Leeds/Mannheim Online Seminar Series: Prosocial Antitrust - Amelia Miazad
- Date: Wednesday 12 May 2021, 17:00 – 18:00
- Location: Online
- Cost: Free
Amelia Miazad (Berkeley Law) will continue the Leeds/Mannheim Online Seminar Series on Business Law with a presentation on Prosocial Antitrust.
Antitrust law is at the centre of today’s public debate. It has even emerged as a rare unifying force, with bipartisan promises to combat the concentration of economic power, starting with breaking up Big Tech. Meanwhile, the business and investment community is grappling with mounting systematic risks arising from the pandemic, climate change, income inequality, and racial injustice. Unexpectedly, the largest asset managers in the world find themselves on the front lines of these battles. Due to the rise of index investing, these “universal owners” manage portfolios that are so large and diversified, their holdings mirror the entire economy. Their diversification protects them against idiosyncratic risk, but greatly exposes them to these systematic risks. The universal owners are keenly aware of their exposure to these systematic risks. They are turning to their portfolio companies and increasing demands on directors and managers to “serve a social purpose” and reduce their negative externalities. Public-regarding pronouncements from CEOs of Wall Street’s biggest firms ring hollow to many shareholder primacy loyalists. But the skeptics are missing the economic logic underlying this paradigm shift—diversified shareholders do not want companies to externalize their negative impacts onto the rest of the investors’ portfolios. Many companies are rising to the challenge and making bold commitments. However, many are recognizing that, to satisfy pervasive social and environmental challenges, they must collaborate with their competitors. This Article reveals that current antitrust law is a barrier to this collaboration and offers a policy proposal for aligning antitrust law with the demands upon the prosocial corporation. The COVID-19 pandemic has taught us that we are all interconnected. Climate change will continue to deepen that understanding. The problems we face are difficult, but they are not insurmountable. To solve them, we must value collaboration at least as much as we value competition.
Amelia Miazad is an expert in sustainable capitalism and founded and leads the Business in Society Institute at Berkeley Law. The Institute’s mission is to define and advance a legal and policy agenda that encourages companies to account for stakeholders and the environment. Amelia teaches several courses at the intersection of stakeholder capitalism and corporate governance including: Introduction to Sustainable Capitalism & ESG, Business in Society Seminar, Corporations in Crisis, Social Enterprise Law, and Business and Human Rights. In addition to her in-residence teaching at Berkeley Law, Amelia has designed and teaches several executive education courses for C-Suite executives and board members around the world. Amelia’s recent publications explore stakeholder governance and ESG (environmental, social, and governance) as a process for overseeing risk and a powerful tool for transforming corporate culture. Amelia’s curriculum and scholarship rely heavily on input from experts who are implementing environmental and social considerations into their business and investment practices. She regularly presents to audiences of corporate executives in the US, South America, and Europe.
Event details and joining information
The one-hour seminar will be moderated by Dr Konstantinos Stylianou, University of Leeds.
Please note – the event time is UK time.
The event will take place via Zoom and will be recorded. Registration for this event will be understood as indicating consent to the talk being recorded.
Joining instructions will be sent 24 hours before the event via email once you have registered.
All welcome. This is a free event, though registration is required via Eventbrite.
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