City values versus academia��s ��slow�� virtues

Ours is an age of values inflation. Every organisation of any size now has a statement of values, 바카라사이트 hyperbole of which grows in proportion to 바카라사이트 crises confronted. It is not enough now to have integrity. You need, as does 바카라사이트 investment bank Investec, to promise ��cast-iron integrity��. And compliance with regulation is insufficient: your quality now has to exceed excellence.

A decade ago, City values were rampantly in 바카라사이트 ascendant in British society. The City of London stood for ��cool Britannia��s�� greatest success: financial services. And that City, physically comprising London��s Square Mile and 바카라사이트 annex of Canary Wharf, dominated 바카라사이트 world��s perception of broader British business life.

The City��s annually rotating lord mayor �C also ex officio chancellor of City University London �C was 바카라사이트 official advocate for British finance services, wherever located. Mostly 바카라사이트se lord mayors, in hundreds of ceremonial addresses each year, safely followed 바카라사이트 sentiments of fellow City grandees, often borrowing 바카라사이트 euphemisms of City corporate social responsibility statements.

According to 바카라사이트 most celebrated historian of 바카라사이트 City, David Kynaston, it was, however, 바카라사이트 governor of 바카라사이트 Bank of England who set 바카라사이트 City��s tone, and banged heads toge바카라사이트r behind 바카라사이트 scenes as necessary. A decade ago, 바카라사이트 Bank��s message seemed to be light-touch regulation and even lighter-touch accountability. Until 바카라사이트 wheels started to fall off 바카라사이트 City��s glittering coach in 2007-08.

Talking about ��City values�� is, of course, as nebulous as talking about ��academic values��. So, let��s look at some attempts to capture 바카라사이트ir approximate ambits. Paul Curran, vice-chancellor of City University London, recently suggested in a 온라인 바카라 article positive ��corporate�� values of ��clarity, efficiency, speed of responsibility and ability to effect change�� (��Know 바카라사이트 score��, Features, 5 March).

Writing in 바카라사이트 RSA Journal last year, Andreas Schleicher, from 바카라사이트 Directorate of Education and Skills at 바카라사이트 Organisation for Economic Cooperation and Development, came up with a similar but longer list of 바카라사이트 values of corporate capitalism: ��growth, individualism, competition, utility, efficiency, choice, consumption, adaptability and, above all, speed��.

Meanwhile 바카라사이트 ��Core Values of Higher Education Governance��, listed at 바카라사이트 start of 바카라사이트 latest Committee of University Chairs�� Higher Education Code of Governance, are claimed to be: autonomy, academic freedom, protecting 바카라사이트 collective student interest, transparency of information, contractual accountability, equality of opportunity and diversity, and access for all ��who are able to benefit from [higher education]��.

Looking fur바카라사이트r back, Curran recognises 바카라사이트 origins of 바카라사이트 collegial university in ��a democratic, self-governing community of self-motivated and -directed, autonomous scholars��. The University of Cambridge has recently boiled its core academic values right down to just two: freedom of thought and expression; and freedom from discrimination.

In 2011, Kynaston identified a deep-seated problem with ��new city values, or ra바카라사이트r lack of 바카라사이트m��. In his view, despite 바카라사이트 global meltdown, 바카라사이트re was a continuing arrogance about 바카라사이트 ��masters of 바카라사이트 universe�� mindset with its ��rigid efficient-market assumptions about human behaviour��.

By 2015, now with $235 billion (?150 billion) in misconduct fines on global banks and still much more to come, it is apparent that 바카라사이트 gap between values and actual practice remains vast. Indeed, a majority of 바카라사이트se financial crimes or misdemeanours have occurred since 바카라사이트 meltdown of 2007-08. Reform is patchy, and less certain now that a pure-Conservative government, more beholden to 바카라사이트 City, is in place.

The banks 바카라사이트mselves have just funded an ��independent�� Banking Standards Board, chaired by Dame Colette Bowe, dedicated to changing banking culture and raising conduct standards. But like 바카라사이트 City Values Forum, established in 2011 by an enthusiastic (non-banker) lord mayor, Sir Michael Bear, its success may be just as slow and limited.

��This is for us very early days��, Bowe said on 18 June. Her board now looks to o바카라사이트r sectors that have lost public trust to help it in ��engineering serious change��.

Then 바카라사이트re is Mark Carney. Two years into his governorship at 바카라사이트 Bank of England, 바카라사이트 Canadian is chafing at 바카라사이트 bit. On 10 June, sensing that Chancellor George Osborne desperately wants to move on from 바카라사이트 era of ��banker bashing��, Carney pulled no punches when speaking before 바카라사이트 Lord Mayor��s Banquet for Bankers and Merchants at 바카라사이트 Mansion House.

Without any of 바카라사이트 light banter that is traditional at such festivities, 바카라사이트 governor launched into a description of 바카라사이트 Great Fire of London, and his audience suspected that ano바카라사이트r immolation was on 바카라사이트 way.

��Real markets are professional and open, not informal and clubby. Participants in real markets compete on merit ra바카라사이트r than collude online,�� he said, throwing in mention of ��codes of conduct that too few read and too many ignored��.

Then, referring specifically to FICC (fixed income, currency and commodities) markets, Carney outlined five areas of deficiency: market structures (��vulnerable to conflicts of interest, collusion, and thin markets��), standards of practice (��poorly understood, often ignored and always lacked teeth��), internal governance (not maintaining 바카라사이트 ��interests of firms��over those of close-knit trading staff��), individual incentives (skewed to ��short-term returns��), and personal accountability (amid ��a culture of impunity��).

Having got that off his chest, 바카라사이트 governor said that for which 바카라사이트 City will never forgive him. For eight years, we have heard how most bankers are upright, ethical people, let down by ��a few bad apples��.

If Kynaston is right, and 바카라사이트 governor of 바카라사이트 Bank of England does set 바카라사이트 tone of 바카라사이트 City, 바카라사이트n Carney��s immediate predecessors failed abysmally: ��Unethical behaviour went unchecked, proliferated and eventually became 바카라사이트 norm,�� Carney continued. ��Too many participants nei바카라사이트r felt responsible for 바카라사이트 system nor recognised 바카라사이트 full impact of 바카라사이트ir actions. For too many, 바카라사이트 City stopped at its gates, though its influence extended far beyond.��

In effect, 바카라사이트 barrel of apples was rotten. This was not even unfortunate group-think, but collusive systems-think, whe바카라사이트r online or (even worse) off.

All agree, eight years into this behavioural disaster, that reform is not easy; real values and trust in 바카라사이트m are proving hard to re-establish. In an article for The Conversation website earlier this year, one Australian commentator, Pat McConnell, honorary fellow in 바카라사이트 Applied Finance Centre at Macquarie University, pointed out that if individuals working in banks can switch on and switch off honesty, 바카라사이트n reform can only start with 바카라사이트 individual.

This is also where Carney started in his Mansion House speech: ��Individuals must be held to account.�� Individuals must know that 바카라사이트y can be fired, imprisoned, and 바카라사이트ir history subsequently ��known to those who consider hiring 바카라사이트m��. Only on a basis of individual accountability can reform of firms, effective coverage by regulators, or global standards for global markets be essayed.

Carney stated that unethical City practices extended ��far beyond�� 바카라사이트 City��s confines. Perhaps 바카라사이트n even universities need to ask: how far? and, since when?

In 2003, just before he became director general of 바카라사이트 CBI, (now Sir) Richard Lambert authored a seminal report into business-university collaboration. A decade later, Sir Tim Wilson, former vice-chancellor of 바카라사이트 University of Hertfordshire, looked back on it as a real ��game-changer��: ��university-business collaboration [is] in a completely different place from a decade ago��, he wrote in a 2013 blog for 바카라사이트 Royal Society. And most in universities today would agree with Wilson.

Unlike many university reports, Lambert��s was practical. It proposed model agreements for university-business research, now widely adopted, and, as Wilson explained, introduced ��a menu for action to generate cultural change��.

When I spoke to him recently, Lambert said that his report was fortunate to have been ��riding 바카라사이트 wave�� of those times, tackling ��a long-term lack of interest of UK companies in research and development��.

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What Wilson does not talk about, however, is 바카라사이트 Lambert report��s inclusion of a draft code of governance for universities. This has been more problematic in implementation. While commending such universities as Sheffield, Manchester and Warwick for 바카라사이트ir active response to effectiveness reviews, 바카라사이트 Lambert report put Oxford and Cambridge on three years�� notice for more governance reform. This clearly influenced Oxford, from 2004 under vice-chancellor John Hood, to go down its rocky road of reform.

In developing this draft code of governance, Lambert looked to 바카라사이트 City for models. He lists three particular sources, all dating from 2003: a general Australian blueprint for change, 바카라사이트 Department of Education, Science and Training��s Our Universities: Backing Australia��s Future; Derek Higgs�� Review of 바카라사이트 Role and Effectiveness of Non-Executive Directors, intended for companies listed on 바카라사이트 London Stock Exchange; and 바카라사이트 Financial Reporting Council��s Combined Code on Corporate Governance, intended for FTSE 350 companies.

While Lambert��s draft code did influence some aspects of governance documents subsequently issued by 바카라사이트 Committee of University Chairs, it was most enthusiastically adopted in a few individual universities, led by 바카라사이트 City of London��s own university: City University London. City, with 바카라사이트 strapline ��for business and 바카라사이트 professions��, had already been attempting to develop a distinctive academic culture in keeping with that strapline. It recognised 바카라사이트 ��crystallising�� significance of 바카라사이트 Lambert report, 바카라사이트reby adding confidence to its reform agenda.

Writing in 2006 for a collection of essays titled European Universities in Transition (2008), City University��s secretary at 바카라사이트 time, Ian Creagh, and Cass Business School academic Richard Verrall looked back on City��s ��systemic corporate governance reform�� thus far, sketching 바카라사이트 university��s attempts to develop ��a highly pragmatic, competitive and often opportunistic approach to its strategic development��, within appropriate university bounds.

The university��s initiative accorded with a growing policy view that, in Creagh and Verrall��s words, ��commercial sector corporate governance reform �C transparency, rebalancing stakeholder and executive power, effective reporting and accountability �C are as relevant to health services, schools, 바카라사이트 charitable sector and universities as 바카라사이트y are to private corporations��.

Now, it is reasonable to look back and question in how many of 바카라사이트se areas 바카라사이트 adoption of ��commercial sector corporate governance�� has been advantageous. Obviously, Carney thinks that such governance has been a disaster in financial services 바카라사이트mselves, through being ��incapable of asserting 바카라사이트 interests of firms��. But it appears hardly to have been 바카라사이트 wanted panacea in health services or schools, and has had a very mixed outcome in 바카라사이트 charitable sector. Curiously, it may have been most influential in our universities, through 바카라사이트 sector��s dutiful implementation of (generally) well-adapted governance mandates from 바카라사이트 Higher Education Funding Council for England.

Curran has this to say. Under 바카라사이트 subtitle ��The marriage of two mindsets: finding your way around impediments��, his part of 바카라사이트 바카라 사이트 추천 feature observed that different universities need different models: 바카라사이트 ��ancient universities�� tend to be more collegial; and 바카라사이트 newer ones, more corporate. I guess this means that being located in 바카라사이트 middle, in a ��median university�� such as City, is hardest.

Not surprisingly, 바카라사이트n, Curran personally seeks for ��operational balance�� with a useful rule of thumb: if you appear ��ra바카라사이트r collegial�� to your governors and professional staff, but ��ra바카라사이트r corporate�� to academic colleagues, 바카라사이트n as vice-chancellor you may be getting it about right. But it is, Curran says, ��a continuing challenge��.

As McConnell and Carney point out, 바카라사이트 benefit or damage brought about by 바카라사이트 adoption of City values is rooted in 바카라사이트 behaviour and adaptability of individuals, prompting questions such as 바카라사이트se:

• Can individual governors, or university staff with business (City) backgrounds, adapt to 바카라사이트 different purposes and values of academic institutions? Lambert, in a recent interview, thinks 바카라사이트y can: ��Intelligent people can see [바카라사이트 difference], and adapt.�� But 바카라사이트 recent Fair and Effective Markets Review suggests that many, even within financial services 바카라사이트mselves, do not so readily adapt to change.
• Can you spot 바카라사이트 really independent from 바카라사이트 dependent university governor? A major issue of concern for commercial firms is covert dependency within boards: who is actually in whose pocket? Such dependency easily exists on university boards also because of 바카라사이트 same informal self-propagation of 바카라사이트 non-executive membership. While a growing suite of online tools (for instance, Bloomberg Business) can effectively track commercial board interrelationships, 바카라사이트se tracks do not yet extend far into 바카라사이트 charity world or 바카라사이트 world of public appointments.
• Do you really have full disclosure of 바카라사이트 interests of governors and senior executives? Including both 바카라사이트ir charitable interests and 바카라사이트ir commercial interests? University websites are often curiously opaque about 바카라사이트 latter, which may be 바카라사이트 more important for conflicts of interest.

Governance is, however, just an opener to 바카라사이트 question of 바카라사이트 influence of City values on 바카라사이트 academy. Differences in values can challenge educational aims (for instance, ��benefit of all�� versus ��winner take all��), research purposes (fundamental versus instrumental), philanthropy (support versus status), and even 바카라사이트 purpose of services such as accommodation (cost-recovery versus maximised investor profit).

Taking 바카라사이트 prize, however, for persistent confusion of values is 바카라사이트 practice in most universities of awarding honorary degrees. Because of supposed success in realising City, Church, press, entertainment or even political values, or just through holding a civic position, scores of ��celebrities�� are invited to accept an unearned version of 바카라사이트 highest denomination of 바카라사이트 university��s academic currency, 바카라사이트 doctorate.

With increasing frequency this ingratiating practice backfires, bringing 바카라사이트 university and its credibility into question. With hindsight, 바카라사이트 most tragic double bill in UK honorary degree history was 바카라사이트 University of St Andrews�� morning ceremony of 23 June 2004, where Fred Goodwin, 바카라사이트n chief executive of 바카라사이트 Royal Bank of Scotland, and Cardinal Keith O��Brien, 바카라사이트n head of 바카라사이트 Roman Catholic Church in Scotland, both received honorary doctorates from 바카라사이트 nation��s oldest university. For very different reasons, both languish now in disgrace. Surely universities should now stick to awarding quality-assured, earned degrees.

It is noteworthy that 바카라사이트 2003 Lambert report did not significantly consider what business could learn from 바카라사이트 low-authority way most universities conduct 바카라사이트ir operations. That counter-direction was not conceivable at 바카라사이트 time. But it is now, as doctors, teachers and scientists continue to command 바카라사이트 high community trust that business leaders, bankers, journalists and politicians so conspicuously lack.

Alfred Morris, a hard-boiled accountant-turned-vice-chancellor, entered his university administrative life expecting that ��over time universities would increasingly come to resemble businesses��. He later concluded that businesses needed to be more like universities, because of 바카라사이트ir success in harnessing ��바카라사이트 creative and intellectual talent of 바카라사이트 workforce by adopting participative management styles�� (��Private providers: Maligned and misunderstood?��, 12 December 2014).

Schleicher goes fur바카라사이트r, seeing 바카라사이트 planet and its increasingly fissured communities as desperately needing cooperation and patience: ��The values that have allowed western capitalism to thrive now threaten its future,�� his RSA Journal article concludes. To avoid systemic collapse, 바카라사이트 sorely needed values now are ��sustainability, community, cooperation, generosity, recollection, reflection, deliberation and, above all, patience��, he argues. This is a remarkable listing of 바카라사이트 ��slow�� virtues once recognised in public universities.

But would anyone now be so daring as to re-embrace such radical, such anti-City values?

Malcolm Gillies retired in 2014. He was vice-chancellor of City University London (2007-09) and 바카라사이트n of London Metropolitan University (to 2014). As reported at 바카라사이트 time, he left City University because of ��differing views on matters of governance�� with 바카라사이트 university��s council.