Conference - Business and Inequality: Rethinking ownership, governance and pay to prevent societal collapse
IESE Barcelona · September 18-19, 2024
Why should business leaders care about inequality?
Extreme and rapidly growing inequality is a clear indicator of societal failure, which in turn stifles business growth and sustainability. For businesses to thrive, they must operate within a stable and equitable society.
Income and wealth inequality have increased in many countries over the last few decades, fueling growing discontent and anxiety in the population. Increasingly unequal societies experience more political polarization, and this translates into weaker trust in public institutions. This process ultimately undermines the basis of our democracies. Several factors have contributed to it, including globalization, technological disruption, financialization, increasing concentration, weakening of labor market institutions, and a decline in state intervention.
But for most people, the experience of inequality stems from their workplace, thus business is central to this experience. Business needs to become a contributor to reducing inequality rather than its main driver.
In this conference, we will discuss how business can become part of the solution by rethinking governance, ownership, and rewards. Among the main takes-aways you will find: cutting-edge content from top-notch academic thinkers and practitioners; inspiring real-life stories from trail-blazing companies; practical insights and tools through workshops and breakout sessions; and you will be exposed to a network of CEOS and decision-makers willing to contribute to a better world.
The content will provide insights into:
GOVERNANCE: Sharing control among stakeholders and protecting the firm's purpose.
OWNERSHIP: More equal opportunities through employee ownership and investing for impact.
REWARDS: Sharing value with employees along the supply chain, through fair pay, benefits and regenerative people practices.
Our mission is to inspire, inform, and develop business leaders who are willing to take concrete steps toward more equitable, sustainable and conscious business practices.
If you are one of these leaders, we want to see you there.
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September 18
Barcelona Stock Exchange. (Pg. de Gracia, 19, Barcelona - Dinner included)
17:30-18:00 Registration
18:00 – 18:15 Welcome remarks
- Prof. Fabrizio Ferraro, Professor of Strategic Management, IESE Business School
- Sebastian Ross, Board Member Conscious Capitalism Spain
- Joan Martí, Director of Business Strategy at ACCIÓ
18:15 – 19:00 Talk
Inequality - Causes and Consequences for the World of Business.
- Prof. Moritz Schularick, President of the Kiel Institute for the World Economy and Professor of Economics at Sciences Po and a Fellow of the DFG-Excellence Cluster ECONtribute.
Moritz Schularick will delve into the causes and consequences of inequality for private businesses in Spain and Europe. His talk will explore how private businesses ultimately cause income and wealth inequality by how they distribute value among stakeholders. Schularick will also discuss the adverse effects of rising inequality on business, including political instability and polarization, weaker trust in public institutions, slowdown in productivity, mental health issues and absenteeism, and how a fairer predistribution of value can reverse these negative trends and save our societies from collapse.
19:00 – 19:45 Group dynamic
How does inequality affect the sustainability of my business?.
Breakout into small groups to meet peers and discuss how inequality can affect the sustainability of the businesses we lead.
19:45 – 21:00 Cocktail dinner
September 19
South Campus Auditorium, IESE Business School. (Avda. Pearson 21)
8:30-09:00 Registration
09:00 – 09:15 Opening Remarks
09:15 – 09:55 Talk
Problem-Solving Capitalism: A Path to Shared Prosperity.
- Colin Mayer, Former Dean and Emeritus Professor of Management Studies, University of Oxford
Contemporary capitalism's focus on profit maximization has worsened inequality and ignored social and environmental issues. Colin Mayer proposes "problem-solving capitalism," which emphasizes "just profit" — ethically sourced and distributed gains benefiting all stakeholders. Mayer will explain how to achieve this, share examples of companies merging purpose and profit, and discuss necessary changes in corporate law, governance, and financial systems.
09:55 – 10:10 Signature Story
Tony’s Chocoloneley.
- Chris Oskam, Head of Sustainability at Tony's Chocolonely
Tony's Chocolonely produces slave-free chocolate with innovative governance and a mission lock mechanism embedding social goals. They ensure supply chain justice with fair trade practices, transparency, and audits to eliminate slavery in the cocoa industry. Additionally, they promote employee ownership, aligning team success with the company's ethical mission.
10:10 – 10:25 Talk
Foundation Ownership and Purpose.
- Steen Thomsen, Novo Nordisk Foundation Professor at Copenhagen Business School
Steen Thomsen's talk and the following panel discussion address topics such as the role of ownership and governance structures in reducing inequality, mission-lock as a way to protect and perpetuate founders' intentions, as well as empirical evidence of the relative merits and challenges of these structures.
10:25 – 11:10 Panel Discussion
Progressive Governance and Ownership Structures.
- Steen Thomsen, Chair of Enterprise Foundation Governance, Copenhagen Business School (Moderator)
- Chris Oskam, Head of Sustainability at Tony's Chocolonely
- Colin Mayer, Former Dean and Emeritus Professor of Management Studies, University of Oxford
- Campbell McDonald, Ownership at Work
11:10 – 11:40 Coffee Break
11:40 – 12:35 Breakout Workshop
Governance and Ownership.
Four parallel workshops, moderated by the conference speakers and IESE professors, in which we will explore what shareholders can do to become more responsible owners and share value more generously among all stakeholders.
12:35 – 12:45 Talk
Rewarding People Fairly Along the Value Chain.
- Marta Elvira, Professor of Strategic Management and Managing People in Organizations, IESE Business School
Marta Elvira will build the bridge between economic inequality and the way value is shared with employees along the supply chain. She and her panel will discuss progressive forms of setting compensation, strategies to create "good jobs," how to assure living wages in the supply chain, and general regenerative people practices that alleviate economic pressure for employees and give them the feeling they matter.
12:45 – 13:15 Signature Story
Patagonia.
- Dean Carter, Former Head of Global People & Culture and Shared Services, Patagonia
Patagonia, driven by its purpose of saving our home planet, exemplifies responsible business through its unique ownership structure, where the founder placed his shares into a trust to ensure environmental stewardship. The company advocates for supply chain justice, offers exceptional employee benefits, and imposes a self-tax of 1% of sales to support environmental causes and grassroots activism.
13:15 – 14:15 Lunch
14:15 – 14:35 Signature Story
Indaero and Krisos.
- Dunia Reverter, Co-Founder, Krisos and Indaero
Indaero, a company specializing in aerospace component manufacturing, is thriving under the new ownership of the innovative private equity firm Krisos. Key changes include replacing managers with elected representatives, adopting profit-sharing, ensuring full financial transparency, and shifting to self-managing teams. Krisos focuses strongly on employee empowerment and transparent management practices, driving sustainable growth and engagement.
14:35 – 15:25 Panel Discussion
Rewarding People Fairly Along the Value Chain.
- Marta Elvira, Professor of Strategic Management and Managing People in Organizations, IESE Business School (Moderator)
- Dean Carter, Former Head of Global People & Culture and Shared Services, Patagonia
- Dunia Reverter, Co-Founder, Krisos and Indaero
- Marc Castells, Founder and Leader, Basetis
15:25 – 16:20 Breakout Workshops
Rewarding people fairly along the value chain.
Four parallel workshops, moderated by the conference speakers and IESE professors, in which we will discuss organizational and people practices that can make your company more effective and reduce inequality.
16:20 – 16:45 Coffee Break
16:45 – 17:00 Talk
Mobilizing Wealth for Societal Impact.
- Fabrizio Ferraro, Professor of Strategic Management, IESE Business School
How can we mobilize our wealth to deliver social impact? What is the role private equity can play in mitigating inequality? Can impact investing overcome the philantropy-investment dualism? Can private equity funds invest in alternative corporate forms (B Corps)? How can impact investing address social challenges such as housing and poverty? Can impact investing reduce the global north-global south inequality?
17:00 – 17:20 Signature Story
GAWA Capital.
- Agustín Vitórica, Co-Founder and Co-CEO Gawa Capital
GAWA Capital is a leading impact investment firm that focuses on reducing inequality by supporting inclusive businesses. Through its investments, GAWA Capital fosters economic growth and social inclusion, impacting over 9 million lives globally. They invest in companies that provide essential services and financial inclusion to underserved communities, driving sustainable development and equitable opportunities.
17:20 – 18:00 Panel Discussion
Mobilizing Wealth for Social Impact.
- Fabrizio Ferraro, Professor of Strategic Management, IESE Business School (Moderator)
- Oriol Pinya - Founding Partner, ABAC Capital
- Agustin Vitórica, Co-Founder and Co-CEO Gawa Capital
- Romain Boulongne, Professor Strategic Management, IESE Business School
- Rocio Del Mar, Director TuTechô
18:00 – 18:15 Conference Closing
Rocío Del Mar
Director, TuTechô
Rocío Del Mar Álvarez
Es Licenciada en Administración y Dirección de Empresas por la Universidad Carlos III de Madrid y con especialización en Comercio Exterior por la Cámara de Comercio de Madrid e IFEMA.
Su trayectoria profesional arranca en 2009 como analista en la Oficina Comercial de la Embajada de España en Bangkok (Tailandia) para proseguir como National Account Manager en PepsiCo. Con un perfil autónomo inicia y gestiona varios proyectos empresariales destacando el establecimiento de la oficina de la consultora de Recursos Humanos Psicotec en Bogotá (Colombia). Actualmente es la Directora General de tuTECHÔ desde el nacimiento de la organización en 2021, solución inmobiliaria social para contribuir a erradicar el sinhogarismo.
Chris Oskam
Head of Sustainability at Tony's Chocolonely
Agustín Vitórica
Co-Founder and Co-CEO Gawa Capital
Agustín Vitórica is the Founder and Co-CEO of GAWA Capital, Spain’s leading
impact investing firm with over €220 million in Assets under Management
through four impact investing funds launched in the last 15 years. Agustín
has been instrumental in the introduction of Impact Investing as an asset
class in Spain, having closed alliances with public institutions, leading private
banks, large wealth managers and traditional asset managers. GAWA Capital
has completed 50 investments worldwide in areas such as microfinance,
SME financing, smallholder agriculture finance and climate change adaptation and resilience, having
improved the lives of more than 500 thousand low income individuals, mostly women living in rural
areas in emerging markets.
Agustín holds 25 years of venture capital and private equity experience . He is also a Founder and
Member of the Executive Committee of SpainNAB, Spain’s association for impact investing. He has
been a lecturer at Universidad Autonoma’s Master in Microfinance and Master in Impact Investing
and he is also a teacher of impact investing at ESADE Double Degree in Law and Business
Administration, at the Philosophy, Politics, Law and Economics degree at IE University and at the
Executive Program in Sustaineble Finance at Escuela AFI.
Accommodation.
IESE is a dynamic community of scholars and practitioners who will welcome you to Barcelona, a traditional and welcoming Mediterranean city. It is a city with a great number of tourist attractions and a friendly atmosphere that will offer conference participants and their families plenty of opportunities to enjoy their stay here, over and above the academic program we are preparing for you. Accommodations options near IESE:
- Sansi Pedralbes → 5-minute walk from IESE
Av. Pearson 1-3, 08034 Barcelona - Torre Girona Residence Halls → 10-minute walk from IESE
Passeig dels Til·lers, 19 , 08034 Barcelona - AC Victoria Suites → 15-minute walk from IESE
C/ Beltrán i Ròzpide, 7-9 (before Av. Pedralbes, 16), 08034 Barcelona - Abba Garden Hotel → 20-minute walk from IESE
C/ Santa Rosa, 33 , 08950 Esplugues de Llobregat, Barcelona - Upper Diagonal → 15-minute walk from IESE
Passeig de Manuel Girona, 7, 08034 Barcelona - Arenas Atiram → 11 minutes from IESE by car
C/ Capitán Arenas, 20, 08035 Barcelona
The conference invites CEOs, board members, and top-level business leaders willing to promote in their organizations the changes necessary to keep our societies fair and equitable.
Join us and connect with leaders who have already implemented change within their organizations.