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MUTUALITY IN BUSINESS

The Responsible Business Forum Building a new economic model for the 21

st Century

13 -14 May 2016


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Since 1970 when Milton Friedman first proposed what is now known as the

Friedman Doctrine – that the purpose of business is ‘to make as much money

as possible while conforming to the basic rules of society’ – the question of the

contribution of business to society has been increasingly questioned.

Financialisation, the economic and financial crisis of 2008, growing awareness of the impact of business on

the environment, and concern about the role of business in addressing human and social problems has led

to a re-evaluation of the purpose of business. Nevertheless, the short-term financial interest of

shareholders and the measurement of value creation on the basis of financial metrics prevail.

Partnerships

The Responsible Business Forum is part of a joint research programme on the Economics of Mutuality

between Saïd Business School and the Catalyst think tank at Mars, Incorporated, the global food and

beverage company. The Economics of Mutuality journey began in 2007 when the Mars leadership – one of

three shareholders of Mars – posed the question what is the right level of profit for the company. Catalyst

was asked to address this and the outcome was a recommendation that evaluations of the prosperity of

the company should not be restricted to narrow financial metrics but also encompass other forms of capital,

notably human, social, natural, and shared financial capital – the way in which value is distributed. Catalyst

has subsequently examined whether putting mutuality – the interests of others – ahead of profit

maximisation can generate more value for both stakeholders and the company than traditional profit

maximisation in the context of a number of pilot projects.

In June 2014, Mars Catalyst and Oxford University’s Saïd Business School signed a multi-year joint

research partnership agreement to co-develop a business management theory for the Economics of

Mutuality with corresponding teaching curriculum, new management practices, and business case studies.

Mars Catalyst is now exploring how to make social businesses self-sustaining and scalable and to

assess whether the Economics of Mutuality approach can travel across businesses. It is envisaged that

other companies will participate in the research programme in the future.

Purpose

There is a surfeit of conferences on responsible, enlightened, conscious, shared, social, sustainable

business, capitalism, corporations and entrepreneurship. There is no need for another and no case for

organising anything that is other than uniquely insightful. That is exactly what this forum will be. It will

provide knowledge-based insight on how, when and where businesses are and are not creating mutual

benefits for their stakeholders and themselves.

This forum is about real-world examples of what works and what fails in the pursuit of profitable responsible

businesses and who benefits and loses from it. It involves subjecting actual cases and examples of what

companies have done and are doing to in-depth analysis and assessment. It will provide a comprehensive

oversight of how companies can and are seeking to adopt more responsible businesses and where they

fail to do so.

It will establish when, how and why doing good is good for business and how the best businesses do good

through the co-creation of commercial and social benefits. The objective of the Forum is to inform everyone

present about the determinants of successful responsible business and how the adoption of responsible

principles can contribute to or undermine the commercial success of firms.

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Presentations

The Forum will be based on a series of cases that describe specific examples of the ways in which

companies have attempted to adopt responsible approaches to business. Responsible companies in this

context satisfy two criteria: (a) they expound explicit purposes or values that reflect objectives beyond pure

financial performance, and (b) they demonstrate a serious commitment to implementing them through their

ownership, governance, leadership, and management practices.

Implementation will be illustrated by the presentation of cases at the Forum that record the nature of the

activity, how it is undertaken and how it is reflected in human, social, and environmental as well as financial

benefits. The cases will illustrate examples of failure to implement responsible activities as well as

successes.

Participants

There will be six classes of participants at the Forum: Oxford MBA students, faculty and thought leaders

from around the world, the businesses participating in the presentation of their case studies, institutional

investors, policymakers, and a limited number of NGOs.

Participating senior business leaders, investors, and policymakers will derive as much benefit from

attending the Forum as students. They will learn about the state of art of making social and sustainable

activities commercially beneficial and viable. The Forum will therefore be a knowledge powerhouse for

promoting transformational change and creating a movement to reform business for the 21st century.

Process

The Forum will be held over one and a half days on Friday, 13 May, and the morning of Saturday, 14 May

2016, at Saïd Business School, University of Oxford. There will be three working sessions on the Friday,

each of which will consist of presentations and analyses of cases that illustrate specific aspects of

innovative business practices. The cases will be presented according to a common framework so that

comparisons can be drawn between them and lessons learnt about what contributes to the success and

failure of the innovative practices.

The Forum will conclude on the Saturday morning with four panels that will evaluate the strength of the

evidence presented and how compelling it is from the perspective of prominent investors, policymakers,

businesses, and thought leaders.

It is intended that this will be an annual event to which academics, companies, investors, NGOs, and

policymakers working in this area will wish to come on a regular basis. Over time, it will become the

repository of the best cases that illustrate the successes and failures of responsible business in action.

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Day One Friday 13 May

08:30-09:00 Registration and coffee

09:00-09:05 Global welcome

Professor Peter Tufano Peter Moores Dean, Saïd Business School, University of

Oxford

09:05-09:10 Day 1 proceedings

Professor Ted Malloch Senior Fellow Management Practice, Saïd Business

School, University of Oxford

09:10-09:30 Introduction to the Forum

Professor Colin Mayer Peter Moores Professor of Management Studies, Saïd

Business School, University of Oxford

09:30-10:00 Vision for a new economic model of mutuality

Bruno Roche Chief Economist Mars, Incorporated and Catalyst Managing Director

Dr Jay Jakub Senior Director of External Research, Mars, Incorporated and COO,

Catalyst

10:00-10:30 Perspectives of Oxford MBA students on responsible business

Sonia Lipski, Evan Steiner, and Cara Volpe

10:30-11:00 Refreshment break

11:00-11:10 Introduction of case studies analysis

Dr Kate Roll Research Fellow, Saïd Business School, University of Oxford

11:10-12:30 ‘Driving purpose from the top down’

Case Study 1: Unilever

Karen Hamilton VP Global Sustainability, Unilever UK

Case Study 2: Mahindra

Yassine El Ouarzazi Catalyst Demand Laboratory Director, Mars, Incorporated

Case Study 3: Novo Nordisk

Professor Steen Thomsen Director of the Center for Corporate Governance at

Copenhagen Business School

Yassine El Ouarzazi Catalyst Demand Laboratory Director, Mars, Incorporated

12:30-13:45 Lunch


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Day One Friday 13 May

13:45-14:55

‘Purposeful finance’

Case Study 4: Arabesque

Omar Selim Arabesque Founder and CEO

Case Study 5: Truestone

Paul Szkiler Chairman, Truestone Impact Investment Management

Ritchie Macdonald Director, Truestone Impact Investment Management

Case Study 6: HDFC Bank

Dr Gita Piramal Writer and Business Historian

Case Study 7: Safaricom

Professor Njuguna Ndung’u former Governor of Bank of Kenya and Visiting Fellow

of Practice at Blavatnik School of Government, University of Oxford

14:55-15:15 Refreshment break

15:15-16:45 ‘Driving purpose from the bottom up’

Case Study 8: Al-Sanabel

Itzik Zivan CEO Al-Sanabel

Dr Mohammed Alnabari Social Investor

Case Study 9: Danone WAS

Olivier Pierredon General Manager of Sarihusada, Indonesia, Danone

Professor Frédéric Dalsace Associate Professor, HEC

Case Study 10: Mars Maua and Bloom

Clara Shen Catalyst Director of Emerging Markets, Mars, Incorporated

Ian Burton President Asia Pacific, Wrigley Co Ltd., a subsidiary of Mars,

Incorporated

16:45-17:00 Conclusion and looking forward

Professor Ted Malloch

Pamela Hartigan Director,Skoll Centre for Social Entrepreneurship, Saïd Business

School, University of Oxford

Lotte Duty Free Shop

Sam Lee Founder and CEO, InnoCSR

Livelihoods Venture

Bernard Giraud President Livelihoods Venture, and Senior Advisor Sustainability

and Shared Value Creation, Danone

17:00 Day one close



Day Two Saturday 14 May

Moderator: Sophie Lambin Managing Director, Kite Global Advisors

08:00 -08:30 Registration and coffee

08:30 -08:50 Overview of day one and introduction to day two

Professor Colin Mayer and Bruno Roche

08:50 -09:10 A business perspective

Emmanuel Faber CEO, Danone

09:10 -10:00 First panel – Business perspectives

Multinational companies, NGOs and international institutions are increasingly

assuming responsibilities that once were the domain of national governments. What

are the implications of this for the operations and performance of companies, and how

can management deliver financial performance fairly across the value chain?

Jean-Christophe Flatin (Chair) President, Global Chocolate, Mars, Incorporated

Göran A Ando Chairman, Novo Nordisk

Pascal De Petrini EVP, Strategic Resource Cycles, Danone

Martin Radvan President, the Wm. Wrigley Jr. Company, a subsidiary of Mars,

Incorporated

10:00 -10:50 Second panel – International investor perspectives

There is a growing concern about the impact that the preoccupation of financial

markets with short-term earnings is having on the allocation of resources in companies

and economies. How can investor perspectives be refocused on the long-term and

embrace a wider set of goals than financial performance?

Bertrand Badré (Chair) former Managing Director and Chief Financial Officer, The

World Bank Group; Visiting Fellow, the Peterson Institute for International Economics

Goh Kok Huat Chief Operating Officer and President of Real Estate, GIC Private

Limited

Alex van der Velden Partner and CIO, Ownership Capital

10:50 -11:10 Refreshment break


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Day Two Saturday 14 May

11:10 -12:00 Third panel – Policymakers’ perspectives Business is potentially a powerful engine for addressing problems of wealth disparity, social unrest, skilled labour shortages, natural resource scarcity and environmental degradation. How should public policy and law be designed to assist companies with achieving this? Aart de Geus (Chair) President and CEO, Bertelsmann Foundation Daniel Hurstel Senior Corporate Partner, Willkie Farr & Gallagher Simon Walker Director, Institute of Directors

12:00 -13:00 Fourth panel: Thought leaders’ reflections

What can and should be expected of responsible businesses of the future? Dr Arleen Westerhof (Chair) Coordinator of the European Economic Summit Professor Avishay Braverman Economist, Social Leader Professor John Kay Economist, Author Navi Radjou Author and Leadership Advisor

13:00 -13:20 Perspectives of Oxford MBA students

Sean Peters and Safia Tapal

13:20 -13:30 Closing remarks

Professor Colin Mayer and Bruno Roche

Day two close



Participant Biographies

Mohammed Alnabari was born in 1970 in the Negev area in Israel and has been

serving as the Mayor of Hura (a Bedouin town in the Negev with a population of approximately 12,000 people) since 2004. Before that, he worked for four years as a R&D group leader at ChemAgis LTD and prior to that he was a Teaching Assistant at the Department of Chemistry at Ben Gurion University of the Negev. Dr Alnabari holds a PhD in Organic Chemistry from Ben Gurion University and MSc and BSc from the Hebrew University in Jerusalem. He is married and has six children.

Göran Ando is a Swedish physician who spent most of his professional life in the

pharmaceutical industry, initially in R&D and later in general management. He was deputy CEO and President of R&D with additional responsibilities for manufacturing, IT and development at Pharmacia, and he later served as CEO of Celltech Group PLC in the United Kingdom, until it was acquired by UCB Pharma in 2005. Göran is now Chairman of the Board of Directors of Novo Nordisk A/S and Symphogen A/S and a member of the Board of Directors of Molecular Partners and EUSA Pharma, IMEC and Senior Advisor to Essex Woodlands.

Bertrand Badré is currently serving as a Visiting Fellow at the Peterson Institute for

International Economics and as a Senior Advisor at the WEF. Previously, as Managing Director and World Bank Group Chief Financial Officer, Bertrand was responsible for the collective financial and risk management strategies for the World Bank Group and for each institution that make up the Group. Prior to joining the WB, Bertrand Badré served as Group Chief Financial Officer at Société Générale, Group Chief Financial Officer of Crédit Agricole, and Managing Director of Lazard in Paris. In 2003, he joined President Chirac’s diplomatic team and was closely involved in the preparation of the G8 in Evian. In 2002, he was a member of the World Panel on Financing Water Infrastructure. From 1995 to 1999, he served in the French Ministry of Finance and has been a Director on a number of boards. A graduate of ENA and Sciences Po Paris, he also studied history at Sorbonne University and graduated from HEC.

Avishay Braverman received his PhD in Economics from Stanford University and

served for fourteen years as a Senior Economist and Division Chief at the World Bank. He led research and initiated policies and programmes emphasising economic development with social justice. As President of Ben-Gurion University of the Negev (1990-2006), he led the transformation of a small university into a large and dynamic centre for higher education, including the creation of the infrastructure for a high-tech park and opening the University to the disadvantaged communities in the Negev. He then served for nine years in the Israeli Knesset and Government, as the Minister of Minority Affairs, the Chairman of the Finance Committee, and the Chairman of the Economic Affairs Committee. Professor Braverman is a winner of numerous awards. He is currently advancing economic and social projects. He is also advising and lecturing on issues pertaining to his broad Israeli and international expertise.


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Ian Burton is a highly experienced business leader with a career spanning a broad

range of functions and geographies, including work in both emerging and established markets. Born in the UK, Ian grew up in Zambia and Zimbabwe before moving to South Africa and starting his career at Tiger Brands in a variety of sales and marketing roles. Ian joined Mars in 1998 in South Africa as Sales and Marketing Director and in 2001 moved to the UK as Mars Food Trading Director. After two years in the UK he returned to South Africa as the Commercial and Logistics Director. In January 2005, Ian was appointed as the GM of the South African business with responsibility for sub-Saharan Africa. In 2009, he moved to the UK again to support the integration of the newly acquired Wrigley business into Mars, as the GM of Wrigley UK. In July 2011, Ian was promoted to the position of Regional President for Wrigley Europe. Since March 2015, he has been the Regional President of Wrigley Asia Pacific, based in Hong Kong.

Frédéric Dalsace received his PhD from INSEAD and is an Associate Professor in

Marketing at HEC Paris, where he teaches New Market Offering Development, B2B Marketing, and Marketing and Ethics. He is the recipient of the Social Business/ Enterprise and Poverty Chair, jointly sponsored by Danone, Schneider-Electric, and Renault. His research covers two areas. One deals with strategic B2B issues such as outsourcing, buyer-seller relationship strategies, and true solutions offerings. The other area deals with the role of firms in alleviating poverty, both in developed and in emerging countries, and on marketing and ethics.

Aart De Geus, Chairman and CEO of the Bertelsmann Stiftung since 2012, was Deputy

Secretary General of the OECD between 2007 and 2011 and Minister of Social Affairs and Employment in the Netherlands for five years between 2002 and 2007. Prior to this, Aart De Geus was Partner, Boer & Croon Strategic Consultancy in Amsterdam from 1998 until 2002 and Vice-chairman of the Executive Board, Dutch National Federation of Christian Trade Unions, between 1993 and 1998.

Pascal De Petrini started his career in 1984 as Industrial Engineer at Danone Dairy

France. In 1995, he was appointed Supply Chain Director of LU France and then, in 1998, General Manager of Biscuit Activity in China. In 2002, he was appointed General Manager of ERP THEMIS and, in 2004, General Manager of Aqua Indonesia and subsequently Regional Vice-President Waters Asia-Pacific. In 2008, Pascal De Petrini was appointed Regional Vice-President Early Life Nutrition Asia Pacific in addition to his Waters responsibilities. He joined Fraser and Neave in 2011 as CEO Food and Beverage, prior to becoming, within Fonterra, Managing Director Asia Pacific Middle East and Africa in 2013. He is currently EVP Strategic Resource Cycles.




Yassine El Ouarzazi grew up in Morocco and studied Engineering and Physics in

France. He worked in marketing and sales analytics in the financial and automotive industries before joining Catalyst as Demand Lab Director. He leads a global multi-disciplinary research programme with applications in sales, marketing, and business model innovation. His work uses data science, applied mathematics, economics, business, anthropology, psychology, and interacting with an internal and external academic network to define, develop, and assist in the global deployment of scalable innovations.

Emmanuel Faber began his career, after graduating from HEC, as a consultant at Bain

& Company and later Baring Brothers. In 1993, he joined Legris Industries as Chief Administrative and Financial Officer before being named CEO in 1996. He joined Danone in 1997 as Head of Finance, Strategies and Information Systems. In 2005, he was named Vice-President for the Asia-Pacific region, in charge of the Group’s operational activities, followed by Deputy General Manager of Danone in 2007, responsible for major corporate functions Finance, Human Resources, etc. He was appointed Vice-Chairman of the Board of Directors in 2011. In 2014, Emmanuel was appointed CEO of the Group.

Jean-Christophe Flatin has been President of Global Chocolate since 2014 and he is

also a member of the Mars Leadership Team. He has established an impressive record of leadership and collaboration over twenty four years, having held various roles within Mars. He joined the Group in 1992 as Trade Expenditures Controller for Masterfoods France. In 2000, he became CFO of Ebly and moved to Royal Canin in 2002, where he held roles as Global Commercial Director, CFO and then President in 2007. Jean-Christophe holds a Master’s Degree in Management from ESCP Europe, having studied in France, the United Kingdom and Germany.

Bernard Giraud is the President of Livelihoods Venture, a social business that manages

two investment funds: the Livelihoods Carbon Fund and the Livelihoods Fund for Family Farming (Livelihoods 3F). These two environmental funds seek to create value for both the investors and the rural communities they invest in by supporting large-scale projects of ecosystem restoration. These projects generate long-term revenue and improve food security for the population and produce high quality carbon credits to the partner companies, contributing to reduce their carbon footprint. Before the creation of Livelihoods, Bernard Giraud was Vice-President Sustainability and Shared Value Creation of the Danone Group, an international leader in food industry. In this position, he played an important role in making Danone a pioneer in social innovation and integrating social responsibility and sustainable development into the core strategy and business practices of the company. Bernard Giraud also served as a board member and CEO of Corporate Social Responsibility Europe (CSR-E), a leading European organization in the field of social responsibility. He also currently holds the position of Senior Advisor Sustainability and Shared Value Creation for the Danone Group.

http://dotmars.mars/Uploads/Images/MyOriginal/JCF_2.jpg


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Karen Hamilton is Global Vice President Sustainable Business at Unilever with more

than twenty years’ experience of driving market share and catalysing innovation across brands in over one hundred countries. She spearheaded the creation of the Unilever Sustainable Living Plan in 2010. Since then, she has built teams across functions and geographies in marketing, supply chain, R&D and finance to embed sustainability into their business practices. To further embed social and environmental goals into the business model, Karen has developed open source tools such as the Unilever ‘Five Levers for Change’ to tackle consumer behaviour change and integrated social purpose into leading brands such as Knorr, Lifebuoy, Vaseline, and Persil. In previous global marketing and innovation roles on brands such as Axe/Lynx and Rexona/Sure, Karen was integral to core business and in growing market share of the deodorant business across over twenty countries.

Dr Pamela Hartigan has been Director of the Skoll Centre for Social Entrepreneurship at Saïd Business School at the University of Oxford since 2009. She is also founding

partner of Volans Ventures, an organisation launched in 2008 and focused on building innovative scalable solutions to challenges affecting our future. Prior to starting Volans, Dr Hartigan spent eight years as the Founding Managing Director of the Schwab Foundation for Social Entrepreneurship, a sister organisation of the World Economic Forum where she was also on the World Economic Forum’s Managing Board. The Schwab Foundation is focused on advancing the practice of social entrepreneurship globally, building and supporting its community of practitioners whose efforts have achieved transformational social change. Of Ecuadorian origin, Dr Hartigan first came to the United States of America at 17 years of age to pursue her university studies at Georgetown University and then post graduate studies and a PhD. Throughout her career, she has held varied leadership positions in multilateral organisations and educational institutions as well as in entrepreneurial ventures. She has been responsible for conceptualising and creating new organisations, departments or programmes across a variety of institutional arrangements and multi-stakeholder platforms. Dr Hartigan is a frequent lecturer on entrepreneurship and innovation at graduate schools of business in the USA, Europe and Asia, and is an Adjunct Professor at the Columbia Business School and at the University of Technology, Sydney. Her book co-authored with John Elkington, founder of SustainAbility (UK) and entitled The Power of Unreasonable People: How Entrepreneurs Create Markets to Change the World has just been published by Harvard Business Press in February 2008. She is a Trustee of social investment organisations, publicly listed companies and social impact focused organisations around the world.

Daniel Hurstel is a senior corporate partner in the international law firm Willkie Farr &

Gallagher and member of its Executive Committee. As a leading corporate lawyer, he is also conducting research on governance of corporate entities and societal needs. He has authored several books and articles, such as the recent Enterprise purpose, renew capitalism. He is presently Associate Professor at HEC Social Business, Enterprise and

Poverty Department, and he currently advises, pro bono, several business projects led by social innovation.




Jay Jakub is the Senior Director of External Research at Mars, Incorporated/Catalyst.

Jay serves as principal Deputy to the Mars Chief Economist/Managing Director of Catalyst. He co-leads the Mutuality Laboratory and supervises the work of Catalyst’s Culture Laboratory, which does M and A integration and strategy ‘smoothing’ for Mars. His doctorate is from St. John’s College, University of Oxford, and he is married with two teenage children.

John Kay is one of Britain’s leading economists. His interests focus on the relationship

between economics and business. His career has spanned academic work and think tanks, business schools, company directorships, consultancies, and investment companies. He chaired the Review of UK Equity Markets and Long-Term Decision-Making (2012). He is a visiting Professor of Economics at the London School of Economics, a Fellow of St. John’s College, University of Oxford, a Fellow of the British Academy, and a Fellow of the Royal Society of Edinburgh. He is a director of several public companies and contributes a weekly column to the Financial Times. He is the author of many books; the latest one, Other People’s Money, was published in 2015.

Goh Kok Huat is GIC’s Chief Operating Officer and President of GIC Real Estate.

Previously, he headed investment management (Asia) in GIC Real Estate and was appointed its Deputy President in July 2010. He joined GIC from Tishman Speyer in New York, where he was Managing Director of Equity Capital Markets. Prior to that, he was with the Ascendas Group where he held various appointments including Chief Operating Officer of the Group, CEO of Ascendas-MGM, CEO of Singapore Operations, and CEO of Bangalore IT Park. He spent ten years in the military and is an Economics graduate of Cambridge University.

Sophie Lambin is co-founder of Kite Global Advisors. She has extensive experience in

developing research-based content to inform and enable global corporations and their leadership to engage on the issues that matter. Sophie previously served as Director of Global Thought Leadership and External Affairs for PwC for seven years, leading the PwC’s annual Global CEO Survey and orchestrating its annual presence at Davos. Sophie recently served as interim Communications Director for the World Business Council for Sustainable Development and, in past roles, was the Publisher of European Business Forum and a management consultant at Coopers & Lybrand.


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Sam Lee, founder and Group CEO of InnoCSR Co Ltd, has a long history of supporting

global Corporate Social Responsibility endeavours. InnoCSR’s core strategy is to align client products and services with relevant social problems in Asia and devising strategies and programmes that meet both CSR objectives and commercial business goals. InnoCSR currently has offices in Shanghai, Seoul, and Manila. Sam’s experience working in both private and public sectors has greatly added to his expertise in CSR. In his roles prior to InnoCSR, Sam was Client Partner for Trilogy China in the automotive division and Consultant for UNICEF China in Private Sector Fundraising. Sam holds an MBA from China Europe International Business School (CEIBS) and a BA from Korea University. At CEIBS, he successfully initiated and launched Being Globally Responsible Conference (BGRC), Asia’s first and largest student-organised annual CSR conference. Sam is currently also an Adjunct Professor at Inha University.

Sonia Lipski is a University Medallist and was formerly a Strategy Consultant with

Strategy&. She founded a social enterprise development firm, Project Everest, in 2013, which developed market-based solutions to social issues across Fiji, Cambodia, Argentina, and Nepal. She also founded Money Vault, a platform for financial planners to educate and service their customers. More recently, she founded Realise.life with a group of Oxford MBAs to improve financial literacy in the UK.

Ritchie Macdonald is the Marketing Director of Truestone. Following a degree in

Business Administration and a period of training in market research, Ritchie has been involved in marketing financial services businesses for over thirty years. Initially, he was involved in the home service market, providing products and financial advice to the less wealthy communities in the UK, which struggled to obtain financial services from many of the mainstream providers. Having held senior level marketing roles across a range of market-leading financial product providers, advisers, and service companies, Ritchie joined Truestone in 2007 where has been heavily involved in the development of the business’s social and environmental impact investments. He is also responsible for the analysis, measurement and monitoring of the impact created by Truestone’s investments and the business’s approach to environmental, social, and governance issues.

Ted Malloch is a Senior Fellow in Management Practice at Saïd Business School,

University of Oxford. He previously served as Research Professor at Yale University. He is also Chairman and CEO of the Roosevelt Group/Global Fiduciary Governance, LLC, a leading strategic management and thought leadership company. He has served on the executive Board of the World Economic Forum (Davos); has held an ambassadorial level position in the UN in Geneva, Switzerland; worked in the US State Department and US Senate; worked in capital markets at Salomon Brothers on Wall Street; and has sat on a wide number of corporate, mutual fund, and not-for-profit boards. His most recent books concern the nature of virtuous enterprise, the virtues of generosity and thrift. His latest work is Responsible Business: A Prudent Based Approach to Global Business. Ted

earned his PhD in international political economy from the University of Toronto.

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Colin Mayer is the Peter Moores Professor of Management Studies at the Saïd Business

School, University of Oxford. He is a Professorial Fellow of Wadham College, Oxford, and an Honorary Fellow of Oriel College, Oxford, and St Anne’s College, Oxford. He is a Fellow to the British Academy, the European Corporate Governance Institute, and the Royal Society of Arts. He is a member of the UK Competition Appeal Tribunal, the UK Government Natural Capital Committee, and the international Advisory Board of the Securities and Exchange Board of India. He was the Peter Moores Dean of the Business School (2006-2011) and the first Director of the Oxford Financial Research Centre (1998-2005). He was a Harkness Fellow at Harvard University, a Houblon-Norman Fellow at the Bank of England, the first Leo Goldschmidt Visiting Professor of Corporate Governance at the Solvay Business School, and has had visiting positions at Columbia, MIT, and Stanford universities. Colin Mayer was chairman of Oxera Ltd. (1986-2010). He is a director of Aurora Energy Research Ltd and has consulted for international corporations, governments, regulators, and agencies.

Njuguna Ndung’u, former Governor of the Central Bank of Kenya from 2007-2015, is a

Visiting Fellow of Practice at Blavatnik School Government for this academic year, as the inaugural recipient of the Yaw Adjepong Boateng Memorial Fellowship, which brings a highly experienced senior official from an African Central Bank to Oxford for three months. Professor Ndung’u is credited with paving the way for the mobile banking revolution in Kenya, which has had a dramatic impact on financial inclusion. Professor Ndung’u holds a PhD in economics from the University of Gothenburg, Sweden, and master's and bachelor's degrees in economics from the University of Nairobi. Professor Ndung'u has extensive policy, research and teaching expertise in macroeconomics, microeconomics, econometrics, economic growth, and poverty reduction and is widely published.

Sean Peters, currently an MBA student at Saïd Business School, has built his career

supporting entrepreneurship as a tool to improve lives around the world. For the past three years, he has led the construction of the Entrepreneurship Database, the world’s largest research programme exploring entrepreneurship and accelerator models. Earlier he co-founded Riding to Break the Cycle, a social enterprise supporting microfinance around the globe. In 2011, he co-founded Global Catalyst Initiative, an early-stage fund focusing on East African social venture startups too small to access the pools of impact investment capital. In 2012, Sean was also a co-founder of Radius Ventures, a Vancouver-based socially-focused venture accelerator.

Olivier Pierredon has a food industry engineering background and a Master’s Degree in

Finance from the business school ESSEC. In 1992, Olivier started his professional career in Audit at PricewaterhouseCoopers in France and Spain. He joined the Danone Group in 2000, as Finance Director, in the Biscuits Division. After a CFO position in Dairy Russia, in 2007, he went back to Danone headquarters in Paris to take over the position of Vice President Finance for the Emerging countries of the Fresh Dairy Products Division. His ability to understand all functions and assess financial impacts led him to the position of General Manager of the Dairy Unit in Indonesia. Danone Dairy Unit in Indonesia was built on an affordable model with low price point dairy-based products, fully adapted to the taste and the nutritional needs of Indonesian children. After three years, he has been appointed General Manager of Sarihusada in Indonesia, also a unique standalone affordable business in the Early Life Nutrition division.


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Gita Piramal is currently a post-doctoral researcher at the University of Oxford, a

business historian, and chronicler of corporate India. Earlier, Gita has enjoyed being an entrepreneur and businesswoman, an editor and journalist. Gita has authored six major best sellers: Business Maharajas, Business Legends, Managing Radical Change, World Class in India, Business Mantras, and India’s Industrialists. Her case studies can be found in the European Case Clearing House. Gita has conceptualised and created content for three best-selling, award-winning programmes for CNBC-TV18; and scripted, edited, and featured or anchored over 100 television documentaries besides contributing over 1,500 articles for international and Indian publications. Her most recent book is Kamalnayan Bajaj – Architect of the Bajaj Group (2015). A member of the Governing Board of Delhi-based Centre for Policy Research, Gita is a member of the World Presidents’ Organisation and of the London Business School’s Global Advisory Council. Gita holds a PhD in Business History from Mumbai University. She divides her time between Oxford, London, and Mumbai.

Navi Radjou is a Silicon Valley-based innovation and leadership advisor. A Fellow at

Cambridge Judge Business School, Navi has served on the World Economic Forum’s Global Agenda Council on Design Innovation and contributes to Harvard Business Review online. Navi won the 2013 Thinkers 50 innovation Award and spoke at TEDGlobal 2014. Navi Radjou is the co-author of Frugal Innovation: How to Do More with Less. He is a sought-after keynote speaker widely quoted in international media.

Martin Radvan is President of the Wm. Wrigley Jr. Company, a subsidiary of Mars,

Incorporated. Before coming to Wrigley, he served as President of another Mars, Incorporated business segment, Mars Drinks. Radvan’s twenty nine year tenure with Mars began in Product Supply in the UK. He went on to hold a number of positions of increasing responsibility in customer service, logistics, and sales. In 1991, he became Sales and Business Development Manager for the Gulf countries and later moved to Dubai to help establish the first Mars, Incorporated operating unit in the Middle East. He then came to France to manage inter-company pricing and the business interface with Mars Information Services (MIS) for the European Petcare business. In 2006, he became President and CIO of MIS. In 2007, he ran the Program Management Office for the company’s transition to globally aligned business segments. Prior to Mars, Martin Radvan served as factory manager for Sonoco in the UK. He holds a BSc in Engineering Science from Leicester University.




Bruno Roche is the Chief Economist at Mars, Incorporated. In that role he leads

Catalyst, a global thought leadership capability and internal corporate think tank. Over the last five decades, Catalyst’s remit has been to challenge conventional business thinking and developing breakthrough capabilities to solve Mars’ most complex business challenges. One such is the ‘Economics of Mutuality,’ a groundbreaking business model approach that aims to assess whether Mutuality can deliver superior social and environmental performance at scale, while delivering excellent financial performance. Catalyst members embrace a large number of academic disciplines and expertise, ranging from theoretical physics to anthropology, from AI to cognitive psychology, from development economics to MBAs, PhDs and historians, represented by more than ten nationalities. Beyond his role at Mars, Bruno is currently also a member of the World Economic Forum (Global Agenda council on Sustainable Development) and has worked for the French Government (2009-2011) as a special adviser on Social Justice and Globalisation for the G20.

Kate Roll is a Research Fellow at Saïd Business School and manages the Mutuality in

Business project. Bringing a background in international development and post-conflict transitions, she is particularly interested in inclusive business and the politics of emergent, private sector approaches to poverty reduction. She also serves as a Lecturer in Politics, Somerville College, University of Oxford and both writes and teaches on conflict, technology and development. Kate completed her doctorate in Politics at the University of Oxford, writing her thesis on the reintegration of former guerrillas in Timor-Leste. Kate also holds an MPhil in International Development Studies from the University of Oxford and a BA in International Relations from Brown University.

Omar Selim is the founder of Arabesque and its Chief Executive Officer. Mr Selim has

20 years’ experience in international investment banking, having held senior positions at UBS, Morgan Stanley and Credit Suisse. He joined Barclays in 2004, where he was responsible for a multibillion dollar revenue budget and over a thousand staff. In 2012, he initiated the values-based asset management project at Barclays, originating the concept and developing it into Arabesque, in cooperation with professors from the universities of Stanford, Oxford, Cambridge, Maastricht, and Fraunhofer. Arabesque was established in June 2013 through a management buy-out from Barclays. Omar’s prior positions include time as a Member of Barclays Capital’s European Management Committee; Head of Global Markets for the European time zone; Chief Executive and Chairman for a number of regions and as a Member of Barclays Bank’s Swiss Supervisory Board.

https://www.google.co.uk/imgres?imgurl=http://www.politics.ox.ac.uk/images/teaching_profiles/13134/_thumb2/kateroll.jpg&imgrefurl=http://www.politics.ox.ac.uk/table/teaching/course-student-profiles/&docid=jTQq6HXUnTZOPM&tbnid=sc9dYfvXyaLf2M:&w=250&h=250&ved=0ahUKEwiA5NOnj4nMAhUGhQ8KHRVwAlsQMwghKAAwAA&iact=mrc&uact=8


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Clara Shen leads business model innovation in Catalyst’s Mutuality Lab, working with

Mars business segments and leaders to conceptualize and implement breakthrough business models to help Mars to deliver on its objective ‘to become the most mutual company in the world.’ This includes piloting innovative economic development approaches to reach 'billions of new consumers' at the middle of the diamond, such as the inclusive value chain models Maua in Kenya and Bloom in the Philippines. These are now full business units driving profitable growth, creating jobs for hundreds of micro-entrepreneurs, and scaling across Africa and Asia. Clara has an interest in entrepreneurship and impact investing and in expanding Catalyst’s network of new partners/expertise/contributions to drive the success of Catalyst research and activities. Prior to joining Mars, Clara was the co-founder of a biotechnology start-up focused on cell therapies and regenerative medicine (based at the Hong Kong University of Science and Technology). Clara holds a BA from Harvard and an MBA from INSEAD.

Evan Steiner is currently an MBA student at Saïd Business School, University of Oxford

where he focuses on market-based solutions to global challenges. Previously, he worked at several leading social enterprise and impact investing organisations in the Bay Area, including The Impact Hub and Social Capital Markets (SOCAP). His time there focussed on supporting early-stage social entrepreneurs, impact investors and mission-driven companies that use market-based approaches to improve the world. In addition to the MBA, Evan holds a bachelor’s degree in Music from Indiana University and a master’s degree in Environmental Management from UMUC.

Paul Szkiler is the Chairman of Truestone Impact Investment Management, which he

established after 25 years advising private clients on both mainstream investment markets and social investments. Paul is the co-founder of the international NGO Children in Crisis, and founder of A Call to Business, which amongst its themes advocates transparency and good governance in business. Paul is also Chairman of A Call to Business Trading Ltd Sierra Leone, which for many years has been investing in this frontier nation, with a view to creating wealth and social change. Paul sits on the boards of a number of companies in the finance and motor sectors.

Safia Tapal has spent her career exploring how social entrepreneurship and disruptive

business models can address global inequality. Recently she worked in Nairobi with Kiva, an award-winning microfinance organisation. Prior to living in Kenya, she worked in Beijing on a start-up experiential education business. Safia also spent two years as Membership Associate with the Global Impact Investing Network in New York, where she supported a network of 200+ impact investors to increase the scale and effectiveness of the industry. She holds a BA in International Relations and Chinese from Tufts University and currently pursues her MBA at Saïd Business School, University of Oxford, where she serves as the Chair of the Social Impact Oxford Business Network.




Steen Thomsen is the Director of the Center for Corporate Governance at Copenhagen

Business School. He is academic director of CBS board education and a board member of the International Corporate Governance Society. Professor Thomsen holds an MSc in Economics from the University of Copenhagen and a PhD from Copenhagen Business School. His major research area is foundation ownership of business companies.

Peter Tufano is the Peter Moores Dean at Saïd Business School and a Professorial

Fellow at Balliol College. His research focuses on financial innovation that improves the delivery of services to low income families. He founded a social enterprise for financial product development (www.d2dfund.org). As Dean, he has championed initiatives connecting the Business School and the University, including the Oxford 1+1 MBA programme; the blended learning GOTO Course; and a University-wide hub for entrepreneurship. Before joining Oxford, Tufano spent thirty three years at Harvard University, most recently on the Faculty of HBS, where he co-founded the Harvard University Innovation Lab (i-Lab).

Alex van der Velden is a partner and Chief Investment Officer of Ownership Capital, an

independent, long-horizon investment management firm based in Amsterdam. He has over twenty years of experience combining traditional investment management and responsible investing internationally. Prior to co-founding Ownership Capital, Alex worked at Dutch investment manager PGGM, where he founded and headed its €3 billion Responsible Equity Portfolio, a concentrated long-term portfolio of public equities integrating ESG and active ownership. Prior to this, he was the founding Executive Director of ShareAction in the UK. He also worked in private equity and corporate finance at Coller Capital, JP Morgan, and Brown Brothers Harriman & Co.

Cara Volpe’s career in education and leadership development has spanned more than a

decade. Early in 2013, she left the USA to deepen her global perspective, working as an independent consultant, whilst travelling in over thirty countries. During that time, her work ranged from designing and facilitating a professional learning community for senior school district officials across the USA to training the trainers of a higher-education start-up in Kenya. Cara is an alumna of Teach for America, holds a BA in Economics from the University of Virginia and is currently reading for her MBA at Saïd Business School.

http://www.d2dfund.org/


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Simon Walker became Director General of the Institute of Directors in October 2011 as

the public face of the IoD. He previously served as Chief Executive of the BVCA, the organisation that represents British private equity and venture capital (2007-2011). Between 2003 and 2007, Simon worked at Reuters as Director of Corporate Communications and Marketing. He was Communications Secretary to HM the Queen at Buckingham Palace from 2000 to 2003 and earlier served as Director of Corporate Affairs at British Airways. From 1996 to 1997, Simon worked as a special adviser in the Prime Minister’s Policy Unit at 10 Downing Street.

Arleen Westerhof is the Coordinator of the European Economic Summit that aims to

introduce new value-based paradigms for economics and transformational business, generating four-fold capital as new models for poverty alleviation and sustainable economies. Arleen earned her Bachelor’s Degree in Chemistry at McMaster University (Canada) and her PhD at the University of Western Ontario. She then moved to the UK to do Post-Doctoral Research at the University of London and then went to Amsterdam to work for Shell as a Research Scientist. She transitioned later on to founding a Christian organisation with her husband Dick. In addition to developing this organisation, she is involved with helping victims of human trafficking in Amsterdam. She also sits on the boards of three foundations.

Itzik Zivan is a successful Israeli business leader, social entrepreneur, and impact

investor who has been working with civil society organisations and Jewish and Bedouin leaders to advance projects in the Negev that strengthen the region’s shared economic and social future. One of the owners of the British Zivtex LTD, an international textile trading company, Itzik serves as CEO and a board member of Al Sanabel, the catering enterprise of the women of Hura. Prior to that, he served as VP at Pex LTD and as CEO of the socks division of Delta Textiles. He is a graduate of the Technion Haifa in Computer Science. He is married with four children.



Venue

Nelson Mandela Lecture Theatre,

Saïd Business School, University of Oxford

Park End Street, Oxford, OX1 1HP

+44 (0)1865 288800


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Hotels



Programme Coordinators

Nathalie de Baudry d’Asson

Le Lien Public

3, rue de Florence - 75008 Paris

+33 (0) 1 44 09 07 00

[email protected]

http://www.lelienpublic.com/

Simon Ash

Director

Oxford Catalyst Ventures

+44 (0) 1865 920 999

info (at) oxfordcatalystventures.com

Programme Administrators

Helen Fletcher +44 (0) 7944 572770

Victoria Forster +44 (0) 7799 117557

Mutuality in Business

Saïd Business School

Executive Education Centre

Egrove Park

Oxford OX1 5NY

UK

+44 (0)1865 422875

[email protected]

mailto:[email protected]

http://www.lelienpublic.com/



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