Editors

Colin Mayer CBE FRA is the Peter Moores Professor of management studies at the Saïd Business School at the University of Oxford. He is a professorial fellow and sub-warden of Wadham College, Oxford and an honorary fellow of Oriel College, Oxford and St Anne’s College, Oxford. He is a fellow of the British Academy and the European Corporate Governance Institute. He is a member of the UK Government Natural Capital Committee and the Board of Trustees of the Oxford Playhouse. He was appointed Commander of the Order of the British Empire (CBE) in the 2017 New Year Honours for services to business education and the administration of justice in the economic sphere. He was chairman of Oxera Ltd. between 1986 and 2010 and assisted in building the company into what is now one of the largest independent economics consultancies in Europe. He is a director of the energy modelling company, Aurora Energy Research Ltd. He advises companies, governments, international agencies and regulators around the world, and he leads the British Academy enquiry into ‘the Future of the Corporation’. He is the author of Firm Commitment: Why the Corporation Is Failing Us and How to Restore Trust in It and Prosperity: Better Business Makes the Greater Good, published by Oxford University Press in 2018.

Bruno Roche is the founder and leader of the Economics of Mutuality. He served as the Chief Economist at Mars, Incorporated between 2006 and 2020. In that position, he led Catalyst, a global thought leadership capability and internal corporate think tank to Mars, which was the laboratory for the Economics of Mutuality from 2006. Recognising its potential to reshape the landscape of business, finance and management education, Mars endorsed Bruno to re-deploy the Economics of Mutuality as a structurally independent public interest foundation with a management consultancy arm, able to grow beyond the boundaries of one company. Today, he leads the Economics of Mutuality globally from Geneva, Switzerland with the support of Mars as a key partner. Bruno co-created Economics of Mutuality Labs at the business schools of Oxford University (SBS) and CEIBS (Shanghai). He is a visiting lecturer in different universities and serves as an expert to the World Economic Forum. His education and academic research interests followed an applied maths path, with a specialization in international economics and finance and management sciences. Bruno co-authored Completing Capitalism: Heal Business to Heal the World, which has been published in both English and Chinese.

Authors

Bojan Angelov directs the culture practice and qualitative research at Catalyst— an internal think tank at Mars, Inc. Prior to this role, Bojan was the principal and founder of two lines and a dot, an innovation management and service design studio. He was also an adjunct professor at Parsons The New School for Design (New York) and a lecturer and research fellow at Polytechnic Institute of New York University. His research topics cover organizational culture, innovation and design management, and service design. Bojan holds a PhD in technology management from Polytechnic Institute of New York University, as well as an MS in management and an MS in electrical engineering from Polytechnic University (New York).

Richard Barker is professor of accounting at Saïd Business School, and tutor in management at Christ Church, Oxford University. An expert in financial reporting, Richard is a member of the Corporate Reporting Council, the UK advisory committee on accounting standards. He previously served as research fellow at the International Accounting Standards Board (IASB). Richard has degrees from Oxford and Cambridge and qualified as an accountant while working for AstraZeneca. He is currently researching issues of natural capital accounting, corporate sustainability, and institutional structures for regulating ‘non-financial’ corporate reporting. He serves on the Expert Panel of Accounting for Sustainability (A4S).

Helen Campbell Pickford researches learning in organizations, the development of best practice codes, relationships between investment funds, MNCs, and local communities in developing countries, and the impact of business-led social interventions. Her work is based on an ethnographic understanding of the ways people and organizations construct and distribute knowledge and meanings, particularly in policymaking. Helen comes from a background in development and education which has taken her to Sri Lanka, Kenya, Malaysia, the Democratic Republic of the Congo, and Oman. She has worked in engaging communities in schooling post-conflict, analysing the roles of businesses, NGOs, community stakeholders, and governments in education.

Alastair Colin-Jones joined Mars Catalyst in 2016 and is responsible for the day-to-day management of the joint research programmes between Mars Catalyst and various university partners around the world. He also supports the implementation of the Economics of Mutuality within large businesses on both the supply and demand side. Previously, he was the knowledge manager at the Skoll Centre for Social Entrepreneurship at Saïd Business School and prior to that helped to start a social enterprise in Oxford. Alastair has a first-class undergraduate degree and a graduate degree from the University of Oxford.

Francesco Cordaro holds a Ph.D. in Physics from the University of Turin, Italy and works now in Geneva, Switzerland as the lead of EoM Data Science & Analytics practice. Francesco has been part of the Economics of Mutuality since its beginning within Catalyst, the Mars internal think-tank. Over the last 12 years, he has been the architect of the metrics model behind the assessment of non-financial forms of capitals (Natural, Human and Social Capital) that are at the core of the Economics of Mutuality. Prior to the creation of the EoM foundation, Francesco was leading the data analytics lab in Mars Catalyst since 2000 in Belgium and in the US. Over his two decades-long tenure, he has led a portfolio of research projects in the business, such as analyzing weather forecasting applied to cocoa crop modeling in West Africa; developing keys metrics to evaluate, predict and optimize the impact of TV advertising on sales and purchase behaviors; modeling of neurophysiological data from ads exposures responses and cognitive processes; applying Real Option approach to assess risk and opportunities in R&D projects and launch of new products on the market.

Alain Desdoigts is a professor of economics at université Paris 1 Panthéon Sorbonne and a research associate at Développement & Sociétés (Institut de recherche pour le développement and Paris 1). Desdoigts received a MA in finance from université Paris Dauphine and a PhD in economics from the European University Institute (Florence, Italy). His main research interests are in economic growth and development, inequality, international economics, institutions, and family farming. His publications include articles in academic journals (International Economic Review, Journal of African Economies, Journal of Economic Growth, Journal of International Economics, and others), and chapters in edited volumes.

Catherine Dolan is on the faculty of anthropology at SOAS, University of London, and holds fellowships at the James Martin Institute and Green Templeton College, University of Oxford, and at the Royal Society for Arts, Manufacture and Commerce (RSA). Her research centres on the intersection of market and moral economies, particularly how corporations address ethical considerations through ‘alternative’ business models and market forms. Over the past fifteen years she has directed interdisciplinary programmes on ethical capitalism in relation to food, labour, poverty and gender in over ten African countries, with an emphasis on eastern Africa. Her recent books include the co-edited volumes, The Anthropology of CSR and Digital Food Activism.

Robert G. Eccles is a former tenured professor at Harvard Business School and is now a visiting professor of management practice at Saïd Business School, Oxford University. He is the founding chairman of the Sustainability Accounting Standards Board, an advisor to the Impact Management Project, and a member of the board of directors of the Mistra Center for Sustainable Markets at the Stockholm School of Economics. Eccles is a ‘capital market activist’ dedicated to ensuring that the capital markets support sustainable development through such mechanisms as integrated reporting. He is also a dedicated weight-lifter.

Yassine El Ouarzazi has a background in engineering. He has fourteen years of experience in various business-analytics-related positions in the consumer finance, automotive, and FMCG industries. For seven years, he spearheaded Mars’ Evidence Based Marketing programme before turning to research in business model innovation. Since 2014, he has been developing and deploying Catalyst’s signature Economics of Mutuality process to help businesses bring purpose to life—from ecosystem mapping, to intervention design, to metrics. Yassine is from Morocco. He graduated from a French engineering school (Ecole des Mines de Paris) in 2000. He has a passion for technology and education (and has contributed as a volunteer to the French translation of https://www.khanacademy.org.

Marcel Fafchamps is a senior fellow at the Freeman Spogli Institute for International Studies and a professor (by courtesy) for the Department of Economics at Stanford University. Prior to joining FSI, Fafchamps served as professor of development economics for the Department of Economics at Oxford University. He also served as deputy director and then co-director of the Center for the Study of African Economies. His research interests include economic development, market institutions, and social networks. His current research focuses on entrepreneurship, factor markets, and the efficiency of social networks in Africa and South Asia.

Justus von Geibler co-leads the research unit Innovation Labs in the Division of Sustainable Production and Consumption at the Wuppertal Institute, Germany. Based on more than twenty years of professional experience in sustainability assessment and innovation, his research focuses on sustainability standards, natural resource accounting, open innovation in companies and value chains, and living labs. He holds a PhD in economic geography from the Ruhr University Bochum, Germany, a master’s degree in environmental management and policy from the University of Lund, Sweden, and a diploma in forest sciences from the University of Göttingen, Germany. He teaches natural resource management and sustainable supply chain management at several universities and is the author of several books and more than a hundred scientific publications.

Paul Gilbert is an anthropologist and lecturer in international development at the School of Global Studies, University of Sussex. His research interests fall into two primary areas: the role of private sector institutions, expertise and finance in international development; and environmental justice, violence, and environmental defenders around extractive industry projects. He has carried out ethnographic research in Bangladesh, the United Kingdom, and South Africa and has recently co-edited (with Jessica Sklair) a special issue of Focaal on ‘Ethnographic Engagements with Global Elites: Mutuality, Complicity and Critique’.

Nicolas Glady is a doctor in econometrics, and professor and executive vice president at ESSEC Business School. His research work has been published in Management Science, the International Journal of Research in Marketing and the Journal of Service Research among others, and in managerial journals such as the Financial Times, Harvard Business Review, the Huffington Post, Slate, Le Monde, Le Figaro, Les Echos, etc. He advises companies in different sectors on these topics: banking and insurance, telecom, FMCG, distribution, pharmaceutics, and others. Poets&Quants identified him as one of the best forty under forty B-school professors in the world.

Andreas G. F. Hoepner is a financial data scientist working towards the vision of a conflict-free capitalism. While the vision is unlikely to be fully achievable, Andreas’s view is that anyone can strive to make a regular contribution to reducing abusive conflicts of interests and thereby enhancing the fairness of our society and its financial system. Formally, Andreas is full professor of operational risk, banking, and finance at the Michael Smurfit Graduate Business School of University College Dublin (UCD). Since June 2018, Andreas has served on the European Union’s Technical Expert Group on Sustainable Finance.

Jay Jakub is part of the Mars, Inc. think tank ‘Catalyst’—created in the 1960s by Forrest Mars, Sr. to challenge conventional business thinking and to develop breakthrough capabilities for the firm. Born in Rahway, New Jersey—ironically the hometown of Milton Friedman, financial capitalism’s founding father—Jay is the senior director for external research and co-manages the Economics of Mutuality initiative. Married to Eleni (Xanthakos) and father of two teenagers, Jay’s doctorate is from St. John’s College, Oxford University, and he is the co-author of Completing Capitalism (Berrett-Koehler, 2017 and CITIC Press in Mandarin, 2018) and author of Spies and Saboteurs (Macmillan and St. Martin’s Press, 1999).

Julie Kolokotsa worked for over twenty-five years in public policy in Washington DC, Brussels, and Athens, including as a campaign and NGO organizer, a journalist for a sustainable business magazine, and as a guest and adjunct lecturer on subjects including creating value with stakeholders on sustainability. She has co-developed research on how purposeful corporations can use business ecosystem orchestration to create social value alongside shareholder value. She has published articles in academic journals on policymaking and practitioner magazines on sustainability with stakeholders, has an undergraduate degree in politics/international relations, a master’s in environmental management and sustainability, and is currently completing a PhD in politics and policymaking.

François Laurent is a senior Catalyst fellow based in Paris who holds a master’s degree in business administration (EDHEC, France). He spent seven years in audit and consulting in Europe and Africa before becoming a finance director at Mars and Wrigley for eighteen years in a wide variety of geographic locations. As a former regional finance vice president in the Middle East, Central and Eastern Europe, Western Europe, and Asia-Pacific, Francois has acquired unique experience of managing and developing business in diverse market situations and cultural environments. He also has extensive experience in international accounting standards, financial reporting and audit.

Qian Li is a lecturer in sustainable business operations and public value engagement fellow at Cardiff Business School, Cardiff University. She previously worked as a postdoctoral researcher on the Mutuality in Business project at Saïd Business School, University of Oxford. Qian’s current work focuses on the empirical links between ESG risks and shareholder value, the impact of NGO activism, and the drivers of human capital. Interdisciplinary in nature, her work spans corporate finance, strategic management, environmental economics and business ethics. Qian holds a PhD in business ethics and asset management from ICMA Centre, University of Reading.

Muhammad Meki is a post-doctoral research fellow at Pembroke College, University of Oxford. He completed his DPhil (PhD) in economics at St. John’s College, University of Oxford. In his research he is interested in the effect of equity-like financial contracts, which involve profit and loss sharing and/or shared asset ownership, on the investment and growth of microenterprises in developing countries. Prior to academia, he worked for five years in the financial markets, for Bank of America in London and Deutsche Bank in Singapore, where he traded government bonds, fixed-income products, and foreign exchange derivatives.

Jonathan Michie is professor of innovation and knowledge exchange at the University of Oxford where he is director of the Department for Continuing Education and president of Kellogg College. He is a fellow of the Academy of Social Sciences. Prior to moving back to Oxford in 2008, he was dean of the Business School at the University of Birmingham; before that held the Sainsbury Chair of Management at Birkbeck, University of London, where he was head of the School of Management and Organisational Psychology; and before that was a lecturer in accounting and finance at the Judge Business School, Cambridge.

Jan Ondrus is an associate professor of information systems and currently serves as the associate dean of faculty, ESSEC Asia Pacific. Additionally, he is the director of research for the Center of Excellence in Digital Business. His interests cover digital business models and innovation, digital platforms and ecosystems strategy, mobile payment and FinTech, and strategy of IT. He currently serves as an associate editor of the journal Electronic Commerce Research and Applications (ECRA). In recent years, Jan has been visiting the University of Hawaii, Sungkyunkwan University, Mannheim University, University of Lausanne, Case Western Reserve University, Seoul National University, and Korea Development Institute (KDI). Professor Ondrus holds an MSc and a PhD in information systems from HEC Lausanne (University of Lausanne) in Switzerland.

The Very Revd Professor Martyn Percy (BA, MA, M.Ed, PhD) is the 45th Dean of Christ Church, Oxford. The Dean presides over the both College and Cathedral, as well as the Choir School, with its world-class cathedral choir. Educated at the universities of Bristol, Durham, London and Sheffield, Martyn trained for ordination after a career in publishing, serving a curacy in Bedford (1990-94), as Chaplain and Director of Studies at Christ’s College, Cambridge (1994-97) and then Director of the Lincoln Theological Institute (1997-2004). From 2004 he was Principal of Ripon College, Cuddesdon, Oxford. He has served as Canon Theologian at Sheffield Cathedral, and is a Canon Emeritus of Salisbury Cathedral. Martyn is a member of the Faculty of Theology at the University of Oxford, and also tutors in the Social Sciences Division and the Said Business School. He is Professor of Theological Education at King’s College London, a Professorial Research Fellow at Heythrop College (University of London) and Visiting Professor at the Centre for the Study of Values, University of Winchester, and for the Centre of Theologically-Engaged Anthropology, University of Georgia. Martyn has held number of roles in public life, serving as a Director of the Advertising Standards Authority, and as an Adjudicator for the Portman Group (the self-regulating body for the alcoholic drinks industry). He has served as a Commissioner of the Direct Marketing Authority, and is currently an Advisor to the British Board of Film Classification. He is Patron of St. Francis’ Children’s Society (an Adoption and Fostering Agency), Trustee of the Grubb Institute and the Li Tim-Oi Foundation, and a Vice-President of Modern Church.

Simon Quinn is a researcher in development economics, with a particular interest in the role of firms. He is currently working as an associate professor at the University of Oxford Department of Economics, where he is also a deputy director of the Centre for the Study of African Economies. He is a member of St Antony’s College.

Sudhir Rama Murthy is a research fellow at Saïd Business School, University of Oxford. He is also an early career research fellow at the Skoll Centre for Social Entrepreneurship, and a member of the Senior Common Room at St Antony’s College, Oxford. His research interests are in sustainable manufacturing, circular economy, and stakeholder management. He was a recipient of the Dr Manmohan Singh Scholarship from St John’s College, University of Cambridge, for his PhD in engineering. He holds a master’s degree from the Indian Institute of Science. Sudhir’s broad motivation is in sustainable industrialization of the developing world.

Sylvain Remy has worked for twenty-five years as an economic and business analyst, researcher, teacher, and advisor in Europe and Asia. He was an information systems management consultant in Paris with leading service and financial multinationals. Later, he was posted in Seoul by the French Ministry of Finance, as an economic analyst and trade diplomat. With in-depth business and government experience, he turned to higher education in Singapore, where he has been involved in applied and academic research, course design and teaching, and programme development and direction around the topics of business networks and responsible business. He concurrently completed a PhD on the geography of entrepreneurship.

Kate Roll is an Oxford political scientist concerned with power and vulnerability. With a background in international development, she is interested in the challenges and ethics of inclusive business, private sector approaches to poverty reduction, and the growing role of technology in these spaces. She has conducted field-based research on ‘base of the pyramid’ development programmes in Indonesia, the Philippines, and Kenya and on post-conflict transitions in Timor-Leste. At Saïd Business School, she contributes to the strategy and innovation curriculum and also serves as a lecturer in both politics and management.

Claudia Senik is professor of economics at the Sorbonne University and the Paris School of Economics. She is co-director of the Wellbeing Observatory at CEPREMAP, member of the IZA and of the Institut Universitaire de France. Educated at the Ecole normale supérieure, she received her PhD from EHESS. Her main research area is the economics of happiness, with a special interest in the relationship between income growth, income distribution, and subjective well-being, as well as well-being at work. She also conducts a research stream on gender gaps. She has published many articles in refereed journals, as well as several books, such as L’économie du bonheur, la République des idées, Seuil, 2014, and recently Les Français, le bonheur et l’argent, 2018, Presses de l’ENS, with Yann Algan and Elizabeth Beasley.

Judith C. Stroehle is a postdoctoral researcher at the Saïd Business School in Oxford, where her work primarily focuses on non-financial measurement and accounting, as well as sustainable investing and engagement strategies. Judith holds a PhD in economics and sociology from the University of Milan and has several years of industry work experience in the German online start-up scene and as a data strategy consultant for international channel marketing. Judith engages and works with several non-profits, companies, and asset managers on their non-financial strategies and reporting and measurement practices.

Case Study Contributors

Mike Barry, Marks & Spencer
Alexandra Berreby, Bel Explorer
Taryn Bird, Kate Spade
Helen Campbell Pickford, University of Oxford
Alastair Colin-Jones, Mars Catalyst
Yassine El Ouarzazi, Mars Catalyst
Justine Esta Ellis, University of Oxford
Aida Hadzic, (formerly) University of Oxford
Jamie Hartzell, Divine Chocolate
Ni Jing Hua, JD.com
Ben Jackson, Freud Communications
Genevieve Joy, University of Oxford
Lionel Khalil, Mars Catalyst
Jon Khoo, Interface Inc.
Louise Koch, Dell
Hugh Locke, Smallholder Farmers Alliance
Atlanta McIlwraith, Timberland
David Nash, Z Zurich Foundation
Lydia J. Price, CEIBS
Hannah Radvan, (formerly) Mars Catalyst
Sudhir Rama Murthy, University of Oxford
Stephen Roberts, Dell
Kate Roll, University of Oxford
Jean-Marie Solvay, Solvay Chemical
Caroline Sorlin, Bel Explorer
Judith Stroehle, University of Oxford
Miriam Turner, Zoological Society London
Vikram Vora, Sabka Dentist
Michel Washer, Solvay Chemical
Liu Xiaowen, JD.com
Ibon Zugasti, Mondragon