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Emory Experts - Ad-blockers Shave $14.2 Billion Off Consumer Spending, Says New Research

Digital advertising is big business. So big, in fact, that it is well on track to become the most dominant form of advertising. Estimates suggest that spending on digital ads in the U.S. alone will reach a staggering $201 billion by 2023 – more than two-thirds of total spend. And it makes sense. With consumers increasingly shopping online, advertisers continue to ramp up their use of data and technologies to find innovative new ways to reach target audiences. The Flip Side to Digital Advertising Success The sheer ubiquity of online advertisements is driving a corollary upswing in the use of another digital technology. Ad blockers are easy-to-install and free-to-use software that consumers can deploy to hide unwanted ads on their screens, and they are gaining huge popularity worldwide. The numbers are hard to determine, but some evidence points to anywhere from 600 million to two billion Internet users having downloaded some form of ad-blocking in the last three years or so – well over 11% of the global internet population. Also hard to gauge is the impact on advertising revenue that ad-blockers are having – that is, until now. A new paper by Vilma Todri, assistant professor of information systems and operations management at Goizueta, sheds stunning light on the effect of ad-blocking on online search and purchasing behaviors among internet users. And what she has found should give advertisers serious pause for thought. According to her analysis, ad-blockers decrease consumer online spending by an average of 1.45%. Now, assuming that around 615 million internet users have downloaded some kind of ad-blocking software in recent years, the actual impact puts the loss in revenue from digital advertising around the $14.2 billion mark, year over year. And that’s not all. Todri also finds that ad-blocking seems to have the effect of limiting consumer spending disproportionally on certain brands over others. Users who opt out of seeing digital ads tend to continue to purchase mostly those products or services they are already familiar with, and not engage with new brands; they are less likely to use different search channels or visit new e-commerce websites as a result of ad-blocking. Analyzing Customer Engagement from 300 Million Internet Visits To get at these insights, Todri analyzed data from a U.S. web behavior dataset spanning a three-year period, from January 2015 to December 2018. She looked at web-wide visits, transaction behaviors and demographic identifiers across a total of 92,000+ users and more than 300 million internet visits. To measure the effect of ad-blocking, Todri matched all of this data with an ad-blocker dataset from the same source – a well-known U.S. measurement and analytics company – which shows that around 10% of users had installed an ad-blocker at some point during this three-year window. Crunching the numbers, Todri finds that the effect of using ad-blocking software on these users is to reduce their online search engine sessions by 5.6%. They also spend 5.5% less time visiting e-commerce websites. In other words, consumers who opt out of seeing ads end up browsing and shopping significantly less than others. And in terms of what these users are buying, the data shows that they are much less likely to spend on brands they don’t know or have not experienced before (and conversely, more likely to stick to familiar brands.) Digging even deeper, Todri also finds that this negative effect penalizes the brands that invest most heavily in advertising online more that those that don’t. In other words, ad-blockers are hurting those who advertise online most. Todri’s paper is the first to expose the quantitative, negative impact of ad-blocking on consumer spending. And her findings should be on the radar of any company looking to market its products and services online, she says. “The data clearly shows that ad-blockers reduce online spending by 1.45%, which amounts to something in the order of $14.2 billion in lost revenue given that about 600 million people around the world have installed this kind of software,” she says. “And the figures suggest that it’s the brands that heavily invest on online advertising who are bearing the brunt of this drop-off in consumer spending.” Search Behaviors, Interrupted “Advertisers also need to look at the fact that ad-blockers inhibit search behaviors,” adds Todri. “The figures point to a drop of around 5% when users have installed ad-blockers, which in turn means that they are not discovering and spending on new brands. They’re sticking with what they already know.” There’s an imperative here for companies to interpret these findings and reflect on what they say about ad-blocking, and also about what constitutes “acceptable advertising practices,” she says. “It’s reasonable to assume that people who use ad-blockers simply don’t like ads and aren’t influenced by them. Yet the data points to a different conclusion: if consumer purchasing falls after installing ad-blockers, it would suggest that advertising does work – seeing advertisements does drive searching and purchasing behaviors. So taken together, there’s a likely imperative here for advertisers to find new formats in terms of reaching their targets, and to strengthen their organic channels and social presence online.” Digital advertising clearly does impact search and purchasing behaviors, says Todri, so firms need to get creative while being cognizant of the fact that some consumers find current advertising practices annoying. Vilma Todri is an Assistant Professor of Information Systems & Operations Management at Emory University’s Goizueta Business School. Previously, she worked for Google where she was developing integrated cross-platform advertising strategies for large business clients that partnered with tech giant. Vilma is available to speak with media about this subject – simply click on her icon now to arrange an interview today.

Japan House: Fifty Years Ago Today

Joshua W. Walker, Ph.D., President and CEO, Japan Society This September we're celebrating the 50th anniversary of Japan House, Japan Society's landmarked headquarters building. Let's jump in our time machine and go back to 1971, when Japan Society was only 64 years old. At that time, U.S.-Japan relations were deeply embroiled in trade frictions while the ending of the U.S. embargo of China had just begun to impact East Asia. 1971 snapshots In the United States: Richard M. Nixon is President; Apollo 14 lands on the moon; massive protests are held throughout America against the Vietnam War; Walt Disney World opens in Orlando, Florida; Joe Frazier defeats Muhammad Ali in 15 rounds at Madison Square Garden; the first Starbucks opens in Pike Place Market, Seattle. In Japan: Eisaku Sato is Prime Minister; the U.S. and Japan sign an accord to return Okinawa to Japan; NHK TV implements colorization of all programs; Kamen Rider TV series begins broadcasting; the 48th reigning Sumo champion Yokozuna Taihō announces his retirement; McDonald's opens its first store in Ginza, Tokyo; Nissin creates the first "cup noodle." Japan House Meanwhile in New York City, Japan Society had occupied eight different locations since its founding in 1907, and by the mid-1960s, a dedicated building had become necessary to house the Society's rapidly expanding initiatives. Japan Society President John D. Rockefeller 3rd made a very generous pledge by donating the land for the building site and Japanese modernist architect Junzo Yoshimura was confirmed to design the building. On September 16, 1969, John D. Rockefeller 3rd and Japanese Foreign Minister Kiichi Aichi broke ground at a formal ceremony. Construction proceeded on schedule and staff moved in during the spring of 1971, with Executive Director Douglas Overton noting, "Each day we have found some new and delightful feature which has come off the drawing board as an unexpectedly brilliant success. Japan House will be a national important building worthy of its high purposes." Opening Week—five star-studded days of celebratory events—began on September 13, 1971 with Their Imperial Highnesses Prince and Princess Hitachi at the ceremonies. The Prince brought Japan's best wishes to the Society "for a new chapter, both rich in content and wide in scope." The Gallery opened its first exhibition, Rimpa: Masterworks of the Japanese Decorative School and the Tokyo String Quartet performed in the new auditorium. Junzo Yoshimura wrote about Japan House, "People the world over used to build their houses with local and traditional materials. Today, however, contemporary buildings all over the world use the same basic materials—concrete, steel and glass—yet different characters and nationalities can still be perceived among them. In designing Japan House I have tried to express in contemporary architecture the spirit of Japan." With the formal opening of the Society's headquarters a new era had begun. Their Imperial Highnesses Prince and Princess Hitachi and Japan Society chairman John D. Rockefeller 3rd view the first Japan Society Gallery exhibition Rimpa: Masterworks of the Japanese Decorative School. Photo © Thomas Haar. The next 50 years Fifty years later, we are at another inflection point. The novel coronavirus pandemic has taught us just how interconnected we are as a global community while placing new importance on our homes and transforming the nature of work. This unprecedented global crisis has also illuminated the strengths and weaknesses of our organization, providing new opportunities for envisioning the future. Just as the opening of Japan House shaped the Society's last 50 years, today we are reimagining how we use our space, from the physical to the digital, forging broader connections or kizuna for U.S.-Japan and for the world. We embrace our mission for the years to come, reaching out far beyond our building, to our city, country, and world as we seek to connect American and Japanese people, cultures, and societies through a global lens. Like a hike up Mt. Fuji, Japan Society’s nearly 115-year-long journey itself defines us far more than our current destination. Beginning in 1907, the first iteration of Japan Society focused on business relations between the U.S. and Japan. For its 1952 post-Occupation reconstitution under the leadership of John D. Rockefeller 3rd, the Society dedicated itself to arts, culture, and education, with an emphasis on supporting Japanese students in New York as well as spreading the word about Japan through significant cultural milestones such as partnerships with The Metropolitan Museum of Art and Lincoln Center, with traveling exhibitions and outreach on both sides of the Pacific. With the opening of Japan House in 1971, politics was reintroduced into the mix, the business and policy communities energized, and Japanese popular culture landed large—nearly 50,000 people came to the Grand Sumo Tournament at Madison Square Garden co-sponsored by Japan Society and the Asia Society in 1985! Today at Japan House we present Japan and U.S.-Japan as a way to engage with history and tradition, on the one hand, and innovation and the future on the other. As in 1971, the time to act is now and our opportunities are as great as the challenges of 2021. It's up to us to work together on new, critical connections to take us through the next 50 years. I'll be there with you. Joshua Walker (@drjwalk) is president and CEO of Japan Society. Follow Japan Society on Twitter, Instagram, Facebook, and LinkedIn. The views expressed in this article are the writer's own.

Economic benefits of hosting a sporting mega event are overestimated, new research finds

Experts from Aston University and New York University (NYU) studied how industrial firms in Beijing fared in the run-up to the 2008 Olympics Dr Johan Rewilak and Ted Hayduk (NYU) looked at whether industrial firms in Beijing disproportionately increased their investment ahead of the Games compared to similar Chinese firms The results are interesting for academics, policy makers, businesses and entrepreneurs. Economic experts from Aston University and New York University (NYU) have found that host cities do not receive any disproportionate economic benefits from hosting a sporting mega event. Dr Johan Rewilak from Aston Business School and Ted Hayduk (NYU) studied how industrial firms in Beijing fared in the run-up to the 2008 Summer Olympics. Most studies of this kind focus on the service sector, but this is one of the first examining industrial firms. They looked at whether industrial firms in Beijing disproportionately increased their investment ahead of the Games compared to similar Chinese firms, and explored how those firms compared when it came to profitability. The study found that hosting the 2008 Olympic Games did not provide disproportionate benefits in terms of capital investment or earnings relative to other comparable cities in China. Dr Johan Rewilak, lecturer in economics at Aston Business School, said: “One criticism of having cities host the Olympics is that it funnels public funds into a specific region or area of a country. However, our findings do not support that hypothesis. “Specifically, manufacturing firms in the host city did not receive greater economic benefits compared with firms in similar cities across China, and we found evidence that complements previous arguments that SMEs typically have limited to no disproportional positive impact on the local economy. Ted Hayduk, clinical assistant professor at New York University, said: “In terms of capital investment, we found that the host region had no differential effect for both the Summer and the Winter Games. Given that we found no significant result in 2008, it is somewhat unsurprising to find an insignificant result for the 2022 Winter Games. “This is because the budget for Beijing 2022 is only 10% of what was spent in 2008, and/or alternatively, as the necessary infrastructure has already been built, it has yet to depreciate sufficiently to warrant investment in its replacement.” You can find out more about the study HERE. You can also listen to Dr Rewilak on Aston University’s podcast series, EURO 2020: The Business and Science of Football. He joined journalist Steve Dyson, Dr Danny Fitzpatrick and Dr Robert Thomas to discuss the benefits of holding EURO 2020 across the continent, and whether it was likely to bring an economic spike in a world still living through Coronavirus.

Aston University to officially launch Cyber Security Innovation Centre at Birmingham Tech Week

It will take place at Conference Aston on 13 October, during Birmingham Tech Week 2021 Line up of speakers includes experts from Security Exports Department for International Trade, DCMS and the IoD The event will be of relevance to companies, alumni, academic staff interested in cybersecurity. The Cyber Security Innovation (CSI) Centre at Aston University will host its inaugural event during Birmingham Tech Week 2021. The CSI Centre, established in 2020, brings together stakeholders from industry, government and leading cyber security research institutions with the aim to deliver industry-aligned research outcomes. CSI members include globally-recognised academics undertaking research projects that address real-world cyber security challenges through innovative solutions. Cyber (In)Security, Requires a Robust Approach Through Continuous Innovation, will see a broad range of contributors taking part across the face-to-face event on 13 October. They include speakers from the UK Defence and Security Exports Department for International Trade, the Institute of the Directors (IoD), Cyber Senior Policy Lead, DCMS, Opel/Vauxhall and Professor Vladlena Benson, Director of CSI Centre. Professor Vladlena Benson, director of the CSI at Aston Business School, said: “I am delighted to officially launch the CSI Centre at Conference Aston during Birmingham Tech Week 2021 and am looking forward to welcoming everyone to our first face-to-face event. “This is a wonderful opportunity to meet face-to-face with industry-leading experts, academics and start-ups. With most of the UK confined to working from home for over a year, there is no better opportunity to meet and build relationships with the people who can help business owners grow, innovate and make their companies more resilient. “Statistics shows that UK small businesses are successfully hacked every 19 seconds2 and new certification standards coming into play for consumer IoT devices and cyber-physical access control systems. It is time to find a robust approach maximising the effectiveness of cybersecurity investment now. “The bad guys are winning the cyber security war - the good guys need to do better. Although organisations are investing more and more in cyber security, the average number of days to detect a breach is increasing year on year, not reducing. So, we need to do something different.” To attend the event on 13 October 2021, you can sign up HERE.

Timpson CEO joins Aston University as visiting professor

• James Timpson OBE has been the chief executive of Timpson since 2011 • He will work within Aston University’s College of Business and Social Sciences to develop connections in personal financial wellbeing and tax • Professor Timpson will engage with students about values in leadership and will deliver a public lecture on corporate kindness. The CEO of retail chain Timpson has joined Aston University as a visiting professor within the College of Business and Social Sciences. James Timpson will work closely with Aston University’s head of accounting to develop connections between Aston Business School and the tax and financial wellbeing industry over the next three years. In his first 12 months he will engage with both first year and pre-University students about University life, running a business and values in leadership and corporate kindness, delivering a public lecture around the latter reflecting Timpson’s work with ex offenders. He will also have the opportunity to talk to Masters students who have interests in corporate cultural development alongside Aston University’s Work and Organizations and Strategy departments and its MBA programme. Professor Timpson will also work with colleagues at Aston Business School to develop connections on his interests related to the University’s research agenda, such as TaxWatch, and connect Timpson with the student placements team to explore possible opportunities for student third year placements on MSc and MBA project work. Professor Timpson said: “I am excited to join Aston University as a visiting professor and to pass on some of the knowledge and connections I have built over the last 27 years in business. “I am looking forward to discussing the mechanisms of business with the business leaders of tomorrow at Aston University and about culture and corporate kindness at the University and its activity and plans in this area. “The Timpson Foundation specialises in the recruitment of marginalised groups within society as well as supporting numerous other socially minded projects. Approximately 10 per cent of our workforce is made up of people who have criminal convictions. We believe in giving people a second chance.” Professor Andy Lymer, head of accounting at Aston Business School, said: “I am really looking forward to working with James. “This well-deserved award recognises the distinguished contribution that he has made and continues to make to the business community. We are privileged to have a business leader of James' stature join our faculty. “As a university that values highly practical experience, his wide and varied track record at boardroom level will provide invaluable stimulus and advice for our students and staff alike.”

Aston University Professor Patricia Thornley elected Fellow of The Royal Academy of Engineering

• Professor Patricia Thornley joins a total of 69 leading engineers from around the world to the Fellows of the Royal Academy of Engineering • Each individual recognised for their outstanding and continuing contributions to their profession • Patricia Thornley is the Director of the Energy and Bioproducts Research Institute (EBRI) at Aston University Professor Patricia Thornley from Aston University has joined the Royal Academy of Engineering as a Fellow. The Director of the Energy and Bioproducts Research Institute, which is based at the University, joins a total of 69 leading figures in the field of engineering and technology to the Fellowship of the Royal Academy of Engineering this week. The group consists of 60 Fellows, four International Fellows and five Honorary Fellows, with each individual having made exceptional contributions to their sectors in their own way, as innovation leaders, inspiring role models, or through remarkable achievements in business or academia. This year’s new Fellows are the first to reflect the Academy’s Fellowship Fit for the Future initiative announced in July 2020, to drive more nominations of outstanding engineers from underrepresented groups ahead of its 50th anniversary in 2026. This initiative will see the Academy strive for increased representation from women, disabled and LGBTQ+ engineers, those from minority ethnic backgrounds, non-traditional education pathways and emerging industries, and those who have achieved excellence at an earlier career stage than normal. These new Fellows will be admitted to the Academy, which comprises nearly 1,700 distinguished engineers, at its AGM on 22 September. In joining the Fellowship, they will add their capabilities to the Academy’s mission to create a sustainable society and an inclusive economy for all. Sir Jim McDonald FREng FRSE, President of the Royal Academy of Engineering, said: “Our Fellows represent the best of the best in the engineering world, and we welcome these 69 excellent and talented professionals to our community of businesspeople, entrepreneurs, innovators and academics. “This year’s new Fellows are the most diverse group elected in the history of our institution. The engineering profession has long suffered from a diversity shortfall and the Academy is committed to changing that, including by ensuring that our own Fellowship community is as inclusive as it can be. It is well established that diverse organisations tend to be more agile and more innovative, and as the UK’s National Academy for engineering and technology, we have a responsibility to reflect the society we serve in addressing the shared challenges of our future.” Professor Thornley added: “It is such an honour to be admitted to the Academy and be able to represent Aston University, EBRI and females within engineering, and I look forward to working with the Royal Academy of Engineering in the future.”

Offshore A’s – UMW’s David Rettinger is the go-to expert for the Varsity Blues trial

The Varsity Blues case captured headlines over two years ago, when news broke that wealthy parents paid upwards of $25 million in bribes to help their children cheat on test scores and secure college admission. As the trial gets underway this week, Professor of Psychological Science David Rettinger, who oversees Academic Integrity Programs at the University of Mary Washington, can provide unique insight into the scandal and the rise of contract cheating at colleges and universities across the country. He was recently interviewed by CBS News about the billion dollar cheating industry that has emerged in Kenya, where Americans are paying African students to do homework, write essays and in some cases, even complete degrees for them. "I think the state of cheating at colleges and universities is serious and getting more serious," David Rettinger ... told CBS News. He said that cheating is problematic because it means people can graduate from degree programs without actually being qualified in their fields. "We trust our doctors have been to medical school," Rettinger said. "Cheating leads us to overall social corruption because it leads us to having a cadre of professionals who can't actually do the work that they claim they can do." You can see the full interview and story here: Dr. David Rettinger is available to speak with media regarding this issue of cheating and academic integrity. Simply click on his icon now to arrange an interview today.

IDC Quarterly Tech Brief: Your Guide For The Digital-First World

September 2021 Editor's Comments Happy September! We hope you got a chance to recharge and enjoy the summer. Now that we’re looking into the last half of 2021, our experts agree that we’re not going back to the pre-pandemic normal, but we can’t help but be optimistic with recent news on vaccinations, lifting of restrictions, kids going back to school, and some of us returning to the office. As the world slowly moves from a pandemic to a digital-first state, we will see permanent shifts in the way we live, work, play and learn. IDC expects the next 3 years to remain highly fluid due to the growing range of global challenges. And now, more than ever, business and government leaders will need to operate and invest in increasingly digital-first markets, while building digital infrastructures, enabled by an intelligent, empowered, and a well-connected workforce. In this edition of IDC Canada's Quarterly Tech Brief, we’ll explore insights on the digital-first world, best practices, and digital transformation stories from Canadian tech leaders at our upcoming IDC CIO Series webinar on September 22, and as usual, we also reveal the latest research, survey results and market forecasts. And last but not least, we're happy to announce IDC Canada's biggest technology event of the year, IDC Connections 2021 is coming up on November 4th. Save your seat today! FEATURED IDC CIO Panel Series – Part 2: Building Resiliency & Innovation into Your Canadian Journey Join us on Wednesday, September 22 at 2 p.m. ET for the latest session of our IDC CIO Panel webinar series where we will dive into what digital resiliency means for you, and how to leverage the latest Digital Infrastructure and Digital Innovation trends to your advantage. Hear from industry-leading tech executives, Antoine Haroun, CIO at the Peel District School Board, Irene Zaguskin, CTO at The Printing House, and Michael Kurek, VP of Sales & Operations, Data Center Solutions at Dell Technologies as they unpack how the pandemic accelerated their digital transformation journey, and their best practices for planning and managing IT during uncertain times. Our experts will also host 3 sessions around how the Future Enterprise operates in a Digital-First World, a look ahead at the forces of change heading into 2022, the Future of Digital Infrastructure, and the need to strive for a balance between digital innovation and resiliency to remain relevant and competitive. Your Canadian Research Checklist Here are some of our most popular Canadian reports of the quarter to help you understand changing market conditions and succeed in 2021. ✓ IDC Market Glance: Service Providers in Canada, 2Q21 ✓ The Rise of Canadian Cloud Ecosystems ✓ Canadian Cybersecurity Market Snapshot, 2Q21 ✓ Canadian Cybersecurity Buyer Persona: Managed Security Services Benefits ✓ Canadian Managed Cloud Services Adoption, 2021 Forecast Highlights ✓ Canadian Wireless Services Forecast, 2021–2025: Wireless Wars 18 ✓ Canadian Internet of Things Forecast, 2021–2025 ✓ Outlook for Canadian SaaS Applications, 2021 ✓ Worldwide Managed Cloud Services Forecast, 2021-2025 ✓ IDC's Forecast Scenario Assumptions for the Canadian ICT Market, April 2021 IDC THOUGHT LEADERSHIP: DIGITAL RESILIENCY SCORECARD Explore IDC's new Digital Resiliency Scorecard Does resiliency still matter in a "post-pandemic" world? Quite simply, it does. In IDC's recent Digital Resiliency Benchmark Survey, we found that 65% of U.S. buyers and 55% of Worldwide buyers have plans to invest in resiliency over the April 2021-April 2022 timeframe. Watch The Digital Resiliency Scorecard webinar to learn more ICYMI: BLOG HIGHLIGHTS FROM THIS QUARTER Future of Customer - More Human Experience - Over 34% of executives point to transforming the customer experience as the top business function. Learn more about the Future of Customer framework with IDC’s Keyoor Adavani. Read More → Major Smartwatch Market Consolidation: A Canadian Take - In May Google announced a new unified smartwatch platform in partnership with Samsung. Learn how this partnership is expected to shake up the market dynamics in Canada with Shahd ElAshri. Read More → Telesat Vying For LEO Constellation Leadership - A new commercial space race has begun and among the entrants for Low Earth Orbit (LEO) satellite constellations, Telesat is an emerging leader in this multi-billion-dollar market. Learn more from IDC's Lawrence Surtees. Read More → Federal Budget Innovation Goals and What’s Next for Recovery - COVID-19 fast-tracked innovation and digitization. See how the federal budget plans to support digital transformation, and learn how customer centricity and AI can set you apart from the competition with IDC's Mark Schrutt. Read More → UPCOMING VIRTUAL EVENT IDC Connections 2021 Canada: Accelerating Your Path to a Digital-First Enterprise Mark your calendars! IDC Connections is back this year and we can't wait for you to take a front-row seat. Don't miss an afternoon full of IDC experts' insights, special guests, networking, and hear from the tech leaders who are driving this new era of rapid transformation. This year's highlights include: A special closing keynote on the Future of Sports and Entertainment with Humza Teherany, Chief Technology & Digital Officer at Maple Leaf Sports & Entertainment Creating digital innovation & experiences at your organization, with IDC's Chief Research Officer, Meredith Whalen Embracing digital infrastructure, with IDC Canada's Dave Pearson Leveraging new industry ecosystems, with IDC Canada's Nigel Wallis Guidance from our popular CIO Best Practices Panelists PODCASTS WORTH A LISTEN  Find out why clients are raving about our new podcast series! In an era seemingly filled with uncertainty, the Future Enterprise podcast is a must-listen. It's a podcast for business and tech executives, aimed at helping you leverage technology to achieve innovative, disruptive, and productive business outcomes. Listen in as IDC host, Joseph Pucciarelli, Group Vice President & IT Executive Advisor interviews C-level executives from around the world on their digital transformation initiatives touching on each of the "Future of X" digital initiatives. Senior IDC research leaders often join in the conversation. Listen Now → Thanks for being a part of our IDC Quarterly Tech Brief Newsletter community! Don’t forget to subscribe to be notified quarterly when the next issue comes out.

Aston Law School corporate governance experts launch new book on investor stewardship

Dr Daniel Cash and Robert Goddard co-wrote Investor Stewardship and the UK Stewardship Code: The Role of Institutional Investors in Corporate Governance The book will be relevant for an international audience of academics, regulators and policymakers in financial regulation, investment regulation and financial services It coincides with the publishing of the Stewardship Code 2020 signatories as part of a new regulatory code by the Financial Reporting Council (FRC) Two members of Aston Law School have released a new book around investor stewardship to coincide with a major milestone by the Financial Reporting Council (FRC). The FRC published the first main list of Stewardship Code 2020 signatories on 6 September 2021, after a round of reporting earlier this year. This milestone details who is following the Code and allows the regulator to focus on holding signatories to the articulated standards of stewardship and how it is reported. The new book by Dr Daniel Cash and Robert Goddard, Investor Stewardship and the UK Stewardship Code: The Role of Institutional Investors in Corporate Governance, provides a critical assessment of the development of the Stewardship Code 2020, which sets out principles regarding the role of institutional investors in corporate governance. It discusses how the regulatory framework for stewardship evolved before and after the financial crisis, and how that evolution resulted in the 2020 Code. It also critiques the Code from a practical and academic perspective, as well as evaluating the wider regulatory framework; in particular, the position of the FRC merging into the Audit, Reporting and Governance Authority (ARGA). Dr Daniel Cash, senior lecturer in law at Aston Law School, said: “The Stewardship Code is a big deal in British governance, and that is exactly what the book looks at. “It examines the history of the stewardship Codes and regulation in the UK, and uses this to critically examine the new 2020 Code. “That critical analysis leads into projections of how the Code may fare in the modern business environment, aspects that may affect its progression, and puts forward elements that can make the Code’s impact more substantial. “This important regulatory development will play a massive role in aligning the actions of investors with the wider societal needs in the new world being dominated by ESG concerns. “Stewardship Codes modelled on the UK’s original 2010 version have been introduced in numerous markets and, as such, the book will be relevant for an international audience of academics, regulators and policymakers in financial regulation, investment regulation and financial services.” You can buy a copy of Investor Stewardship and the UK Stewardship Code: The Role of Institutional Investors in Corporate Governance here.

Aston Business School to host hybrid conference on tax

• The Tax Research Network (TRN) annual conference will run from 8 – 10 September both in person and online • The focus of the three-day event will be on tax research and education • Over 80 speakers and delegates from across Europe, USA, India, New Zealand and South Africa will take part in the event with around half livestreamed on YouTube Aston Business School (ABS) will host the prestigious Tax Research Network (TRN) annual conference this week. The TRN is one of the main global groupings of those interested in tax research and education with around 500 members worldwide. The event, which is sponsored by the Chartered Institute of Tax (CIOT) and the ICAEW Charitable Funds, will run from 8 – 10 September both in person and online. Two days (8-9 September) will focus on tax research and the third day (10 September) on tax education which will be a series of workshops looking at different current issues in teaching tax. Over 100 speakers and delegates from across Europe, USA, India, New Zealand and South Africa will take part in face-to-face keynote speeches and panel discussions in Aston Business School with around half live-streamed on YouTube. Professor Andy Lymer, who is head of accounting at Aston University and chairing the event, said: “I am delighted that Aston Business School is hosting the Tax Research Network’s (TRN) annual conference. “This is their annual conference which is usually a face-to-face event but was virtual last year and this year hybrid. “Our hybrid approach is a first for ABS with a mix of face-to-face lectures and live-streamed parts interlaced with pre-recorded paper and keynote and panellist contributions. “Aston University will be represented by various academics including Dr Carlene Wynter who is chairing a session on tax and housing linked to the work she did last year with others at the university on social housing and tax as well as presenting a paper.” The schedule includes Dyfed Alsop, CEO of the Welsh Revenue Authority and Stephanie Gray, head of income tax and reserved tax unit in the Scottish Government and various workshops from speakers including Phyllis Alexander (Bournemouth University) on developing international tax teaching in light of current trends in this area towards developing fairer tax systems and Nicky Thomas (University of Exeter) and Terry Filer (Swansea University) on innovations in teaching tax including making use of VR and Lego. You can book your place(s) here. The full schedule for the conference is available here. Full details of the parallel sessions are available here.