Professor Mainelli is Executive Chairman of Z/Yen, the City of London’s leading commercial think-tank and venture firm, which he co-founded in 1994 to promote societal advance through better finance and technology. A qualified accountant (FCCA), securities professional (FCSI), computer specialist (FBCS) and management consultant (FIC), Michael began his career as a research scientist in aerospace (rockets) and computing (architecture & mapping). He later became a senior partner with accountants BDO Binder Hamlyn directing global consulting projects. During the 1990s he worked for the UK Ministry of Defence as Corporate Development Director for Europe’s then largest R&D firm, the Defence Evaluation & Research Agency leading to two privatisations. Career highlights include directing Z/Yen’s Long Finance initiative with Gresham College and the City of London Corporation asking “when would we know our financial system is working?” as well as creating the Global Financial Centres Index, Global Intellectual Property Index, London Accord and Farsight Award. Michael also conceived and produced the first complete digital map of the world in 1983, Mundocart (a 1980’s Google Earth), and the $20 million Geodat consortium cartography project.

Michael is non-executive Director of the United Kingdom Accreditation Service (UK’s national body for standards and laboratories), AIM-listed Sirius Minerals plc (potash mining), AIM-listed Wishbone Gold Plc; Alderman for Broad Street Ward (elected) at the City of London Corporation; Almoner for Christ’s Hospital School; Trustee of International Fund for Animal Welfare. Michael has held numerous advisory posts, for example with Hitachi UK, City University and HM Treasury. Michael won a 1996 UK Foresight Challenge award for the Financial Laboratory, 2003 UK Smart Award for prediction software, 2005 British Computer Society Director of the Year, 2011 Technology Strategy Board Challenge Award for financial avatars, and was awarded Gentiluomo of the Associazione Cavalieri di San Silvestro in 2011. Michael is a Liveryman, Worshipful Company of World Traders, Freeman, Watermen & Lightermen, and represents the Financial Services Group of Livery Companies.

Michael has published over 40 journal articles, 150 commercial articles and four books. Michael’s humorous risk/reward management novel, Clean Business Cuisine: Now and Z/Yen, written with Ian Harris, was a Sunday Times Book of the Week in 2000; Accountancy Age described it as “surprisingly funny considering it is written by a couple of accountants”. Their third co-authored book, The Price of Fish: A New Approach to Wicked Economics and Better Decisions, based on his Gresham lectures, won the 2012 Independent Publisher Book Awards Finance, Investment & Economics Gold Prize. Michael plays bagpipes, loves skiing and sailing and, with his wife, Elisabeth, he races and restores the 1923 Thames Sailing Barge Lady Daphne and sits on the world’s oldest sailing racing body, the Thames Match Committee. With an international family, Michael speaks English, German, French and Italian poorly, but even worse Spanish and Chinese.

To access all of Professor Mainelli's previous Gresham College lectures, please click here.

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Susan Rice, a Chartered Banker, is Managing Director, Lloyds Banking Group Scotland.  She was previously Chairman and Chief Executive of Lloyds TSB Scotland, the first woman to head a UK clearing bank.

Susan is a non-executive director on the Court of the Bank of England, where she chairs the Audit & Risk Committee; SSE plc, where she chairs the RemCo, J Sainsbury plc, and Big Society Capital. She sits on Scotland’s First Minister’s Council of Economic Advisors and chairs the Edinburgh International Book Festival, Edinburgh’s Festivals Forum and the Governor’s Patrons of the National Galleries of Scotland.

A frequent speaker on the future of financial services, leadership and sustainability, she helps lead a cross-sector collaboration on financing renewables. She is Vice-Chair of Scotland’s 2020 Climate Change Group and has spoken about renewables internationally. Susan also plays a major role in matters of financial exclusion and economic development, having helped create CDFIs, advised governments and lent her voice to the subject.

She chairs a new UK-wide initiative to create professional standards for bankers, for the first time – the Chartered Banker: Professional Standards Board, and she recently became the President of Scotland’s premier economic and research body, the Scottish Council of Development and Industry, the first woman to be elected.

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Conference lectures
WATCHED
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A Parallel Earth or a Brave New World

Lady Susan Rice CBE
Wednesday, 26 March 2014 - 2:30PM
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Long Term Performance Management in Finance - An Introduction

Alderman Professor Michael Mainelli
Wednesday, 26 March 2014 - 2:30PM
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How Long is a Piece of Performance Management?

Anthony Hene
Wednesday, 26 March 2014 - 3:15PM
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Market Cap Benchmarks Set Finance in a Spin

Professor Paul Woolley
Wednesday, 26 March 2014 - 3:45PM
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The Paradox between ‘Long’ and ‘Measurement’

Alderman Professor Michael Mainelli
Wednesday, 26 March 2014 - 4:00PM
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Long Term Performance Management in Finance - Closing Remarks

Alderman Professor Michael Mainelli
Wednesday, 26 March 2014 - 5:00PM