The 2007-2009 financial crisis was a perfect "black swan" event: unexpected, a rarity, with broad and deep impacts; and, with the benefit of hindsight, it was also retrospectively rationalised by many "experts". We got it all "sensationally" wrong: bankers (like myself), policy-makers, supervisors, auditors, research analysts, economists, civil society itself. And even as the crisis was unfolding, many initially did not consider its seriousness. We saw dangers of shocks, but underestimated the confluence and impact thereof.  

Global climate change has been our greatest market failure. Now it’s our greatest market opportunity.  Market mechanisms are enormously powerful tools to apply to such challenges as climate change. Mitigating greenhouse gas emissions worldwide will require a crash program to use energy more efficiently, and to use renewable energy sources.  Doing this can cut costs and drive competitiveness, spread the use of clean energy technologies that already are cost-competitive and available and develop next-generation technologies in virtually every sector of the economy.

Building on his previous article 'Stewardship Lessons from News Corp' Tomorrow's Company Founder Director Mark Goyder assesses the lessons that can be learned from the appearance of Rupert and James Murdoch in front of a Parliamentary Select Committee.  

In 2002 Mark Goyder wrote "Lessons from Enron". It was a story about the culture of fear and greed at the top of the company, and how Enron's non-execs, who were there to hold them to account, failed to restrain it.  In this article Mark looks at the similarities between Enron's corporate culture and that of News Corp, in the light of recent events. He asks what lessons can be learned from these failings and spells out the need for a greater measure of stewardship throughout the investment chain.