Reports

Report of the General Board on the establishment of a Pembroke Visiting Professorship of International Finance

The General Board beg leave to report to the University as follows:

1. Finance has become a very significant area of academic research and teaching in the world’s leading universities. This partly reflects the expanding role of the financial sector in all the major economies. In turn, finance has assumed a major role in public policy, as has been seen in the current economic crisis. Cambridge alumni are prominent in many leading financial institutions, both private and public and in the UK and abroad. In practice and in academe, the international aspects of finance are becoming dominant: London is the world centre of several financial markets and Cambridge academics work on financial issues around the world.

2. Recognizing this central role of finance in business and public affairs, the strategic plan agreed by the General Board for Judge Business School assigns a priority role to research and teaching in finance. A substantial group of researchers in finance is now in place; there is a vigorous doctoral programme in finance; the School offers two heavily subscribed finance degrees (the M.Phil. in Finance and the Master of Finance); and the School’s Management Studies Tripos, M.Phil. in Management, M.B.A., and E.M.B.A. programmes all have finance as a core subject. The School collaborates actively with academics from other Faculties through the programmes of research coordinated by Cambridge Finance and also via shared teaching of degree programmes.

3. In the next stage of development, Judge Business School wish to develop stronger links still with the academic finance community outside Britain and with sophisticated practitioners in the international finance industry. The School has been experimenting with ways of bringing distinguished outsiders to Cambridge to engage with the research and teaching programmes. The modest efforts so far have proved very successful in stimulating joint research, bringing exciting extra teaching into the degree programmes, and fostering collaboration with finance practitioners. It is clear that establishing a long-term programme of extended visits by distinguished outsiders would make a significant contribution to the School’s work in finance.

4. An opportunity to develop such a programme in this area has now arisen as an alumnus of Pembroke College, who wishes to remain anonymous, has offered to endow the establishment of a new Visiting Professorship to be called the Pembroke Visiting Professorship of International Finance. The benefactor has generously agreed to donate to the University the sum of at least £1.8m to endow the proposed Visiting Professorship. In addition, a second gift to Pembroke College will enable the College to offer each Visiting Professor the opportunity, during her or his tenure, to engage in the scholastic, social, and intellectual life of the College. The Council of the School of Technology and the Faculty Board of Business and Management have endorsed the proposal and have recommended that the new Visiting Professorship be established and assigned to Judge Business School. The Faculty Board have confirmed that suitable accommodation is available for the new Visiting Professor in the Business School.

5. The Visiting Professorship will attract a succession of experts to Cambridge who will be expected to conduct joint research with staff in Judge Business School, to teach for Judge Business School degree programmes, and to contribute to the School’s programme of engagement with the finance industry. Each Visiting Professorship will be held for a maximum of six months and will not be renewable.

6. The General Board are assured that the Visiting Professorship can be expected to attract an excellent field of candidates. The Board have agreed that election to the Visiting Professorship should be made on the advice of a Committee whose membership is described in the regulations for the Visiting Professorship. The inclusion of the Governor of the Bank of England reflects the donor’s wish for external involvement in the appointment from the world of finance.

7. The General Board recommend:

I. That a Pembroke Visiting Professorship of International Finance be established in the University from 1 October 2010, placed in Schedule B and H of the Statutes, and assigned to the Faculty of Business and Management.

II. That regulations for the Pembroke Visiting Professorship of International Finance, as set out in the Schedule to this Report, be approved.

SCHEDULE

Pembroke Visiting Professor of International Finance. 2010. Judge Business School

1. The sum of £1.8m received by the University to establish a Pembroke Visiting Professorship of International Finance shall constitute a fund called the Pembroke Visiting Professor of International Finance Fund.

2. The Managers of the Fund shall be the Director of Judge Business School, two persons appointed by the Faculty Board of Business and Management for periods of five years at a time, and one person appointed by Pembroke College also for periods of five years at a time.

3. A Visiting Professor shall from time to time be elected by the General Board under the authority of Statute D, XV, 1(c)(iii), on the advice of a Committee comprising the Director of Judge Business School, two persons appointed by the Faculty Board of Business and Management, the Master of Pembroke College or a duly appointed member of the College’s Fellowship Committee, and one person appointed by the Governor of the Bank of England. Apart from the Director of Judge Business School and the Master of Pembroke College, appointments to the Committee shall be for periods not exceeding five years.

4. The tenure of the Visiting Professor, during which he or she shall be in residence in Cambridge unless granted leave of absence by the General Board, shall normally be for a period of not more than six months in one academical year, and shall be determined by the General Board on the recommendation of the Committee.

5. The first charge on the income of the Fund shall be such emoluments of the Professorship as the General Board, on the recommendation of the Managers, shall determine, together with all the indirect costs of the University associated with the Professorship and the travelling expenses incurred by the Visiting Professor at the start and end of her or his appointment.

6. The second charge on the income of the Fund shall be to support activities associated with the Visiting Professorship.

7. The third charge on the income of the Fund shall be to support research or teaching in the field of international finance.

8. Any unexpended income in any financial year may, at the discretion of the Managers, be accumulated and added to the capital of the Fund or be held as an income reserve and expended in any one or more subsequent years in accordance with Regulations 5 to 7 above.

28 April 2010	Alison Richard,Vice-Chancellor	Simon Franklin	J. Rallison
	N. Bampos	Andrew Gamble	Jeremy Sanders
	William Brown	C. A. Gilligan	J. G. P. Sissons
	H. A. Chase	David Good	Sam Wakeford
	Philip Ford	Rachael Padman	Yang Xia