The Jury of Ethics & Trust in Finance Prize has been delegated by the organisers with the task of selecting the most meritorious contributions from the eligible candidates and of designating the prizewinners for the Ethics Trust in Finance Prize. The Jury is composed of eminent persons who sit in their private capacity and on a pro bono basis.
Co-chairs of the Jury of Ethics & Trust in Finance
Mrs. Josina Kamerling is Head of Regulatory Outreach at CFA Institute, responsible for supporting CFA Institute’s policy development, in the Europe, Middle East, and Africa (EMEA) region, advancing the impact of advocacy efforts, and promoting capital market integrity and investor protection issues. Prior to joining CFA Institute, Josina was a Specialist Adviser on financial services in the European Parliament for six years, advising most significantly the Economic and Monetary Affairs Committee and the Special Committee on the Financial, Economic and Social Crisis on all aspects of financial services policy issues and technical information. Prior to this, Josina was a banker for 15 years in a variety of functions and locations, most notably as a senior banker in the global clients division of ING (managing a group of multinational clients on a worldwide basis and on all business lines) and prior to that as head of sales in the financial markets division of ING group (overseeing different sales teams in the dealing room). Josina holds a Bachelor of Arts with honours degree from Cambridge University in Law and modern languages. She is a Dutch national having lived and worked in five European countries, and she speaks five languages fluently (Dutch, English, Spanish, French, Italian, and some Greek).
Prof. Paul H. Dembinski is the initiator and Director of the Foundation of the Observatoire de la Finance in 1996. The mission of the Observatoire de la Finance is to promote awareness of ethical concerns in financial activities and the financial sector. Paul H. Dembinski is the founder and editor of the quarterly bilingual journal entitled Finance & the Common Good/Bien Commun. In parallel, he is partner and co-founder (with Alain Schoenenberger) of Eco’Diagnostic, an independent economic research institute working for both government and private clients in Switzerland and elsewhere. Paul H. Dembinski is also Professor at University of Fribourg (Switzerland) where he holds the chair of “International Competition and Strategy”. In 2019, he has been awarded a Doctorate honoris causa by the SGH-Warsaw School of Economics. Latest published book: Ethics and Responsibility in Finance, Paul H. Dembinski , Routledge, 2017.
Jury Members of Ethics & Trust in Finance
Elif Aktuğ has been a Managing Partner of the PictetGroup since 2022 and is the CEO of PictetAlternative Advisors. She is also Chairwoman of the Board of PictetAlternative Advisors Holding SA. Before being named Managing Partner, Elif was Equity Partner and Lead Manager of the Agora strategy (catalyst-driven market neutral hedge fund) within PictetAsset Management. Prior to joining Pictetin 2011, she was a Managing Director with Goldman Sachs in London, having worked both in M&A advisory and proprietary trading. Elif holds an MBA from the Stanford Graduate School of Business and a degree in Finance from the Institutd’EtudesPolitiques de Paris
Stéphane Bernard is Chief Operating Officer at Euroclear Bank, a member of the Management Committee and Executive Board Member. Stéphane Bernard also heads Asset Servicing & Transaction Operations at Euroclear Bank since April 2012. In 2017, Stéphane was appointed CEO of the Euroclear Bank Poland Branch. Prior to taking his current position, Stéphane was a member of the Euroclear Bank Management Committee Advisory Group. He was an ESES Audit Committee member and also a member of the Board of Directors of the ESES central securities depositories (Euroclear Belgium, Euroclear France and Euroclear Nederland) till December 2018. Mr Bernard was COO for the ESES CSDs as well as being and part of its management committee until April 2012. Before this, Mr Bernard was Chief Executive Officer of Euroclear Belgium (formerly CIK SA/NV). He was General Manager of Belgian central securities depository, from 2001 until 2006, when CIK joined the Euroclear group. Earlier in his career, Mr Bernard headed the Operations department at Delta Lloyd Securities, where he managed challenges such as the euro transition, Y2K and capital infrastructure consolidation resulting from the creation of Euronext. Mr Bernard started his career with a broker dealer in 1989. Mr Bernard holds degrees in Commercial and Consular Sciences from the Saint Louis Institute of Commerce in Belgium, a degree in Marketing from Institut Supérieur Economique Ixelles and a Masters in Treasury Management from the University Antwerp Management School.
Henri-Claude de BETTIGNIES, the Aviva Chair Emeritus Professor of Leadership and Responsibility (INSEAD) is also the Distinguished Emeritus Professor of Globally Responsible Leadership at the China Europe International Business School (CEIBS) and former Director of the Euro-China Centre for Leadership and Responsibility (ECCLAR) that he created in Shanghai, at CEIBS, in 2006. Between 1988 and 2005, and again since 2013 he has a joint appointment at Stanford University (Graduate School of Business), and he shared his time equally between Europe, California and the Asia Pacific region. Among the 8 books published under his name are: Business Transformation in China (Thompson Business Press, 1996), Le Japon (Flammarion, 1998), Business Ethics: Policies and Persons (McGraw Hill, 2005), and (with F. Lepineux) Business, globalization and the Common Good (Peter Lang, Oxford, 2009) and Finance for a better world: the shift toward sustainability (Palgrave, 2009) and more recently Puissance et Responsabilité: où en est la Chine? (Gulbenkian, 2014) and (with M. Thompson) Leadership, Spirituality and the Common Good (Garant, 2010).
Christopher de Mattos is a non-executive director and is on the advisory board member of several companies, including London-based investment firm RAB Capital Ltd. He has spent over 30 years in the financial services industry, working as a financial analyst and investment banker in Europe and Latin America as well as in investment management. Christopher joined the founding team at RAB in 1999 and, as Finance Director, was instrumental in taking the company to flotation on London’s AIM market in 2004. He holds a degree in Mechanical Engineering from Imperial College, London and an MBA and Certificate in Corporate Governance from INSEAD. He has taken a particular interest in the role of the board in promoting corporate governance, is an INSEAD Certified Director and past chair of the INSEAD Directors’ Network. Christopher is also a trustee of the Lord Kitchener National Memorial Fund and a member of the Imperial College Court.
Dr Eelco Fiole is co-founder and sole managing partner of Alpha Governance Partners in Zurich, the international partnership providing high-end risk-focused professional fiduciaries to financial institutions dealing with complex assets. Eelco is an adjunct professor in finance ethics at HEC Lausanne for the MSc in Finance and M in Law and Economics programs and has almost 25 years in the financial services industry, of which a decade in fiduciary CFO- and COO-roles, lastly at the Tezos Foundation (blockchain) in Zug and with Credit Suisse Alternative Investments with teams in Zurich, London and New York. A Dutchman based in Switzerland and Singapore with substantial private exposure to China, he graduated in Economics (PhD, Basel), Ethics (Zurich), Leadership (Madrid), Laws (London), Business and Engineering (both Rotterdam) and holds a.o. the CFA- and CDir-designations. He chairs the Annual Conference Advisory Group at CFA Institute and is a regular speaker in the field of investment governance, finance ethics and risk.
Dominique Jacquet is Visiting Scholar at Insead Social Innovation Center and Professor of Corporate Finance at Cedep, University of Paris Ouest and Ecole des Ponts ParisTech. He is a civil engineer (Ecole des Ponts), holds an MBA from Insead and a PhD from the University of Bordeaux. Before starting an academic career, he has been a finance executive in American and French corporations, holding controller, treasurer and CFO positions. His main areas of interests are the relationship with business and finance, the role of incentives in sustainable value creation and the link between uncertainty and financial strategy.
Robin Jarvis is Professor of Accounting and Finance at Brunel University. Robin was awarded the British Accounting and Finance Association (BAFA) Lifetime Achievement Award for his contribution to the advancement of accounting and finance to the academic community in 2013. From a European perspective Robin is a Special Adviser to the European Federation of Accountants and Auditors (EFAA) and a member of Finance Watch’s Committee of Transparency and Independence. In the UK Robin is a Board member of the Genesis Initiative, a Director of the Registry Trust Ltd which he chairs their Audit and Risk Management Committee and Company Secretary and Director of Finance at Z2K. Robin has researched and published on SMEs, accounting and personal debt issues for a number of years resulting in numerous publications and 10 books. His interest in SMEs and accounting has been recognised through his membership of the International Accounting Standards Board (IASB) SME specialists groups and his past membership of the European Financial Reporting Advisory Group (EFRAG).
Patrick Krekels is General Counsel and Board Secretary of SWIFT. Patrick was appointed General Counsel and Board Secretary in January 2016. He joined SWIFT in 2001 as Deputy General Counsel. The Legal & Compliance team provides legal support and is responsible for regulatory compliance, corporate governance, Oversight affairs and legal risk management. Patrick studied Law (1986) and Economics (1987) at the University of Leuven, Belgium and obtained a Master of Laws (LL.M.) degree from the University of Illinois (1988). He is a member of the New York Bar. Prior to SWIFT, Patrick worked as an attorney at the Brussels Bar with the law firm De Bandt (now Linklaters) for 3.5 years and for Philips Electronics during 9 years (from 1992 until 2001). He was the General Counsel for Philips Electronics in Belgium and Luxembourg and was a Manager of the Corporate Legal Department in charge of M&A transactions and legal matters of Philips Research (Headquarters) in The Netherlands.
Jean Laville has been active in the financial sector for 30 years, including 25 in the field of Responsible Investment. At SSF he drives the workstream on capacity building and education. Jean Laville is also a partner at Conser Invest since 2012, an independent advisory and asset management firm dedicated to sustainable investment solutions for private and institutional clients. He develops and runs quantitative tools enabling the systematic screening of the fund universe and the compliance of underlying holdings with ESG objectives. As Deputy Director he managed Ethos Foundation’s and Ethos Services’ from 2002 to 2012. Previously he held the position of ESG quantitative asset manager with Banque Pictet & Cie in Geneva, since 1998. In 1980, Jean Laville graduated in economics, majoring in political economy, from the Higher Business School (HEC) in Lausanne. He then followed the doctorate program from the Graduate Institute of International and Development Studies in Geneva.
Geneviève Lhomme, PhD in Economics, has a various experience in the financial sector. She now chairs EFPA France, which she helped to create in 2009 and develop. EFPA France is a certification body in wealth management, affiliated to the European network EFPA, which brings value and coherence to wealth managers and financial planners. EFPA promotes ethical standards and professional skills. EFPA aims to harmonize best practices and strengthen the professionalism of the professionals to ensure the best possible protection for investors.
Maggie McGhee is Executive Director, Governance at ACCA since 1 October 2018. In this role, she has responsibility for both ACCA’s corporate governance arrangements and the governance of ACCA members and students. Prior to this, Maggie was the Director of Professional Insights at ACCA, where she led a team of technical and policy experts to support ACCA’s global thought leadership agenda. Before joining ACCA, Maggie worked for PwC in the Advanced Regulatory and Compliance Analytics area applying specialist analytics tool to clients in the banking and capital markets sector. A chartered accountant with a degree in law, Maggie trained with National Audit Office UK where she was the Director General of Audit. Maggie has been a member of a number of working groups and committees including the Accountancy Europe’s Public Sector Working Group, the EU European Public Sector Accounting Standards (EPSAS) Working Group; HM Treasury’s Financial Reporting Advisory Board in the UK; and the Financial Reporting Council (FRC) Audit and Assurance Council.
Mathilde is Deputy Director for Financial and Enterprise Affairs of the OECD, covering financial markets, international investment, corporate governance, competition and anti-corruption. Previously, she was Coordinator of the New Approaches to Economic Challenges (NAEC) Initiative and Senior Advisor to the OECD Secretary-General. She launched an OECD-wide project on integrity and anti-corruption. From 2001-2009, she was an economist working on corporate governance and developed the OECD Guidelines on corporate governance of SOEs. Ms. Mesnard previously held positions as management consultant with Deloitte & Touche and Financial Analyst at Citibank. She holds a PhD in Economics from the EHESS, a Master’s Degree in Finance from the ESCP, and an MBA from Drexel University.
Róża Milic- Czerniak is an associate professor at the private economic university in Warsaw and is a member of the Banking Ethics Commission at the Association of Polish Banks. Previously, she has held a number of managing positions in one of the largest banks in Poland, where she was responsible for developing capital management, product management and client profitability concerning costs of risk, capital and costs allocation. She also participated in several projects, for example on the introduction of ICAAP, etc. Prior to joining the bank, she worked at the Institute of Philosophy and Sociology of the Polish Academy of Science in Warsaw, where she researched economic behavior of households, including in periods of transition (participating in international surveys and projects). She is the author of several books and research papers and spent one and a half year in Germany (at the Hohenheim University in Stuttgart and University of Kiel) under the Alexander von Humboldt-Stiftung scholarship.
Ross Murdoch is a lawyer at the Financial Conduct Authority (FCA) in London, within its Enforcement and Market Oversight Division. Ross specialises in regulatory enforcement proceedings, particularly within wholesale financial markets, including market abuse, benchmark manipulation (e.g. LIBOR), and other market misconduct. Prior to working at the FCA, he worked as a lawyer at a commercial law firm within its Commercial Dispute Resolution & Regulatory practice in London. He is dual qualified as a solicitor in England & Wales (2011) and Scotland (2010). In September 2015, Ross was awarded first prize in the Global Edition of the Ethics in Finance Prize (2014/2015). This was presented at a ceremony co-hosted by the Managing Director of the International Monetary Fund (IMF), Christine Lagarde, at its headquarters in Washington DC. From May 2019, Ross will be on a year long detail to the United States Department of Justice, Criminal Division, Fraud Section.
Clare Payne is a leading voice on ethics and trust in society. She tracks trends and writes about their implications in her monthly ‘Ethical Len’s column in The Australian Financial Review BOSS Magazine. She is also the co-author of, ‘A Matter of Trust – The Practice of Ethics in Finance’. Clare is a former employment lawyer who went on to manage the Integrity office of Macquarie Bank and founded the Banking and Finance Oath, a Hippocratic-type oath for the finance sector. Clare is an advocate for tobacco-free finance, which she sees as an ethical case study for the finance sector. Prior to the global financial crisis, Clare’s paper titled, ‘Ethics or Bust’ was awarded the inaugural Ethics & Trust in Finance Prize by the Observatoire de la Finance, Geneva. Clare was recognised as a World Economic Forum Young Global Leader in 2014 and as an Australian ‘100 Women of Influence’ in 2016.
Marta Rocchi is Assistant Professor in Corporate Governance and Business Ethics at DCU Business School, and member of the Irish Institute of Digital Business. Marta holds a PhD in Business from the University of Navarra (Pamplona, Spain) with a specialization on the ethics of finance, and an MSc in Economics and BSc in Economics both from the Sapienza University of Rome (Italy). Marta teaches Business and Professional Ethics; her research focuses on virtue ethics in business and finance, the new perspectives of business ethics in the future of work, and the ethical dilemmas of the digital world. She published in prestigious journals in the business ethics field: Business Ethics Quarterly, Journal of Business Ethics, and Business Ethics, the Environment & Responsibility. She was awarded the first prize ex-aequo of the Ethics and Trust in Finance Prize in 2019.
Mr Nathan Sussman joined the Institute in September as Full Professor of International Economics and Director of the Institute’s Centre for Finance and Development. He was Associate Professor of Economics in the Department of Economics and in the integrated Philosophy, Economics, and Political Science Programme (PEP) at the Hebrew University of Jerusalem. He was the Director of the Research Department at the Bank of Israel and a voting member of the Monetary Policy Committee. His fields of expertise are monetary and financial economic history. He has written numerous articles and co-authored a book on emerging markets and financial globalisation. Professor Sussman earned his PhD in Economics from the University of California, Berkeley. He was Full Professor and Economics Department Chair at the University of Western Ontario in Canada, and served as Chairman of the Economics Department, Director of the Maurice Falk Institute for Economic Research, and Associate Dean of the Faculty of Social Sciences at the Hebrew University.
Dr. Kara Tan Bhala is the President and Founder of Seven Pillars Institute for Global Finance and Ethics, USA, the world’s only independent think tank for research, education, and promotion of financial ethics. Dr. Tan Bhala has nearly 30 years of experience in global finance and was Senior Portfolio Manager of the Merrill Lynch Dragon Fund. She has been a sell-side equity analyst, a sell-side equity salesperson, a buy-side equity analyst, a portfolio manager, and a lecturer in finance. Dr. Tan Bhala contributed a chapter “The Philosophical Foundations of Financial Ethics” in Research Handbook on Ethics in Banking and Finance. She is the lead author of International Investment Management: Theory, Ethics and Practice. Her forthcoming book is Ethics in Finance: Case Studies from a Woman’s Life on Wall Street. Dr. Tan Bhala has a Bachelors (City, University of London) and Masters (Oxford University) in Business, a Masters in Liberal Studies (New York University), and a Masters and PhD in Philosophy (University of Kansas).
Bernd Villhauer is the Managing Director of the Global Ethic Institute (WEIT) at the University of Tübingen since January 2015. He studied philosophy, classical studies and history of art at the Universities of Freiburg i.Brsg., Jena and Hull (UK). After his PhD thesis on a cultural-philosophical topic (Aby Warburg and Ernst Cassirer), he worked in the publishing and media sector, most recently as editorial director of the publishing group Narr Francke Attempto. He taught as a lecturer at the universities of Karlsruhe, Jena, Darmstadt and Tübingen, on cultural and media science issues as well as theoretical and practical philosophy and economics. He is co-founder of the Institute for Philosophy of Practice e.V. in Darmstadt. Since 2013, he offers a seminar “Money and Ethics” at the Global Ethic Institute. He is also the initiator of the series “Klüger wirtschaften”. His current work focuses on monetary theory, financial ethics and investment, topics he bloggs about in his “Finanz und Eleganz”Blog. Bernd Villhauer is currently writing a book “Finanzmarkt und Ethik.
Joël Wagner is Full Professor in Actuarial Science at the Faculty of Business and Economics (HEC) and member of the Swiss Finance Institute at the University of Lausanne (UNIL). He is also member of the Board of Directors at Retraites Populaires and was previously part of the Swiss Occupational Pension Supervisory Commission (CHS PP). Before joining UNIL, he was Assistant Professor at the University of St. Gallen and a consultant at the Boston Consulting Group. He holds a PhD in Mathematics and an engineering degree in Physics from the Swiss Federal Institute of Technology in Lausanne.
Honorary Members of the Jury
Dr Carol Cosgrove-Sacks, Robin’s mother, lives and works in Geneva. She is co-founder of the “Ethics in Finance, Robin Cosgroe Prize” whiche she co-chaired from 2005 to 2015. Dr Carol Cosgrove-Sacks was formerly Director of Trade in the United Nations in Geneva (1994-2005); since 2006 she is a Professor at the College of Europe, Bruges; a Professor at the Europa Institute, University of Basel; and the Senior Advisor on International Standards Policy to OASIS, the global eBusiness standards organisation. She also maintains interest in some British academic centres, including the Institute of Development Studies (IDS), University of Sussex, and the Centre for Euro-Asian Studies (CEAS),University of Reading.
The Most Reverend Justin Welby, Arch-Bishop of Canterbury and a member of the House of Lords, is an Emeritus Member of the Jury. He served as a member from 2006-2013. He was previously a senior executive in a UK oil company, before ordination in the Church of England. For many years, he was responsible for the reconciliation work of Coventry Cathedral, travelling widely in Africa and the Middle East. Justin Welby has written extensively on ethics and finance. In July 2012 he was appointed to the Parliamentary Commission on Banking Standards.