Andrew argued that the City is uniquely structured around the principles of fear and greed. In particular, he focused on the negative impact that inappropriate remuneration and incentives have in the financial sector.
Andrew highlighted that, 'the financial sector used to be the servant of commerce but has now transformed into the serpent of commerce, destroying value creation.' In a highly topical lecture, given the recent ‘shareholder spring’ and issues around executive pay, he stressed the need for a new culture of trust and integrity: that robust codes of ethics are adhered to, inappropriate remuneration tools and mechanisms are removed, and that there is a desire to change.
Following the lecture, the audience of around 100 leading professionals engaged in a lively debate with a business panel comprising Andrew; Damian Carnell, Director at Towers Watson; and Paul Feeney, Chief Executive of Old Mutual Wealth Management.
CIMA Managing Director Andrew Harding closed the event by calling for ethical leadership in organisations, and a foundation of honesty and integrity.
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