The session "Cultural Impediments to Shared Prosperity" featured a discussion between Sir Keith Skeoch, former CEO of Standard Life Aberdeen, and Professor Colin Mayer from Oxford University, moderated by Starling CEO, Stephen Scott. The conversation centered around the critical role of narrative and purpose in economic life. Colin Mayer emphasized that aligning company culture and incentives with corporate purpose is essential for achieving meaningful outcomes. He argued that companies should measure their performance and impacts to ensure that they genuinely contribute to their stated purposes and deliver long-term value rather than just short-term profits.
Sir Keith Skeoch highlighted the issues arising from current regulatory and economic paradigms that hinder the financial system's effectiveness in converting savings into productive investments. He pointed out that the UK's financial system, despite having significant investable capital, suffers from low investment rates and short-termism, which negatively impacts overall economic growth and shared prosperity. Skeoch also criticized the shift in risk from large institutional balance sheets to smaller household ones, arguing that this has led to adverse long-term effects on the economy.
This content is available to paid Members of Starling Insights.
If you are a Member of Starling Insights, you can sign in below to access this item.
If you are not a member, please consider joining Starling Insights to support our work and get access to our entire platform. Enjoy hundreds of articles and related content from past editions of the Compendium, special video and print reports, as well as Starling's observations and comments on current issues in culture & conduct risk management.
Join The Discussion