個案總覽

When it comes to separating the roles of company CEO and board chair, many arguments—both for and against activist calls to do so—have been made. Arguments against the idea generally insist that separating the roles adds complexity to running a business by creating two armed camps with blurred responsibilities. Meanwhile, arguments in favour of separation tend to highlight numerous benefits, including improved executive oversight, diversity of thinking, and financial savings. The authors of this article argue that governance improvements alone justify separating the CEO and board chair functions. As investment industry professionals at one of Europe’s largest asset managers, they have long been concerned by a worrying pattern of companies only splitting these functions after a scandal. Separating the roles of CEO and board chair doesn’t just reduce costs along with the risks of bad behaviour—it can help companies achieve and maintain profitability, mitigate challenges, and focus on growth to create long-term value—even in times of crisis. The authors’ approach in advocating for better governance measures is twofold. On the one hand, they want to guide companies toward more responsible and sustainable behaviours; and on the other, they are acting out of self-interest to protect their shareholders as asset managers because they believe creating a more sustainable capitalist system is in the best interest of all investors.