The discussion was part of a series of interviews that Gold Mercury is conducting with leading authorities, representatives of financial institutions, academics and other prominent actors involved in the economic and financial services sector. The interviews are undertaken within the scope of the ‘New Corporate Culture for Banking’ project.
John Kay is an influential economist and his research interests encompass public policy and business strategy. In 2012, Mr Kay chaired the Review of UK Equity Markets and Long-Term Decision Making, which reported to the Secretary of State for Business, Innovation and Skills. Mr Kay discussed with Mr De Santis the current economic structure and the ideologies which are shaping it, as well as the future of global economic governance. The loss of trust in the financial sector, the failed role of corporate boards and the necessity for a culture for self-regulation were among the topics that were covered in the discussion. Finally, Mr Kay underlined the need to examine the crucial role of intergenerational equity as part of the new thinking required in the convergence of the economic, environmental and social aspects of a society.
“John Kay is a leading figure in economic and social thinking. His ideas question established norms and contribute towards innovative thinking for the challenges which are shaping the global economy, especially banking. Mr Kay has a holistic view of the financial sector, looking beyond narrowly focused solutions and quick fixes. His way of approaching economic challenges offers us invaluable insights for our ‘New Culture for Banking’ project. The role of banking needs to change, moving towards serving societies to produce a sustainable future for future generations,’’ said Nicolas De Santis, President of Gold Mercury International.
Mr John Kay is a Visiting Professor at the London School of Economics and a Fellow of the British Academy and the Royal Society of Edinburgh. He is a director of several public companies, a writer, lecturer and broadcaster and a weekly contributor to The Financial Times.