ABSTRACT
68When such globally influential figures as Warren Buffett, Christine Lagarde of the IMF, Bob Monks – doyen of US corporate governance and founder of the US’s Institutional Shareholder Services – and Mark Carney, Governor of the Bank of England are arguing publicly that our current model of capitalism is seriously flawed, then a change is happening. “Corporate governance” in its current form must respond to this or die. When the doyen of macroeconomists, Alan Greenspan – ex-Chairman of the US Federal Reserve Board – admits that, before and after the 2008 Western financial crash, “we had got it wrong, our models did not work and we did not factor human behaviour into our algorithms”, 64 then the public has every reason to be incensed. The consequent loss of their wealth, the continuing political uncertainty and the obvious lack of political and corporate leadership is for all to see. Public estrangement from their leaders is high. Now the cycle appears to be repeating itself without the necessary open learning to escape from it.
