Looking back on the European Corporate Governance Conference 2024
The 2024 European Corporate Governance Conference, hosted by EY in partnership with Accountancy Europe, BusinessEurope, ecoDa, EuropeanIssuers, GUBERNA, and VBO-FEB, convened on the 20th of March under the auspices of the Belgian Presidency of the Council of the EU. Coinciding with the renewed agreement on the CS3D, the conference focused on good governance and sustainability. Embracing the imperative of sustainability, discussions centred on the benefits and challenges to integrate sustainability, as well as integrating strong risk management and internal controls into business strategies.
The conference opened with a conversation between Sandra Gobert, CEO of GUBERNA, and Julie Teigland, EY EMEIA Area Managing Partner. Sandra Gobert stated that corporate governance is being reshaped by sustainability and the role of companies in society is changing. However, various studies, including one conducted by GUBERNA, have already indicated that boards are not doing what it takes, which is quite an alarming finding. This emphasises the significance of the conference: together we must address barriers, such as insufficient resources or a lack of comprehension, and boards must ask the right questions and challenge the management.
The key takeaway from the conference is quite clear. Business wants a harmonised EU approach, cause business needs a level playing field, needs a shared language, and needs appropriate incentives. However, achieving this requires collaboration between business and policymakers. It is essential not to underestimate the effort required for the transition towards greater sustainability. The transition will become a data project, a supply chain project, and will require transparency skills never seen before. Referring to Pascal Chalvon Demersay, former Chief Sustainability Officer at Solvay, it is important to take into account that companies have the right not to be perfect, but they have to be transparent, and they have to tell truth. “We first need to learn how to walk, before we can run.” Therefore, in this collective journey, businesses and stakeholders must unite and support one another. The crucial question remains: How long can we afford to walk before we run?
The day was concluded by Luc Bertrand, the chair of GUBERNA’s Board of Trustees and former chair of our board of directors. Expressing his enthusiasm for the ideas discussed, he emphasised the necessity of training people, evolving board structures, and enhancing education initiatives.
Moreover, the captain of industry, raised concerns about achieving a fair competitive environment and the level playing field. “We have a lot of regulation in Europe and less in the US, but there are much more investments by the public authorities in the US.” Mr. Bertrand questioned the fact that we do not have one digital champion in Europen: the money is moving very fast to the magnificent 7, but none of them are European. In other words, Mr. Bertrand acknowledges the value of regulation on sustainability for the economy but not without strong reservations.
Find here a more elaborative summary from the perspective of ecoDa
