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The GENERAL BOARD beg leave to report to the University as follows:
1. Within the Judge Institute of Management Studies, teaching and research in corporate governance, particularly with reference to corporate leadership and accountability, have been facilitated by a substantial donation received in 1996 from Mr Robert Monks. The provision of these funds has enabled the Institute to establish research posts, to provide support for both research students and curriculum development in the M.B.A and M.Phil. programmes, to create a cross-institutional corporate governance network within the University, and to run a programme of seminars and conferences.
2. The Management Studies Syndicate have determined that further development of the Institute's existing strengths in the field of corporate governance is an essential component in the Syndicate's strategy to develop the Judge Institute as a centre of international excellence. The Institute propose to adopt a multi-disciplinary approach which will draw in national and international expertise involving economists, political scientists, lawyers, and anthropologists as well as scholars of management. It is anticipated that the establishment of this international knowledge-sharing network on corporate governance will have particular emphasis on links between Europe, the USA, and Asia. The Institute consider that this will ensure a firm basis for further work on the programme which will be able to address such major issues as the legal and institutional framework within which corporations operate, the role of the Board of Directors, and their relationship to different external stake holders, including institutional investors, Non-Governmental Organizations, customers, national governments, and super-national agencies. The Institute intend that their teaching in corporate governance will provide those who may be the future entrepreneurs, managers, and investors with an understanding of the relationship between the sustainable improvement of corporate performance and national and global social and economic development. The development, application, and dissemination of original research in this field will advance social, economic, and management theory and contribute to improvements in the practice of corporate governance in all its aspects.
3. The Management Studies Syndicate have informed the General Board that, in order to support its strategy to develop the Institute as a centre of international excellence, and also to provide the academic leadership required to further develop this important discipline, and to support key areas within the field of management discipline, it would now be appropriate for a Professorship of Corporate Governance to be established in the Judge Institute of Management Studies. The Syndicate believe that the establishment of the Professorship would strengthen existing programmes of teaching and research. The person appointed would be expected to have a commitment to a multi-disciplinary approach to corporate governance but would also be required to have demonstrable expertise within an area in the field of business ethics, business strategy, organizational behaviour, company law, social psychology, or applied economics.
4. The General Board have accepted the case made by the Management Studies Syndicate. Mr Dennis Kozlowski, and the Tyco Corporation of the United States of America, have agreed to donate $4m as an endowment for the establishment of a Professorship of Corporate Governance from 1 March 2001 in the Judge Institute of Management Studies. In view of his outstanding contribution in supporting work in the field of corporate governance, the donors have requested that the Professorship be named in honour of Mr Monks. The Board have agreed to this request. The Board have also agreed to concur in the view of the Management Studies Syndicate than an election to the Professorship should be made by an ad hoc Board of Electors and that, on this occasion, candidature should be open without limitation to all persons whose work falls within the general field of the title of the Professorship.
5. The General Board recommend:
I. That the generous offer of $4m from Mr Kozlowski and the Tyco Corporation for the endowment of a Professorship of Corporate Governance be gratefully accepted.
II. That a Robert Monks Professorship of Corporate Governance be established in the University from 1 March 2001, placed in Schedule B of the Statutes, and assigned to the Judge Institute of Management Studies.
III. That regulations for the Robert Monks Professorship of Corporate Governance, as set out in the Schedule of this Report, be approved.
29 November 2000
|ALEC N. BROERS, Vice-Chancellor
P. J. BAYLEY
|J. C. GRAY
JOHN A. LEAKE
N. J. MACKINTOSH
1. The sum of US$4m received from Mr D. Kozlowski and the Tyco Corporation for the endowment of a Professorship of Corporate Governance shall form a fund called the Robert Monks Corporate Governance Fund.
2. If and whenever the income of the Fund shall exceed the amount required for the payment of the stipend, national insurance, pension contributions, and associated indirect costs of the Professor payable by the University, the excess of the income over that amount may be applied in support of the work of the Professor in such manner as may be approved by the General Board on the recommendation of the Director of the Judge Institute of Management Studies.
3. Any unexpended income in a financial year in any subsequent year may be expended in accordance with Regulation 2.
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Cambridge University Reporter, 13 December 2000
Copyright © 2011 The Chancellor, Masters and Scholars of the University of Cambridge.