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Report of the General Board on the establishment of a Directorship of the Cambridge Endowment for Research in Finance (CERF)

The GENERAL BOARD beg leave to report to the University as follows:

1. The Cambridge Endowment for Research in Finance (CERF) (Statutes and Ordinances, p. 727) was established by Grace 3 of 16 May 2001. Responsibility for the pursuit of the Endowment's objectives rests with a Committee of Managers.

2. The objectives of CERF are to promote research in the University into all aspects of the practice and history of finance, financial institutions, and financial markets, and their relationship with economic behaviour and performance. The pursuit of these objectives will build on work already established in the Judge Institute of Management Studies and elsewhere in the University.

3. The objectives will be pursued through funding research programmes in the University, to include support for scholars, seminars, visiting scholars, and dissemination of results. The research programmes will draw on a wide range of disciplines relevant to an understanding of finance, including economics, history, law, mathematics, computer science, management, and social and political science.

4. In order to oversee the development and management of CERF the Management Studies Syndicate, on the advice of the Managers of CERF, have now proposed to the General Board that a Directorship of CERF be established as a charge on the Fund with duties as follows:

5. In order to provide the necessary academic leadership, candidates for the Directorship should possess, in addition to proven managerial, administrative and fund-raising skills, a strong research record in a relevant discipline.

6. The General Board have agreed with the Management Studies Syndicate that the Directorship of CERF should carry a stipend equivalent to that of Professor and that the office should be placed in Schedule B of the Statutes, thereby permitting the Director to hold a Professorial Fellowship in a College. The Director of CERF would be appointed to hold office in the first instance for five years, and could be reappointed for further periods of five years, or exceptionally ten years, until the retiring age, as long as he or she satisfactorily performed the duties of the office.

7. The Director should also be entitled to apply for study leave on the same conditions as are laid down in Statute D, II, 5 for University officers specified in Schedule J. As well as being responsible for the over-all management of CERF and the creation and monitoring of its programmes, the Director will be expected to undertake teaching and research and to have a prominent role in academic work.

8. The General Board have accepted the advice of the Management Studies Syndicate that the chances of attracting a strong field of candidates for the Directorship would be enhanced if provision were also made for the Board to recommend the establishment of a Professorship in the Judge Institute for a Director of the appropriate academic standing. The Board have been assured that the necessary accommodation and facilities for the Professor (if appointed) can be provided by the Judge Institute.

9. The General Board consider that it would be appropriate and in accordance with the arrangements of officers of comparable seniority for appointments to the Directorship to be made by the Board on the advice of a committee constituted along the lines of a Board of Electors to a Professorship.

10. Subject to the approval of the recommendations of this Report, the General Board will appoint an Advisory Committee, consisting of the Vice-Chancellor as Chairman, three members nominated by the Management Studies Syndicate, three by the Board, and three by the Council, at least two of whom will be from outside the University. The Committee will consider applications and will advise the Board on the choice of a suitable person for appointment as Director of CERF.

11. If, in the light of advice from the Committee, and with reference to the criteria for promotion to a personal Professorship, the Board considered it appropriate for the Director to be appointed to a Professorship they would then report again to the University recommending the establishment of a fixed-term Professorship for a named person and its assignment to the Judge Institute of Management Studies. The regulations for the Professorship would require the Professor to hold the office of Director of CERF during his or her tenure.

12. The General Board accordingly recommend:

I. That the office of Director of the Cambridge Endowment for Research in Finance be established in the Judge Institute of Management Studies from 1 January 2002 and placed in Schedule B of the Statutes.

II. That regulations for the Directorship of the Cambridge Endowment for Research in Finance as set out in the Schedule to this Report be approved.

SCHEDULE

Cambridge Endowment for Research in Finance

Director

1. Appointments and reappointments to the University office of Director of the Cambridge Endowment for Research in Finance shall be made by the General Board, on the advice of a committee specially constituted for the particular occasion.

2. Appointments and reappointments shall be for periods not exceeding five years at a time, save that in a particular case the General Board shall have power, after consulting the committee, to make a reappointment for a period not exceeding ten years.

3. The duties of the Director shall include:

4. The Director shall be responsible to, and act for, the Managers of CERF in matters concerned with the general policy and intellectual development of CERF and its research programmes.

5. The office of Director may be held simultaneously with other offices in the University of Cambridge.

6. The Director shall be resident in the University during Full Term.

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Cambridge University Reporter 14 November 2001
Copyright © 2001 The Chancellor, Masters and Scholars of the University of Cambridge.