Colin Mayer Interviewed by Andrew Hill

Management expert Professor Colin Mayer makes the case for a root-and-branch reform of corporate law, governance and leadership to ensure big companies fulfil their duties to business and society as well as to their shareholders. And he talks about his leadership of the British Academy initiative, The Future of the Corporation.

In Prosperity: Better Business Makes the Greater Good, Mayer argues business has lost its way over the last 60 years and forgotten that it was established to perform a public purpose and serve society. The emergence of individual and institutional shareholders in the 20th century has led to a focus on corporate profits and shareholder value instead. Mayer says corporate law should require companies to define their purpose and place ownership in the hands of people interested in the company’s long-term success.

Mayer is professor of management at Saïd Business School, Oxford. He also leads the British Academy’s The Future of the Corporation initiative, which aims to address the purpose and role of business in society. Here he talks to FT management editor Andrew Hill.

This event is part of British Academy day at the festival.